When I was 7 or 8 years old, I asked my parents to buy me a specific brand of toy as a birthday or Christmas present. With the best of intentions, they chose instead a close approximation of the real thing – presumably because it was cheaper, and to them it was exactly the same. Of course, being cheaper, it was badly designed, poorly made, and was nothing like the toy I had asked for. From memory, it only lasted only a few months before falling apart.

This was my first lesson in false economies – cheap and cheerful can quickly become cheap and nasty, rather like some cheaper brands of peanut butter, which are bulked out with sugar, oils, fats and other additives (instead of containing 100% peanuts).

Many years ago I had some shirts made in Shenzhen, because they seemed like a bargain. Sadly, another false economy – after I got them home, I realised the cut was all wrong, and I’m sure they had substituted a cheaper fabric to the one I had chosen. They were unwearable. On the other hand, some jackets I had made in Hong Kong lasted nearly twenty years, because I had paid a bit more to go to an established tailor.

I’m not saying that more expensive branded goods and so-called luxury items are always “better” – but as a general rule, when doing like-for-like comparisons, you get what you pay for. When an item costs more to buy, it invariably lasts longer because of the materials used, the better design, the superior manufacturing and the overall higher quality.

I appreciate that in the current economic environment, consumers are even more cost conscious, and are looking for value for money, if not actual bargains. But just because something is cheap, doesn’t mean it’s the better option. Look at the true cost of fast fashion, fast food, fast money…

Next week: The Law of Diminishing Returns….