In an ironical twist, the sales of luxury goods have recorded increases everywhere while discount stores such as Woolworths have been forced to close. The demand for luxury goods appear to be almost unaffected and if anything, is benefitting from the global recession!
People are trading excess for excellence, superficiality for substance. Yet while trendy or midrange clothes chains like Saks Fifth Avenue are hurting, ultraclassics with reputations for quality are still going strong: LVMH, which owns Louis Vuitton, charted 4 percent growth for 2008, while Hermès hit 8 percent. (source)
Why is that the case? And should you buy luxury or expensive goods during this economic recession? Read on below.
Luxury Goods Last Longer
Today, there is an influx of cheap and disposable bags, shoes and clothing made in China but do they last? Often, these items last only several washes or wears before they start looking worn. Take a look at your own wardrobe and you might notice that items which continue to look good after several years would be the more expensive items simply because they are of better quality. So while they may be more expensive upfront, people are starting to switch back to buying quality over excesses because in the long run, these items will give them more value for money and long term savings.
Do the Math: 3 pairs of cheap shoes costing RM50 each which last only 3 months vs 1 pair of expensive shoes costing RM150 which will last you more than 2 years!
Luxury Goods Are More Comfortable
Cheap shoes are available in abundance today and can be bought for less than RM100 a pair. Their comfort, however, is often questionable as they just look nice without giving your feet the necessary support and comfort they require. Protect your feet and spend a little more on quality shoes to give your feet the comfort they deserve. Cheap shoes might save you some money now but not in the long run when you start developing health problems as a result of wearing them!
Luxury Goods Look Good
Take a look at your wardrobe again and think of what makes you feel like a million dollars or the shirt you always reach for when you need to impress. Luxury shirts or dresses are always better made and fit better to flatter your figure. A well-made designer suit is often made to measure and wonderful at hiding any body flaws. The material used is also of better quality and survives more wears and washes before it starts showing signs of age. Contrast this to cheaper clothes where the material starts thinning or aging after several washes. Or a cheap suit which is ill-fitting or accentuates your body flaws!
Luxury Goods Are Classic
The best part about most expensive or luxury goods is their classic designs that almost never go out of fashion. A vintage Gucci bag looks just as good today as it did 40 years ago. With classic designs and styles, you can almost never go wrong in selecting a bag which will suit you at every stage of your life!
Having said that, it doesn’t mean you should run out and blow your salary on luxury goods. The key is to go for quality rather than excesses and to consider a higher cost upfront for something that will last and make you look good. Tips on how to shop for luxury goods for less will be provided in coming articles!