I admittedly travel less than I used to but I bought my basic carry-on for about $110 more than 20 years ago. Close enough to "buy it for life" for me. It's not much worse for the wear, I fully expect to have it for 20 more years.
The cumulative level of the "hedonic adjustments" they keep stuffing in, ostensibly to adjust for the natural improvement of things but in practice over the sum of them to allow them to keep stepping down the quality of the basket of goods under the cover of "oh, we're just trying to maintain it" is pretty substantial. They've hidden a lot of things in the electronics. Other things aren't doing the exponential advance thing the electronics did for so long.
If you spend $700 to $1,000 on a carry-on suitcase, will it be good? Damn well better be. Can you get one that will last a long time for around one third that price, or even less? Yes, you can.
Also, $110 20 years ago is ~$200 in today's money (even more if it was 'more than').