I used to be very much like that, wanting branded things not because I was looking for quality, but just because I wanted to impress people, and I think that's what makes them look for branded products so much and even go into debt because of it.
When we get past this stage of wanting to impress, it's easy to see that there are many other good brands that cost less in monetary value, so there's more left over for you to use your money on other things or simply save it. Nowadays, what I always look for is balance, cost-effectiveness, in other words, I always try to find the best possible product (in terms of quality) that is cheap enough to fit into my budget.
I'm never impressed by those who wear designer labels and those who surround themselves with things in a bid to gain status...I'm impressed by people who work hard, treat others equitably, have courage and determination, a sense of honour and integrity, who show ownership and discipline, who have manners and and those who stand for those who cannot even when it puts them at risk. There's a plethora of other things but I think you get the point; what a person wears and the things they have, or don't have, don't make the person.
I totally agree with you, there are some songs that I like to listen to that are of the rap and trap genre that talk about exactly that "my value is not what I have but what I am", among many other examples, I don't think that having a brand on everything is a cool thing, like, everyone decides what they are going to spend the money they earn, but there are people who go through need to be able to buy a branded sneaker or an iphone for example, I think that's too wrong.
The best thing is to balance, to look for things that are good for us and that won't blow our budget and as you said, it's good to help other people too in some way, we need to live beyond designer brands!