When Jenny Lei launched her handbag company Freja, she thought about how much she'd personally want to spend on a work tote as a 20-something in New York City, she says. "I think a justifiable treat is less than $300. Above that, I start bargaining with myself," says Lei, now 30, who launched Freja in 2019 after struggling to find an appropriate work tote for a job interview. Freja bags, made with vegan leather, now sell for $258 to $398 — more expensive than $62 nylon option from Baggu, but less than a $2,700 pre-owned Goyard carryall — to tens of thousands of customers each year, primarily in their 20s and 30s, says Lei. A growing number of Gen Z and millennial shoppers are ditching budget and luxury brand products alike — and gravitating toward mid-priced retail items across a wide range of industries including clothing, jewelry and homeware, some marketing and retail experts say.…