I started my luxury collection back in school. Over the years of work in a fashion magazine, I made my fair share of purchases. Now I have 4 Chanel, 3
Gucci, 4
Prada, 4 LV, 2 Bottega, 2
Fendi, 1 Bally, 1 Hogan, and I can't remember the rest. I love luxury bags particularly leather ones cos they last longer and they are hardier for my daily use. Also, pretty essential in my field.
Meanwhile, I also have a collection of completely brand-less bags that are made by individual artists or in small production. Some of them cost as little as $8, some cost hundreds, but I love each one of them as much as I love my luxury bags. They are unique and often get praised more than the luxury bags cos ppl in the fashion industry are always looking for newer, better and unique ideas. The best example would be the reversible sequin bag/shoes by MJ, which I actually have seen and bought a purse with similar design/idea in a store that imports HK fashion items 1 year before MJ even launched his design.
I hope my experience help you see through the word "luxury", and go for something that fits your budget, style, and lifestyle.