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Great Post! You raise very good points, especially about the long-term costs of cheaper, but inferior products.
However, there is also the x-factor. Many name brand companies also make the generic or store-brand label versions of their product.
We all learned that from the pet-food scare earlier this year. So-called high-end name brand dog food products were made at the same plant with the same formula as some of the cheaper no-name brands.
It’s a tough call. Sometimes a brand name delivers extra value and sometimes we’re paying more for nothing extra.
Yup, I remember the dog food fiasco. My coworker and my mom were all extremely surprised that Iams and Pedigree were manufactured by the same people because they seem like very different brands. It is too complicated and time consuming to find out where every single thing is manufactured so we often put our trust in a brand too.
I think diamonds should probably be consider a commodity. And economists have a fancy name for status symbols:
That’s sadly just the nature of the world we live in today. If you’re not as self-reliant as the Amish are, then you’re going to have to get through life depending on others, especially their goods and wares. Problem is any 2-bit inventor can market and sell stuff these days and companies we have leaned on over the years are susceptible to lowering their standards when producing en masse. That’s why I bought myself a Chia Herb Garden woot.
[...] a similar topic Bag Lady asks, how much do you value name brand things?”. My wife almost bought a brand name pair of shoes the other day, but realized she liked the no-name [...]
Know what’s interesting about branded clothes that have their logo on them? You’re actually paying for the company’s advertising! People pay large sums to be walking billboards for the clothes companies.
You can’t tell the difference between branded and generic diamonds? Horror!
I’m with you about some products that just last longer or aren’t otherwise available. But for the most part I also do generics.
[...] The Bag Lady ponder how you value brands. I don’t. That’s not really true. I actually do think that some brands do confirm quality, and am willing to pay a premium for those, namely toilet paper. How you determine what is quality is the harder question. [...]
[...] A couple of favorites from the festival are How I Will Be Rich’s Promote Frugality Through Gift Giving and BagLady’s How Much Do You Value Brand Name Things. [...]
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