Since we are all looking at a sealed container, this question could have been posed also like: “Can people actually taste the difference in a wine with very nice looking label from a poor looking one?”. Both would have the same answer: It depends.
Someone has already answered that price (and dress) does not always match with the inside quality. So we have to take some assumption:
The first one is: this days almost all the wine produced, must be good and of quality. At the opposite we are talking about outlaws.
A cheap wine (including packaging) even if good in quality, does not have the same development in taste of a wine that spent long time in a barrique. The fining process costs a lot to run and yes, in this case expensive versus cheap, has difference and everybody can taste it.
An expensive branded wine, made with the same grapes and process of a less priced wine, carries costs higher than unknown brands, to keep the brand at a certain level, and nope, the expensive wine could not taste different or better than a cheap one. But our opinion is easily biased by the price tag.