Why settle for less when you can have the best?
That’s the question you should ask yourself when considering whether to invest in low-quality, cheap clothing or splurge on luxury clothing. As we kick off the sales season, it may just be the best time to bag yourself a deal, but if you are like me a few years ago, you may never consider luxury fashion. That may not necessarily be a wise call, and here’s why.
Luxury Fashion Myth
There’s a school of thought that believes that purchasing low-quality, affordable clothing is a more economical and budget-friendly option compared to investing in luxury fashion. Others think it shows them as humble, modest and not flashy consumers. I once belonged to both camps, firstly as a conservative being mindful of my money and secondly avoiding any reference to the joneses. Many consumers are still affiliated with one or both camps, and it’s time to address the luxury fashion misconception.
The Price Tags
Sure, luxury fashion’s price tag may seem steep initially, considering a fast fashion equivalent goes for less than half the original price. That comparison is short-sighted, considering the long-term benefits of many luxury fashion products. Luxury fashion is made with durable materials and production, ensuring they last longer and retain their shape, colour, and appearance over time. On the other hand, low-quality clothing may only last for a short time and is prone to fading, shrinking, and losing its shape.
The Prestige
If you didn’t already know, luxury fashion also carries a level of prestige and reputation that low-quality clothing can’t offer. As fashion designer Tom Ford put it, “Dressing well is a form of good manners.”
“Luxury high price is not about tangible benefits,” Kapferer and Valette-Florence write. “Price is simply not a cost or quality cue. It is a source of satisfaction or pride. Price is value, determined as much by the value of a product or service as by the value obtained by the buyer in reflecting a personal, financial, and cultural ability to pay a lot for a non-necessity.” Investing in high-quality luxury fashion conveys a sense of confidence and style that cheap, low-quality clothing just can’t match.
Investing in high-quality luxury fashion conveys a sense of confidence and style that cheap, low-quality clothing just can’t match.
Sustainability
And let’s not forget the environmental and social benefits of investing in luxury fashion. Many high-quality luxury brands prioritize eco-friendly materials and ethical labour practices, making them a more responsible choice for the planet and its people. Although some luxury houses’ labour practices are debatable, the quality of luxury clothing can ensure more wears from them than the fast fashion alternative.
While more and more luxury brands are investing in low-emission practices, responsible sourcing or new materials, they are slowly adopting circular economy built around renting and reselling products. A practise, if fully implemented, will allow customers to return old luxury items from their favorite brands in exchange for a gift credit for their next purchase or a preloved item.
Fashion Resale
Another advantage of investing in luxury fashion is that it often has a higher resale value than fast fashion clothing. The resale value means that if you decide to sell your luxury fashion items, you may be able to recoup a significant portion of your original investment. In contrast, low-quality clothing is often not worth much on the resale market, making it a less financially viable option.
Circular Fashion Trend
Gen Zs have developed a preference for luxury fashion resale in recent years. This luxury resale trend is partly due to the sustainability and cost-effectiveness of purchasing preloved luxury items. Additionally, Gen Z sees resale as a way to access exclusive brands that may otherwise be financially out of reach. These luxury items also serve as assets that can be liquidated for cash in future, and the proliferation of online marketplaces and social media has made it easier for this generation. No wonder the luxury fashion resale industry is experiencing significant growth, and experts expect it to continue expanding in the future.
Conclusion
So, if you’re ready to upgrade your wardrobe and make a long-term investment in your style without the price tags that have scared you off over the years like me, then it’s time to reconsider and check out these five luxury brands on resale marketplaces:
- Chanel: Timeless and elegant designs make Chanel a go-to for high-quality luxury fashion. You can find preloved Chanel pieces at consignment stores or online marketplaces like Vestiaire Collective, The RealReal or Depop.
- Louis Vuitton: This iconic luxury brand is known for its quality craftsmanship and durability. Find preloved Louis Vuitton pieces at consignment stores or online marketplaces like Vestiaire Collective or Depop.
- Gucci: Luxurious materials and attention to detail make Gucci a popular choice for high-quality fashion. You can find preloved Gucci pieces at consignment stores or online marketplaces like The RealReal or Depop.
- Prada: Chic and sophisticated designs make Prada a go-to for luxury fashion. Find preloved Prada pieces at consignment stores or online marketplaces like Vestiaire Collective or Depop.
- Hermes: Known for their exquisite craftsmanship and attention to detail, Hermes is a luxury brand that’s synonymous with good quality. Find preloved Hermes pieces at consignment stores or online marketplaces like The RealReal or Vestiaire Collective.
Remember, investing in luxury fashion may require a larger upfront investment, but it can ultimately be a more cost-effective and financially viable option in the long run. Plus, you’ll be making a statement with your style and supporting a more sustainable fashion industry. So go ahead and treat yourself to the best!