Most people are crazy about saving money but when it comes to furniture, you have to think twice before buying something cheap. Ideally, furniture should be bought once and last as long as you live barring any rough treatment but if it's quality is poor, it definitely won't. To save you another or several journeys [if you repeat the same mistake] to the furniture store after a few years, it would be best to get yourself good quality furniture that will last long. Furniture that could last even for a life-time.
Cheap furniture usually is a poor deal because it has no quality. As you say furniture is something meant to last a life-time or something close to that, so I think we just invest a little in something of quality so that we don't need to buy a replacement after some years.