I can spend $10 or $40 on a toaster. Both will do the job. One will maybe look slightly nicer. Maybe the $10 toaster will break after 2 years (if it breaks before that, it's still within the mandatory warranty period), then I'm out $10 at worst.
But when I get the $40 toaster, it might be higher quality, or someone just put even worse crap into a nice box and charged me a ridiculous price for it. I can't distinguish those two scenarios. It might last 10 years, or it might crap out after 2 and now I'm out $40.
And the cheap toaster might also last 10 years (mine is 5 years old, so even if it craps out now, the $40 toaster would have had to last for 20 years to be "cheaper"). In the end, it's a gamble, and I'm not convinced that paying a factor of X more increases your chance of not getting crap by that much.
In fact, I've been quite happy with most products, cheap or otherwise, and the occasional disappointment is much less of a problem when you buy cheap.
You're quite right: price is not a good guide to quality. But I am beginning to think that "consumer" products fail much sooner than "industrial" products. So I'm thinking that my next utility room will be kitted out with industrial washers. Stuff the "consumer" stuff where it don't shine.
The particularly infuriating part about it is that I work in product design, and it isn't something we can fix. If I were to start my own product company, it would absolutely be something with a significant "smart" component to it. Not only is it what the customer seems to want, but you need it to prevent someone else from copying your IP and undercutting you.
and this is how bad money drives good money out of the market. What is the general solution for this, assuming the quality level isn't illegal?
Maybe the next generation beyond 3D printing will be able to do multi-component assembly tasks, and you can get/print your own high quality components, and assemble your own high quality toaster... Maybe
The parent mentioned 3D printing: I think that's the space were right now this plays out the most. Many designs are open or at least have open components, and people build and sell variations, but brands and brand loyalty are very much a thing.
I’m sure there a number of different elements at play here, but one aspect I’ve seen happen time and again is private equity buying out a company and using that strong brand to make progressively shittier and shittier goods, for the same or higher price, while still retaining enough critical mass mindshare that the brand is still “quality”.