I think with most things there is a curve of diminishing returns in practical terms. The low priced stuff is usually junk. The mid priced stuff is OK. The medium high priced stuff is good.
I think for a car a $30K Honda Accord is a really good car, and others like it. You can spend $60 K on a Mercedes and there is a difference of course, but at twice the cost, versus a really good car. We looked at a Miele induction that was $7700. Nope. This kitchen redo is already over $40 K as it is, for a small kitchen, the wife went a bit haywire on some redo stuff.
My buddy has that incredible stereo system, he's the one who spent well over $2 K on the speaker cables. Mine is fine with me, and nothing beats live. Camera gear? I look at the lenses the pros are using these days and they are insanely expensive. Mine are just bottom of the line Nikkor stuff, but I'm not a pro at all. They can shoot better stuff with my gear than I can with theirs.
Baseball equipment? Yikes, it gets pricey. A standard MLB baseball these days is $35, each, retail. It won't help me any. Running shoes?
Wine? Oops. I'm doing really well sticking to $20-30 aided greatly by the much lower wine prices here. I picked up a case today of a wine that is half the price it would be in Ohio. I have had some high end wine in my life and in general it is really really good, to me. But I can't drink that once in a blue moon.
Beer? We stopped off at a new bar during a walk and I had a glass (draft) of Two Hearted IPA, I really like that stuff. With tip it came to $9 but I overtipped a bit.