I bought very expensive and very cheap tools, multi-tools and power tools. Looking back at how they fared, I think it all depends on what purpose they serve.

cheap sockets for low torque car application:
so far they are all ok, no issues at all

cheap impact sockets for (air) impact tools:
1 broke apart after 1 year, rest ok

multi-tools:
Gerber clones, fake tools: OK and still working, but typically heavier, less quality and not great craftsmanship

Knives, pocketknives
Ganzos are holding up so far, no issues at all