Yes, and in centuries past -- i.e., before the Industrial Revolution -- fashions changed much more slowly than they do now. Even upper-class people might wear clothes that had belonged to a parent.
I'd guess that given the current economy, the number of people who would dismiss someone's choice of a handbag costing less than 3 figures as "cheap" has declined; but there's no accounting for taste. And be that as it may, I simply wouldn't want to carry the same handbag for the rest of my life.