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Even During a Recession, Why We Continue to Choose Luxury

For women, purses are a status symbol. You are judged by what bag you choose to carry, how often you use it and whether or not you change bags based on your outfit.

Let me ask you a question.. What if you could afford to buy a $5,000 purse that you wanted for yourself? Would you say, “Oh no, that’s too expensive for me?” Or would you be one of those women who can say, with utmost confidence, “Yes, I deserve a purse like that?”

Luxury living, contrary to what most people think, is much more than buying expensive things. It encompasses choosing quality over thrifty quantity, slowing down to enjoy simple pleasures, and a mentality that you are worthy of such a life.

How to choose luxury brands

Not all luxury brands are created equal, and an expensive product does not make it a desirable purchase. When shopping, keep in mind that excellent brands will have these qualities evident in their products.

Timelessness. Whether the brand is new or has a long legacy, the design and make of the product must make you feel as though it could have belonged decades ago and here and now. Included in this classic elegance is a sense of innovation and creativity. Luxury brands are those that are not afraid to go with current trends and technology, as they are certain they can withstand time.

Craftsmanship and performance. Luxurious brands pride themselves on conscientious craftsmanship, be it in the fabrics selected for couture fashion, how the leather is sewn in Dior bags, or how the engines purr in Aston Martins. Products from these brands are also superior in performance to their cheaper competitors, which is why they gain the loyalty of their patrons. Imagine the prestigious heritage for the use of Montblanc fountain pens, for example!

Exclusivity. Part of the appeal of luxury goods is that not everyone can afford them. Aside from the sometimes prohibitive cost, the limited inventory also adds to the desirability of these items. Even oft-overlooked things, such as sneakers designed or endorsed by a famous athlete, can be considered luxury items due to their scarcity.

Luxury as an investment

Psychological studies have discussed why people buy luxury items, even in the midst of a financial crisis. Self-esteem, authenticity, and hopeful optimism are some of the strong emotions attached to this purchase.

However, one concept commonly misunderstood is the purchase of luxury goods as an investment. One can say that buying a luxury good is an investment in and of itself, seeing that it is likely to last and be used for a lifetime, maybe more. However, taking into consideration the cost of inflation, the value of a luxury item should be several times greater if it is truly to be considered an investment.

The examples of luxury items that can truly be considered investments are quite few. These include, among others, limited edition Hermes and Chanel bags, wine from the Burgundy region of France, Christian Louboutin shoes that have the trademark red sole, jewelry with diamonds, and Rolex and Tudor watches that are labeled vintage with time.

While luxury goods definitely cost more than a dime, you don’t need to spend a fortune to enjoy them. Given the recent consciousness on environmental sustainability, a lot of luxury brands are offering more affordable products and lines. In addition, boutiques selling secondhand luxury items are becoming more common, making the  luxurious lifestyle more accessible to you.

The luxurious mindset

Allowing yourself the delight of luxury items can change your life. More than their utility and uplifting effect on your confidence, they can also inspire a different perspective. Perhaps this mindset will convince you to take longer strolls, have a more relaxed breakfast, read more meaningful books, and lie dreamily in the sun.

You only have one life to live. A luxurious mindset will help you enjoy and make the most of it, so have fun in style!

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Lifetailored has partnered with Creditcards.com for our coverage of credit card products. Lifetailored and Creditcards.com may receive a commission from card issuers Additional Disclosure: This site has affiliate links. We may be compensated when users make a purchase or register to a third party website. For more details read our privacy policy.

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