idk if this is useful info but at least in my case i tend towards cheaper items because

1. i dont want to worry about them getting damaged or lost or stolen

2. my preferences will likely change in a couple years

3. i may not want the item as much as i think i do

i've owned a very expensive watch (many thousands of dollars) and i find myself almost never wearing it, both bc the style isnt exactly what im into these days, but i also worry about banging it on anything or the smallest scratches. it's nice to wear a cheaper watch (only a few hundred dollars in value) and just sort of not care about it.

i've had my handful of "buy it for life" purchases and i'm struggling to think of literally any item like that i've purchased that i still use

Yep, and...

4. the quality gap has closed considerably

e.g., the function and durability of your $8k watch and a $300 watch are effectively imperceptible

The gap is closing from both ends (cheap manufacturing, access to tech, etc.)