Who has said that price is a reliable indicator of quality? The chief claim is that price shouldn't be the _only_ purchasing criteria.

And no one has claimed that goods of any kind are essential to a "good quality life".

fru·gal/ˈfro͞ogəl/Adjective 1. Sparing or economical with regard to money or food. 2. Simple and plain and costing little: "a frugal meal".