3 Rules to Follow When Buying a Luxury Bag
According to personal stylist, Ivy Calvert
If you’ve ever purchased a luxury bag or investment piece (or thought about it!) you know what an exciting yet nerve-wracking experience it can be. What if it goes out of style in a few years? What if you get tired of it? What if there’s something better out there?
As a personal stylist, I use my expertise to help women level up their wardrobes and get strategic with their style. Skip the “what if’s” by following these 3 rules for buying a new bag or investment piece, and for more tips follow me on social :)
Choose a design that enhances your personal brand and style.
Because you are investing in a special piece, you want to make sure it will not only match your personal style, but enhance it! Can you see yourself carrying the bag 10 years from now? Why or why not? Can you see yourself pairing it with outfits for multiple occasions? Changing fashion trends can’t compete with a handbag that is perfectly aligned with your style and brand.
Another thing to consider is whether you identify with the brand. Are you a ladylike fashion girl? Chanel, Dior, or Hermes may fit your style best. If you’re a glam girl and adore logo mania then Louis Vuitton, Fendi, or Gucci may be the right fit.
Choose a handbag that matches your lifestyle and preferences.
Sometimes you can’t help falling in love, but I highly recommend defining how you want to use this investment piece before going all in! Not thinking this through is the root of most buyer’s remorse.
If you want to use your investment bag daily, pick a style that easily fits all of your must-have items, like a tote or crossbody. But if you only want to pull your designer bag out for special occasions, don’t be afraid to throw practicality out the window! Set the parameters around how and why you want to use your investment bag before you purchase. You’ll thank me later!
Choose an investment piece that is an actual investment!
In 2022, the S&P 500 index dropped 23.9% through the end of September (sigh) but certain handbag styles from in-demand designers notably increased this year. You can’t go wrong with a classic bag from one of the big three: Hermès, Louis Vuitton, and Chanel. On average, these bags retain 103%, 92%, and 87% respectively.
As with any investment, it’s best to do your research. Iconic styles that are brand signatures appreciate the most consistently. The Chanel Classic Flap bag has appreciated an average of 17.33% in the last three years. With the advent of a new annual limit of two classic flaps per customer, resale demand is set to increase in coming years, similar to the Hermès effect.
And not every investment piece has to be a wild investment upfront. The Telfar Shopping Tote, aka the “Bushwick Birkin,” resells at nearly 2x its original retail price, which ranges from $150 - $257 (though this has been a newer phenomenon when compared to the historical staying power of Hermès, Louis Vuitton, and Chanel). Other iconic styles like the Fendi Baguette and the Gucci Soho Chain retain an average of 90% of their original retail price, and sometimes more.
With inflation high and the stock market low, making your luxury bag purchase count is more important than ever, and from a stylist's perspective, an iconic design is often the best of both worlds, offering a sound investment and a style you’re likely to use well into the future. Happy shopping!
Ivy
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