There's a simpler saying: "you cannot afford to buy cheap things".
It's an effective way to climb out of poverty of you're making ends meat, so long as you're in a position where your things won't be stolen. Save up to buy quality, or buy used quality things that last and can be repaired. It's a wise investment, cheap goods are part of the poverty trap.
I mostly wear a single pair of $350 boots. The cost per mile makes them the cheapest footwear I can buy. I've worn them daily for 2 years, they have maybe one more year before they need a resole. Boots are only a single example. It's the same for everything from clothing to cars to houses to electronics.