Benjamin Wallace, a journalist explores that question by trying out some really expensive, very sought after items and tells the story.
I agree with the conclusion that some of us perceive things that are more expensive to be better. I try not to fall into that trap in the day to day items like Olive Oil for example but there are other items which you buy for the attached status symbol. I try to ask myself if I am one hundred percent sure I really need something and if there is an alternative which is just as good for less. I am not cheap, I am just in charge of the household budget. I did buy a pair of designer jeans though once right before I got married, managed to wear it for a few months, got pregnant and still haven’t managed to get back to my skinny weight (which is not really so skinny) so that I can wear them. Let’s just say I now own and love a regular non brand pair of jeans which look good and fit.
Attaching value to an item because of its price can be looked at in two ways, what you think of an item and what you think of people (including yourself) who own an item. An item should be judged for its overall quality just like a person should be judged for their character not for the material items they posses and how much they cost.
We all like the finer things in life, as long as we can afford it then their is no problem. When it comes to people though we should look at who they really are inside.
Craig Harper at Stepcase Lifehack also has an interesting summary of the talk and his own input.