I'd happily pay twice as much for most consumer durables* which are currently made in China if they were made properly and lasted 10 years rather than three. Do we need £20 DVD players or, for that matter, £125 On-One bike frames? OK, I may sound hypocritical because I've just ordered one of the latter, but that's because the only alternative is a custom build for £800 plus with a waiting time of up to two years - I'd be happy with a mass produced British or US frame for £250 if anyone still made them.
*except they're anything but