Do you think luxury will be relevant in few years from now ?

[Emily1830]

This thread has been preying on my mind for a while, and I think I finally figured out why.

Luxury and designer are not synonymous.

According to the lovely lexicographers of Oxford, luxury is “the enjoyment of special and expensive things,” or “a thing that is not essential.” Designer just means that something is the work of a notable person.

A luxury is something that adds pleasure or ease to your life. The minute someone says, “how do I score a Birkin,” it stops being a luxury and starts being work.

Wearing a Rolex might feel luxurious, but with them moving to a disposable model (no service after 30 years), the watch will be a lot more work than an Omega or Patek.

Will luxury still be relevant?
Definitely. We are not a society of ascetics, and I don’t see any major trends that indicates that this will shift.

Will designer purses still be luxurious?
I haven’t found them to be luxurious over the last three years. The lines outside of stores, the desperation of shoppers, the odd tides of the resale market, the fear of theft/assault and judgmental comments from strangers have reduced my pleasure. Your mileage may vary. I am not a vip shopper, my SAs have retired and managing a collection while being a responsible consumer adds to my stress

Spot on. I agree with this 100%. I have a small but decent-sized luxury bag collection but I often don’t wear my lux bags anymore due to safety concerns and such. I tend to wear my Loewe Puzzle a lot more because it is more understated. Luxury bag shopping in general has lost its luster for me.

However, despite that, I think there will always be a market for luxury. It might come in different forms. With climate change here on our doorstep, luxury might eventually look like having access to fresh water. Who knows. But it’s basic human nature to want luxury in whatever forms it manifests at the time.

 

[horselove]

Consumption may go down, but luxury will always remain. After all, ‘just living is not enough, one must have sunshine, freedom and a little flower’, says Hans Christian Andersen..
In my case, the little flower is the little luxury of Hermes

 

[7th House]

I am old enough to remember when the average ceo made 40x the average employee… vs 398x of today.

When I joined this forum, US median salary was $50k, a 30 clemence Birkin was $8100, a medium Chanel classic Flap was $1995 and a speedy 25 was $540. Oh, and one year of college tuition and fees was $5900. A college student could work part time at a minimum wage job, pay their tuition and still buy a Speedy. A Chanel flap if they worked 32 hours over the summer.

Today, median salary is $56,900, the Birkin is $11,600, a Chanel flap is $10,200 and that Speedy will set you back $1490. And that tuition is $12,900. That same college student, working that same job could pay their tuition, and have $100 left over. If they worked extra hours over the summer, they could buy the cheapest Speedy.

Over the last 15 years, luxury has become less attainable and more identifiable. This has changed the idea of “investment dressing” from “I don’t need to buy multiple bags because I already have an amazing one” to “and when I get bored, I’ll be able to recoup or make a tidy profit” in other words, an investment into the commodities market.

Not so luxurious, when you have to work for the bag, instead of the bag reducing your work.

This is so true. I think it's why I find the whole luxury brand thing so exhausting these days. It used to be about sticking with the staples. Having that nice bag that goes with everything, shoes that goes with everything and then obviously well-fitted dresses or suits. I find that luxury back in the day was not about "investment" price-wise. But because you can wear them many times over.

I personally do not mind buying from smaller, less known brands now who are also cheaper because of my personal horror story after I bought my first ever luxury brand. I bought a speedy 30 after 10 years of wanting it. To me, it was a milestone because I said I wouldn't buy it until I'm making a certain amount of salary plus have saved a certain amount. Imagine that 10 years of nothing but saving and I finally got to buy the bag. Lo and behold.... Everyone I bumped into in the streets, were carrying the same speedy bag. It felt like the 10 years of hardwork only meant I get to join the crowd. Is it luxurious? Not anymore. I feel like other brands will feel the same.

So now I have custom handbags made from Italy which is so unique I don't know anyone who have them where I live. I am also looking at smaller brands like St Agni, IURI, Aesque, Carbotti (I am yet to buy this. I keep thinking I want something structured like a mini Kelly but mini Kelly is out of my league at the moment. However I would not for the life of me, buy a lily and bean. I will feel like I'm cheating myself so I will buy something similar in shape but does not look like a copy of a known brand).

 

[Kfka_btsea]

It's a cycle. We are such status-driven apes that luxury is going to be around for as long as we are.

It's just the ways and the degree to which luxury is flaunted and desired.

 

[Aletheia]

That's a very interesting topic.
I think the market is quite saturated as of now, but this does not mean that luxury will not be relevant.
People buy luxury for different reasons - aesthetics, status, because they were used to that their entire lives, materials, craftsmanship, mindful consumption. As long as some of these reasons will still be present (and I think they will), luxury will thrive.
What I think is changing is the way people perceive the idea of luxury in the context of an abundance of products (even when the so-called scarcity is masqueraded), an abundance of logos, loss of both quality and design innovation etc.

 

[Christofle]

If we replace the word luxury with high quality it makes this question even more poignant… because I don’t think anyone would ever argue against buying high quality. So…

 

[Love Of My Life]

If we replace the word luxury with high quality it makes this question even more poignant… because I don’t think anyone would ever argue against buying high quality. So…

Even high quality has somewhat diminished especially with big name design houses.
For many "bespoke" seems to be the new direction where luxury is high quality, JMO

 

[Christofle]

Even high quality has somewhat diminished especially with big name design houses.
For many "bespoke" seems to be the new direction where luxury is high quality, JMO

Sad reality is that MSRP currently has very little to do with quality in 2024. You really need to become an informed customer these days… Because even 10 000$ coats can come with polyester linings and near 100% machine construction. Brunello 🙄

 

[Sparkletastic]

As long as there are 1) wealthy people or 2) non wealthy people with access to credit, there will be a “luxury market”.

What I predict, however is that what luxury means will be redefined:
• Resale by individuals will decline greatly because of the prevalence of super fakes. Buyers will either actively choose to purchase the SFs or will buy resale thru companies because they’ll have more faith that they can get authentic bags from a retailer vs a random username on the internet.
• Lower and middle tier luxury will decline as non wealthy people have their budgets squeezed more and more for daily living. The middle class will have to choose between real needs like a home repair and an LV bag because they’ll no longer be able to have both - even with taking on debt.
• Upper tier luxury will get more exclusive and even less “copy-able” by the masses. The truly wealthy will have far more bespoke and custom items in their wardrobe and lean even harder into signaling wealth through means the merely well off can’t replicate such as size and type of staff & experts on call, access to government leaders, possession of one of a kind rare antiquities, claims to previously unowned areas like the ocean floor, the moon, etc. The options are endless. In no way will a mere $10k handbag or retail purchased piece of jewelry be anything but a trifle for the rich to give their children / servants and a debt creation vehicle for the rest of humanity.

 

[onlyk]

As long as there are 1) wealthy people or 2) non wealthy people with access to credit, there will be a “luxury market”.

What I predict, however is that what luxury means will be redefined:
• Resale by individuals will decline greatly because of the prevalence of super fakes. Buyers will either actively choose to purchase the SFs or will buy resale thru companies because they’ll have more faith that they can get authentic bags from a retailer vs a random username on the internet.
• Lower and middle tier luxury will decline as non wealthy people have their budgets squeezed more and more for daily living. The middle class will have to choose between real needs like a home repair and an LV bag because they’ll no longer be able to have both - even with taking on debt.
• Upper tier luxury will get more exclusive and even less “copy-able” by the masses. The truly wealthy will have far more bespoke and custom items in their wardrobe and lean even harder into signaling wealth through means the merely well off can’t replicate such as size and type of staff & experts on call, access to government leaders, possession of one of a kind rare antiquities, claims to previously unowned areas like the ocean floor, the moon, etc. The options are endless. In no way will a mere $10k handbag or retail purchased piece of jewelry be anything but a trifle for the rich to give their children / servants and a debt creation vehicle for the rest of humanity.

agree with almost everything, regarding buying from company vs buying from individual online, I think people will buy from online other than from companies if there is authenticity guaranty, even it is a fake, as long as there is backing program, people will buy it even knowingly, because, there would be nothing to lose & possibly profit to be made, there isn't as much difference to buying from companies, the difference is volume, items going through online would be much greater than going through individual companies.

 

[leathersilkfur]

As long as there are 1) wealthy people or 2) non wealthy people with access to credit, there will be a “luxury market”.

What I predict, however is that what luxury means will be redefined:
• Resale by individuals will decline greatly because of the prevalence of super fakes. Buyers will either actively choose to purchase the SFs or will buy resale thru companies because they’ll have more faith that they can get authentic bags from a retailer vs a random username on the internet.
• Lower and middle tier luxury will decline as non wealthy people have their budgets squeezed more and more for daily living. The middle class will have to choose between real needs like a home repair and an LV bag because they’ll no longer be able to have both - even with taking on debt.
• Upper tier luxury will get more exclusive and even less “copy-able” by the masses. The truly wealthy will have far more bespoke and custom items in their wardrobe and lean even harder into signaling wealth through means the merely well off can’t replicate such as size and type of staff & experts on call, access to government leaders, possession of one of a kind rare antiquities, claims to previously unowned areas like the ocean floor, the moon, etc. The options are endless. In no way will a mere $10k handbag or retail purchased piece of jewelry be anything but a trifle for the rich to give their children / servants and a debt creation vehicle for the rest of humanity.

Non-wealthy ppl don’t need credit to buy luxury items. ‘Non-wealthy’ covers A LOT of different incomes.

 

[leathersilkfur]

Hi All!

* Resale market being dead,
* super fakes everywhere,
* Brands churning out bags like fast fashion,
* sky high prices for bags
makes me question if Luxury will even be relevant in few years time !?


We were all so caught up with luxury shopping during the pandemic but now the resale market/global economy have taken a hit!

Am seeing Chanel classic flaps struggling to sell some even for 7000AUD ! Do you think luxury bags will be relavant in few years time ?

This was…an odd question. Luxury items didn’t just come into existence during the pandemic. I think you all need to realize that many of the design houses have been around since the 19th century. In a few months (the two year anniversary of your question), I guess you’ll have the answer.

 

[Sparkletastic]

Non-wealthy ppl don’t need credit to buy luxury items. ‘Non-wealthy’ covers A LOT of different incomes.

I’m obviously not talking about now.

I was talking about what an end state would be if prices keep increasing to a point where they effectively price out the non wealthy client. This is a conversation about a progression.

 

[pspspspuella]

I've been able to afford mainstream luxury brands for 10 years now, but was brought up very poor. I've always focused on quality - as a student I would hit up thrift shops (I scored a Phillip Lim cashmere jacket for $20 once! Sadly the moths ate it the year after), and learn about different materials.

Bags:

I caught the luxury bug for a few years and must have had 40 designer bags at some point? Dior is probably the only mainstream brand that I've never owned a bag or SLG from. Sold them all within a few years (2017-2019) because the quality just didn't seem to be there (except for Hermes, which I sold because I wasn't using it). Kept only Bottega, Mulberry, Ferragamo, Moynat because the quality was there. Then I sold most of those too as I just wasn't using them.

Since then I've added some bags, both custom and designer, but over my dead body will I pay more than $3,000 for a purse unless it's a literal work of art. Yet in my last year of work, I would pop into my jeweler's store every other week to pick up something. I spent ~$40k / year on jewelry & stones in the last 3 years. I will never in my life spend that on bags again. I don't know who they think are going to keep buying these ridiculously priced purses, because plenty of people who can afford to, won't.

Clothes:

I bought some of the very first IDLF x Uniqlo and IDLF x Carine Roitfield collections on sale, because that was the only thing affordable to me as a student. The quality at that time (most of the collection was pure cashmere, merino wool, and some silk), was bloody amazing for the price, to say the least. Better than many contemporary brands today that sell these at $200-$300 a pop. I can't remember what fashions were trending then, but I ignored / avoided them. My cashmere and merino wool sweaters, 13 years old, I've just given away to smaller sized relatives and friends. All in immaculate condition. All loved and being used by young ladies who work in marketing / advertisting

I've spent a 5 figure sum on my wardrobe as well, but almost none of that at retail luxury prices, and nearly all from The Outnet, Vestiaire Collective, etc. Why would I pay $200 for a random t-shirt (and I don't think it's even $200 anymore), when I can get a vintage Lanvin RTW silk top for the same amount? Why would I pay $300 for some polyester pants when I can get a vintage Valentino silk & lace dress for the same amount from VC?

 

[pspspspuella]

Not what I was aiming for, but IME when you aim for quality and find styles that suit you, people assume that you are wearing luxury anyway.

The other day I had a casual coffee with a wealthy senior exec in my industry (finance) to ask for a job. He asked me why I even wanted to work, as I was "clearly wealthy". When I explained that I wasn't, and asked for clarification, he said he thought so because of the way I was dressed.

I wasn't wearing a single designer item: Black cotton top from uniqlo + Black silk sequinned skirt from IRO (which I got on sale for <$100) + black Dahlia bag from L&V + leather mules from a small french studio + petite diamond studs.

These are people who go to work with women dressed head to toe in designer labels - entry level employees can and do carry designer bags to work in my industry. It was almost a rite of passage that everyone would come home with designer bags after our global training in NYC.