Cheap tat is short term thinking. Frugality is long term thinking. What we lack is not money, or taste. We lack long term thinking.
Frugality is not the same thing as being cheap. Buying the cheapest available item is very short term thinking. Frugality is more strategic. The frugal person first asks if a thing is needed. If the answer is 'yes' then we are often prepared to buy the best.
Oxford is the product of long term thinking. This is why it is beautiful.
The frugal person thinks of value, not price.