This is not really a general thing I would say. I have met rich people who don't spend any money at all and check prices on everything. Owning multiple house and having enough money for the rest of their life and still they only buy the cheapest clothes and eat a lot of fast food. And there is the opposite, people who don't have a lot of money but want to seem rich and spend a lot to seem like they don't care about the price tags. This comes down to your upbringing and how money was generally treated in your family. Whenever I buy something there are two factors I look at, quality and price. There needs to be a strict  relationship between the two and even if I had millions on my bank account I would still check the two before any bigger purchase. It's fine to pay a high price for a product as long as it's high quality and is going to last long time. Saving money to buy a cheap product that breaks down after a few months is not going to be worth it. The same goes for expensive products that are unnecessary, just because I have a lot of money doesn't mean I need to spend it all.