In today's world of fashion, designer handbags have become a must-have accessory for many individuals. But with prices ranging from $1,500 to $50,000, it's important to know what you're getting into before making a purchase. The podcast Make it Shine, recently discussed the topic of luxury designer bags as an investment and shared their insights on the matter.
Listen to the podcast here!
The podcast hosts, Shirley and Monisha, shared their personal experiences of buying and selling designer handbags. They both agreed that there's a thrill to the process of acquiring a dream bag and the research process, planning, and budgeting phase that goes into it. They also highlighted the growing designer bag community on social media, with many fashion influencers specializing in reviewing designer goods, specifically handbags, and the millions of videos and posts on luxury designer bags.
The podcast also discussed the growing market for luxury handbags, with a report by ResearchAndMarkets.com estimating it to be $72 Billion USD in 2021 and expected to reach $97 Billion by 2026. The hosts also mentioned the increasing acceptance of men buying luxury designer bags, with men now making up 20% of the market.
One of the main reasons why luxury handbags make for a good investment is their resale value. Brands like Hermes, Louis Vuitton, and Chanel have a reputation for producing high-quality, timeless designs that hold their value over time. These brands are considered "heritage" brands and have a cult-like following, making their designs highly sought after.
The podcast also provided 5 tips for saving on your next designer bag purchase such as researching the designer, reading reviews, and comparing prices, considering the bag's functionality, investing in a classic design, looking for the best deal and keeping the resale value in mind.
In conclusion, luxury designer bags can be a good investment if you do your research and choose a bag that fits your lifestyle and personal style. Brands like Hermes, Louis Vuitton, and Chanel are considered heritage brands and have a strong resale value, making them a worthwhile investment. And as the Make it Shine podcast suggests, following the tips for saving on a designer bag purchase can also be a smart move.
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