I usually buy high quality products. I prefer delaying gratification for quality, rather than getting instant gratification from something cheap. My logic behind this is I like checking things off my wish list permanently, rather than gradually upgrading. I think I'm being too stubborn though.
My first concern is simplicity. I hate complicated things. My second concern is value which is quality divided by price. I hate shopping, so I only buy something when I decide that I really need it, but then I don't delay.
I've usually lived a rather Spartan lifestyle. I avoid debt like the plague. I do have my things I spend money on - generally, related to video games - and to that end I usually strike a balance between paying top dollar for the absolute best and getting a good deal. I'm more concerned with getting the best value - a $600 graphics card may beat the $300 one, but if it's only by 5%, why bother?
As an aside, never let somebody talk you into spending more than ~ $3000 for a watch, unless you're a serious damn collector. (You can get an awesome super high quality watch that you'll love forever and ever for about $400 if you know what to look for. I miss me my watches, actually...)