The short answer
Generally not. The ingredients that do the work are cheap and common, and the price difference is mostly packaging, fragrance and marketing.
- The working ingredients are humectants like glycerin, emollients like squalane, and occlusives like petrolatum or dimethicone. All of them are inexpensive.
- Fragrance adds nothing and is one of the commonest causes of irritation.
- Check the ingredients list. It is ordered by concentration, and if the headline ingredient is near the end there is very little of it.
- The best moisturiser is the one you will use daily, which usually means one that feels pleasant and does not cost enough to ration.
What will ruin it
Products marketed for their active ingredient frequently contain it at a concentration too low to do anything. The concentration is often not stated, which is itself informative.
Why it works
Moisturising works by adding water to the outer layer and then slowing its escape. That is straightforward chemistry with well-established cheap ingredients, which is why the performance ceiling was reached a long time ago.
This is general information, not medical advice, and it does not replace a GP, a pharmacist or NHS 111. Call 999 in an emergency. Full disclaimer.