Every day, it feels like the new normal in the luxury market is to spend a minimum of $200 on running shoes, $3,500 on a bag, and $1,100 on a pair of Margielas.
While watching a video by Cassie Thorpe, a luxury YouTuber, I struggled to find recommendations for bags under $2,000 from the big luxury houses. It used to be that the aspirational customer could get a bag under $1,100, but now these companies raised the bar of entry to the big luxury houses. Where you could once buy a pair of shoes for under $600, you now spend that much on a bag charm or a card holder.
Here is the question: Is this sustainable?
As we know, everything has become more expensive: food, clothes, and other necessities. But one thing the general public doesn’t talk about enough is that luxury is no longer for the aspirational customer. The current scope of luxury is for those who have been immersed in the world for years.
A medium Chanel Classic Flap in 2015 was $4,900. That same bag is now $11,700. One could say, “Well, it is an investment. If I want to sell it, I can get my money back.” Wrong. I can find brand new, slightly used Classic Flaps on Fashionphile or The RealReal for around $6,000.
Growing up, I saw my parents and family afford luxury on salaries half of what they make now. It used to be inspiring to see that this is what my future could be.
But now, to afford those same luxuries, I would need to make a minimum of $150,000. Yes, this is frivolous, and at the end of the day, one does not need these products. However, it is important to note that all of these issues stem from the government and the people you put in office.
These are the people who dictate how we spend our money and what it’s worth. It feels as though every niche is price gouging the people who are the backbone of their interests. This includes industries like gaming, cars, and tech, all of which are areas affected by inflation.
Overall, this is not sustainable. And if you didn’t vote, I believe this is the world you chose to make for yourself.
