I try and live according to a similar principle, albeit less "pretentious", as other people have labeled it. "Buy once, cry once" only works every so often, but I do stand by one thing: don't cheapen out on things that MATTER (for example safety or comfort).

Generally speaking, the cheaper you go, the less a thing will last. In the end, everything is built/manufactured to meet a price target with the exception of things that are overpriced because brands, and it's important to learn to identify this.