How Much Money Your Friends Spend on Handbags
How Does Your Collection Stack Up?
Handbags are one of the Crown Jewels of the luxury resale industry. They don’t show wear as quickly as other luxury goods. They fit everyone. And they hold a fairly predictable value over time — especially classic styles from the most recognizable brands. They are also an item that women are willing to spend money on over and over again. According to Mynt Condition’s 2022 survey, 64.2% of respondents own 10 or more handbags, and 23% own 20 or more handbags(!)
And these handbags aren’t cheap. 43.6% of respondents own at least one handbag that retails for $1,000-$5,000, and 23% push that investment up to the $5,000-$10,000 range. If you multiply the ballpark number of bags owned by the cost of each bag, it’s pretty easy to hit $15,000 or more.
So what handbags are consumers buying with all of that cash? Three luxury brands dominate our collective closet space: Chanel, Louis Vuitton, and Gucci. There was a tie between Chanel and Louis Vuitton, with 46.1% of Mynt Condition survey respondents owning at least one handbag by each of these brands. Gucci was a close third, at 43.6%. YSL (at 31.5%) and Prada (at 30.9%) rounded out the top five.
Chanel and Louis Vuitton also happen to be two of the top three brands that hold their value over time. Hermes currently sits at number one, but the luxury fashion house may not hold that title much longer. (ICYMI, Chanel is positioning its classic bags to break into the ultra-exclusive market previously occupied by Hermes and its iconic Birkin.) It’s worth noting that classic styles from all three of these brands have materially (i.e. by double digits) increased in value this year, while the S&P 500 has fallen 20.6% in the first half of 2022.
So, what does all of this mean?
When it comes to luxury handbags, your “investment pieces” really are investments.
It’s worth understanding and protecting the value of these investments — especially since they can thrive even when the stock market does not.
You should Mynt your bags(!)
Mynt Condition’s beta site will be live soon. Can’t wait to see you **and your handbag collection** there!
CeCe, Liz, & Megan