This quote sums it up for the most part. Not only is this happening in the manufacturing sector but also in the construction industry.
Low bid gets the job more times than not. In the electrical industry the low bid may give you the looks on the surface. Turn on the switch and the light comes on, hey great job and it was cheap right! However the boxes used are too small, the devices are the cheapest and burn up. The wiring methods are wrong not supported or installed per NEC. the fan is hanging on a plastic box etc etc, but you cant see the inferior workmanship above the ceiling or in the wall. Just like the shiny chrome and paint hiding inferior metals, welds, etc in a tool.
Now there is no sense in spending high dollar for something being used a few times year by a DIYer. I understand that. I also know that a littler home work and reading and consultation with a pro will usually net me the best brand for my money.
I work hard for my dollar and before I hand one cent over to anyone for anything I better be getting the best possible deal I can get. Sometimes this means spending a little more for something thats going to last. More often than not it takes me a while to pull the trigger. I have to look at what I expect from the product and buy accordingly.
I have tools from all over the world but I have done my home work like most guys on here.
My take on the tools of my profession is as follows
Priority 1= Performance
Priority 2 = price
Priority 3 = Appearance
Performance/price ratio is the best way to approach this and yes performance means WARRANTY AND CUSTOMER SERVICE.
Sometimes this process tells me I need a cheap tool. It depends on how often you use it and what type environment you use it in.
I have to say though there is nothing like a fine engineered and quality built tool. This is also a factor for me as I support the effort and cost it takes to research, develop and produce such a tool.
This is where knock offs or stolen engineering gives me heart burn. So use your mind and money wisely and support the companies that keep giving quality products when your wallet allows it. you just might need a job there some day.