It's a case of buyer beware, isn't it? If you think the label is worth paying for, pay extra and enjoy. If you're stingey, like me, you're not even sure the garment is worth paying for, until you're convinced the holes in the old one render it unusable.
The one that really gets me is the art market. "Ooh, it's an Old Master - it's worth a hundred and twenty-six million pounds!" (And I don't think I invented that figure.) Well, the Old Master who painted it probably went hungry a lot of the time, and anyway he's been dead too long to care now. And the painting is what it is: paint and canvas. And skill - but the skill is regularly duplicated by forgers, so well that even the experts can't be sure who painted what. So what exactly are the connoisseurs paying for? Wouldn't it be money better spent if they sought out living artists who were struggling to make enough to live on, and spread the money around among them?