Yes and no.
I say yes (for the majority of the people) because we still head out to the mall and buy the name brands jeans, shoes and what not. This is so because we are brainwashed by advertisement and its for people who have $$ to spend. These individuals feel like they deserve better clothing then what you can buy at the swap meet.
I say No (for the small majority) because people will buy anything as long they could afford it despite the fact the name brad. Also, I know a few people who hate brands. When they buy a shirt they always tear of the logo or cut the tags out just to make a statement. So when others ask what kind of shirt it is they just say its a shirt. But the majority of people in this category are going to be poor.