Not entierely related, but I remember hearing the Ceo of Warby Parker explaining that when they were selling glasses for less than 100$ (because it cost them very little and wanted to offer a low cost pair), no one was buying, since there is an unspoken bias - paying 20$ for them made clients feel like they were low quality, even if they were just as good.

So they raised it to about 100$ a pair and boom! Massive sales, become a huge player in the market.

If your stuff sells cheap, it's thought of as cheap. Branding is a part of the price!