European Tpfers, this economy and H spending habit/plan

maryg1

maryg1

K in a circle
O.G.
Aug 29, 2006
7,163
4,443
#1
(I've wrote "European" in the title because the economical crisis seems to be affecting Europe more these days, but everyone pls. feel free to contribute!)

So, we all know the news about the economical crisis affecting Europe and I don't want to start a dissertation about how it should be solved, what caused it, blah blah blah...

I just want to know: how this crisis affects your H spending habits, or your plan on future acquisitions of H items?
Myself: I had planned to save for my next H bag (hopefully from the boutique this time), but I'm not sure I can fork out 5000 euro for my next bag, when people are losing their job from a day to another and it isn't that easy to find another soon?
I feel that these days nobody can be too sure about their job, I've seen managers that had to quit their job with less than 1 month notice, so I don't feel this couldn't happen to me one day (and I'm definitely not a manager).
So far I've quit the idea to get a bag, until things will calm down (I try to stay optimistic and I know this situation won't last forever).
But the economical crisis didn't prevent me to buy an Ulysses address book (who doesn't need an H address book marked at 180.00 euro when you can get the cheap ones at 5.00 euro?? :P) and to send on of my Kelly to spa, which translates in more money spent. Just a cheer me up, cheap ones I know.

And you? How did the crisis changed your H habit?
 
#2
Well, I'm going to be speaking as an American, since the economy here isn't too hot either.

I plan on just saving for maybe one or two bags for the time being, ones that aren't particularly highly recognisable as Hermes, but still elegant and timeless. I think buying used is an option as well, since it'd save a lot of money. For me, I'd just feel it'd be insensitive for me to be wearing a bag that most people know is worth more than the downpayment of a car, especially when some of my closest friends are either unemployed or would consider a Coach or Michael Kors bag out of reach.
 
#4
There is much uncertainity here in the US as well as many places all over the

world..

Perhaps this economic crisis we are feeling will give us the opportunity to

re-evalute our spending habits..

Hermes , IMO is a lifetime investment.. many people buy 1 bag use it til it

falls apart & then select another..

Its a very individual thing spending for sure oh high end luxury items..

And many of us are very sensitive to our friends not working or not being able

to find positions that they are qualified for...so one has to do what is comfortable

for them... bags are always going to be in the picture for sure..
 
#7
megano said:
For me, I'd just feel it'd be insensitive for me to be wearing a bag that most people know is worth more than the downpayment of a car, especially when some of my closest friends are either unemployed or would consider a Coach or Michael Kors bag out of reach.
Click to expand...

IMHO, it is just the way people show their high end purchases.
If I (for instance) meet with an unemployed friend and start to glorify my new purchase, stating that it costed me fortune and that not everyone can afford it, this is a truly nasty and disrespectful behavior.
If on the other side I try to be supportive with my friend and spend of my time trying to comfort her, I bet she wouldn't care what bag I'm carrying, because I showed I'm a good friend and I care for her even in difficult situations, when many people seem to run away.
But maybe I'm just naive.
Anyway, I think your behavior is very nice towards your friend.
 
#8
Global economy affects us all, as the term implies. Certainly things can be cyclical but financial analysts said in 2008, 09 not to expect things to return to how the market was in the 1990s up to 2008. They said people will have to come to grips with having to adjust their lifestyle.

As for purses one can argue investment piece and that is fine by me. It may have crossed my mind, slipped past my lips a time or two, but logically speaking how many purses does a woman need? Gee, I wonder if Imelda Marcus ever asked of self, how many shoes do I need. While I jonsed for a bouganvillea or rose tryrien 28 Kelly, I'm good. I'd rather have the funds for that new roof, that rainy day fund and the retirement acct.

I even bought H stock a while ago thinking I'd let others people's spending habits put something into my coffer. I gotta say Hermes is the only stock pick that hasn't been a winner. Let me say stock picks have usually been because I like the product and the debt to earnings ratio is not out of whack. So much for Hermes and my logic???)
 
#9
I should preface this by saying I did not become an H spender until a few months ago.

In a strange way, in this economy shifting towards H has helped me take better control of my finances. In my endeavor to save up for my next bag (hopefully a Jypserie), I've had to seriously evaluate where I've been spending my money. Not shockingly, I've noticed that I've been throwing it away on a lot of little things here and there on items that don't have a lot of long term value (coffee every day, meals out, trendy tops at H&M, etc.). I've since tried to remedy this, and allocate more to my general savings/slush fund. I feel like this will benefit me in the long run, because should something happen in between now and when I get that dream bag, the money will be there when previously it wouldn't have been. Also, should I get that bag, and then have something financially devastating happen (like a job loss), then I know that there is a greater probability of getting a good return on that bag, should I need to resell it (unlike with Coach, LV, etc.)

All in all I know I need to remain vigilant and cautious, because I've seen so many people laid off in the past few years (I'm in the U.S.). And despite all the media reports, things are not getting better. I thank my lucky stars every day that I not only have a job, but one that I love, but I know I need to not take that for granted.
 
#10
I think we need to be sensitive to others and I can tell that a lot of people have re-evaluated their spending habits on H because their prices are certainly the highest. It hasn't seemed to stop some from spending on the most sought after style or color.

I guess the choice is very individualized since everyone's financial situation is different. If it was really about the value of the bag, then the H prices by itself is high no matter whether we've a recession or not. I think sometimes we love their products so much that we justify paying these prices. However, if H keeps taking advantage of that and slap big increases on their products next year, there will sure be some withdrawals. I cannot justify paying more than $1200 for a cashmere shawl no matter how pretty it is.
 
#11
Good point chkpfbeliever and I ditto the hikes on scarves and cashmeres. Don't know for others but there has been a screeching halt on the number of scarves and other H items that are purchased. Once the $400 mark it, the ABS system engaged.

To those who are just coming into Hermes, well and others as well, there is always the search for pre-owned pieces. Sure it takes time but there are very nice pieces to be acquired at prices less than at the boutique.
 
#13
Economic crisis has never ceased to disappear forever. It's either happening now or future or in the past. It's always happening. To me, I believe in preparing oneself despite whichever economic crisis might be.

Hermes is only an indulgence. But it's not a necessity to always get a new Hermes; every season, every month, every year.;)
 
#14
I think we all need to make sure we have a MUCH larger cash "cushion" in case of job loss or a pension failure. Until we have that saved, we should spend VERY cautiously, regardless of whether or not it's a luxury item. The sages used to say we should have 4 months earnings saved, then they said 6 months and I think it would now be far safer to have 2 years earnings in cash savings - perhaps even more if one has children heading to college or in college.
 
#15
India said:
I think we all need to make sure we have a MUCH larger cash "cushion" in case of job loss or a pension failure. Until we have that saved, we should spend VERY cautiously, regardless of whether or not it's a luxury item. The sages used to say we should have 4 months earnings saved, then they said 6 months and I think it would now be far safer to have 2 years earnings in cash savings - perhaps even more if one has children heading to college or in college.
Click to expand...

:true:
 
You must log in or register to reply here.
Top
Back