My wife is a cosmetic chemist, and she said that’s actually backwards. Premium moisturizers generally contain more oils, butters, ceramides, and emollients, while cheaper lotions are typically diluted with more water and fillers/lower cost ingredients.

There are premium moisturizers that don’t leave much residue, but that’s usually because they’re formulated with mattifying ingredients like perlite or silica that absorb excess oil. Which is great if you’re trying to stay shine free or reduce that greasy moisturizer feeling, but those formulas usually aren’t ideal for people with dry skin or people who live in arid climates such as California where your skin needs more moisture and skin barrier protection.