I think that argument may be right, but it isn’t that groundbreaking.
An important point here is that every cost is regressive for the poor. The poorer you are the worse any cost is. As a result, rising prices hurt the poor more, and low quality cheap items end up hurting the poor more. But; it is obvious to say this. There’s no will to fix these problems.
Off-topic, but I am surprised how many regressive costs there are to having money: insurance, healthcare, legal costs, regressive government policies, advisors, retirement savings, hanging with peers of similar wealth means expensive habits...
The big difference with having wealth is how much agency I have over where I spend my time, compared with friends on minimum wage.
I have also lived with friends on the sickness benefit (somewhat by their choice), and they had relatively lots of time to spend as they wish compared with most employees (middle class or working class). In New Zealand you may have more disposable income on the benefit than you do working for minimum wages.
I've heard this said quite often but don't believe it to be effective from my personal experience. Granted, the majority of my adult life has been in Asia. But the millionaires I know dress like utter slobs and live in humble residences. (One drove an Aston Martin, but I didn't see his car until we became very close - maybe one or two years after becoming friends.)
An important point here is that every cost is regressive for the poor. The poorer you are the worse any cost is. As a result, rising prices hurt the poor more, and low quality cheap items end up hurting the poor more. But; it is obvious to say this. There’s no will to fix these problems.