Paradoxically you can commonly observe the opposite behavior too. People paying exorbitant amounts of money for products that are not better or more durable than cheaper, better options. Classic example: cars, phones.

Individual human preference is too complex a varied (even internally to the same individual in different moments) to be analyzed and predicted. You can only guess, and the best way to deal with it is a varied market with as many options as possible, a let it sort it out.