No worries brother, it’s all about having a good time.
Convoy S2+…. is the most accurate definition of a budget light for me
I like this definition too because it has built-in scaling for people’s income levels.
Well you need to break it down a bit. Since there are so many types of lights, here’s my definition of budget (there are lights available now in these prices)
LEP (not a 3KM LEP): under $120
EDC: under $40
Tactical (not tacticool) under $100
Thrower: under $60
Flooder/high output: $100 or less
Pen light: $15 or less
Do your prices include inflation increases?
I think it’s along the lines of getting (or achieving) the same output and/or features found on more expensive lights, but getting there for less money/better value. Of course these days “budget” has all but taken over the enthusiast world as so many China manufacturers answered the call and found successes. And then the budget-enthusiast inspired firmwares we enjoy on top of that! Most budget lights seem to offer more than expensive lights these days…did we ever think that could happen? The value for quality/output/features now is really something to behold even compared to just 6-8 years ago. We can still mod a host for a small investment in parts and come away with performance that may match or surpass a light that costs many times more…or collaborate with a manufacturer to get to the same-ish place for less money. Modding was a big part of “budget” but much less so these days as we’re getting what we like for super cheap prices.
Looking at today’s landscape I guess I call anything $50 or less as “budget”…but more like $20-$35 with so much to choose from…and maybe bump the numbers up for certain types of lights (new LEP would be a good example), and for pricier components like SBT90 the retail price creeps up accordingly.
Then we have “prosumer” lights like Hank and Jack that deliver more than the small price increase might suggest but are still cheaper than some expensive brands.
And “skid row” lights - ultra cheap old school style hosts to toy or experiment with.
Any flashlight that I can buy without the price being the main objection is a budget light for me.
Well, I just reviewed a bonafide 2.8 km LEP with 2x21700 that cost $180. The WP3 costs about the same with discount but it 1x21700 and a lame driver. That’s a budget LEP
Flashlights which are made of Damascus steel, titanium, copper, or brass are “non-budget” ones. 
I feel they are rather too expensive, good only for collectors.
Yet I have bought a few beautiful copper and brass flashlights, but none with Damascus steel or titanium just yet. 
The flashlight/ headlamp I let my 14yo daughter take on school camp last week. If they got lost/ destroyed no big financial loss. 