Absolutely not. As minimalists, we choose to own less, regardless of our financial status. We recognize and appreciate the value of quality, versus quantity.
Minimalists maintain uncluttered spaces by not shopping impulsively. Grabbing something that appears to be ‘on sale’ is often not the most economical choice, especially if we didn’t actually intend to buy it in the first place.
As with the name of this site, frugality is balanced with extravagance. We can be minimalist with the amount of items we keep, and retain the simplicity we need, by investing in superb quality. In the long run, it is far more cost-effective and less wasteful to buy higher quality items once, rather than needing to replace crappier, seemingly cheaper items over and over again.