From this short USA Today obituary on Trader Joe’s eponymous founder:
The stores were unique in other ways. His mother-in-law and father-in-law had been academics who enjoyed dining on fresh seafood and quality, yet affordable wines. Trader Joe’s would cater to those with similar, sophisticated tastes who were also on a budget… Trader Joe’s became known for a selective array of premium foods available at low prices.
– Trader Joe’s founder Joe Coulombe, who started one of America’s favorite grocery stores, dies at 89
The book Class by Paul Fussell, which I finished (re)reading a few days ago, makes the point right up front that good taste has little to do with wealth, and while they may be correlated, they are definitely not causal.
The common misconception means quality is almost always sharply correlated with price, with good quality often out of the reach of most, regardless of what it acutally costs to produce and distribute.
This leaves a large market of exactly the sort Trader Joe’s – and Apple – have focused on.