Well I tend to make pads last a good few seasons, and at least 2 for gloves (have 2 pairs on the go in rotation).
I'm also currently in a position where my current pads have had it and I'm looking to upgrade. Therefore I'd be willing to pay a premium price for both.
However I won't be paying the money just because they are more expensive therefore better. I'll research all options at the level I'm looking to get, and choose my favourite dependant on look, feel, fit, weight, protection etc. then pay whatever if required.