Its well known that theres certain value foods that are the same quality as the 'normal' stuff, sometimes they are just repackaged or do not meet the visual requirements(size/shape etc) of the supermarket.
Theres no sacrifices for certain things, most noticably fruit+veg and certain meats(more discression)
Students generally dont have money flowing out their ears, I would say it was in the best interests of 99% of the populations to maximise what they get for their money.
I still bought brand name products when I was at uni, though I used my head and bought the unbranded stuff that was the same/cheaper, I have a go at my mum when she refuses to buy anything but the most expensive stuff.