The short answer on Lulu Keychain Wallet is below, and the honest version is that it depends on two or three things rather than one. Small production runs cost more per unit, which is why a lesser-known label can be dearer than a famous one. Cost per wear is the only figure that matters, and it favours the plain expensive thing over the interesting cheap one. Unlined canvas is lighter but shows every mark; treat it before first use. The groups below run from the decision that matters most to the ones you make afterwards.

What decides this is capacity, closure and strap drop. Everything else is preference. Two from the first group show the range: Rails's COMO MINI BARREL BAG - COGNAC RAFFIA at $178, and Betsey Johnson's BOW MINI MESH TOTE PEARL at $98. The first is the considered buy; the second is the one to start with. Leather darkens where your hand sits, which is not damage; it is the bag settling. A strap drop under 22cm will not clear a winter coat. A higher price mostly buys materials and finishing, and occasionally it buys nothing at all.

Match the bag to the day, not the outfit. One structured bag does more work than three soft ones. From the second group, Clementine Sleepwear's The Everyday Utilité Tote ($79) is the one that earns its place, because it works in more than one context without being restyled. The third group is smaller and deliberately narrower, bags, for the decisions you make after the main one. None of this needs the whole group. One piece from each is usually enough.

There are 20 bags here from 15 brands, $28 to $398, all in stock when this was written. We would not buy all of them, and neither should you. Wild Oak Boutique's Pretty Penny Wallet at $28 is the low-risk way in, and J.McLaughlin's The Montecito Suede Hobo Bag at $398 only makes sense if this is a category you already use constantly. On lulu keychain wallet specifically: the difference between the top and the bottom of this list is real but smaller than the price gap suggests. Nothing here is included because it is famous, and price is not used as a proxy for quality anywhere on this page. If you take one thing away: pay for the thing that touches your body and economise on the thing that sits on top of it.