Living in luxury is forever being in a state of great comfort and extravagant living. Who wouldn’t want that? To consumers and the economy, a luxury good is a good where the demand increases and consumers are willing to spend a greater portion. Luxury goods are in contrast to necessity goods since it comes down to a need versus a want. The key to luxury is and always will be centered around an idea of exclusivity.
Wrist Accessories
Watches are some of the most coveted luxury items. There is one online luxury watch retailer, WatchBox, which stands tall above the rest. WatchBox is home to the greatest collection of luxury pre-owned watches, all certified as authentic and Collector Quality. The site also prides itself on worry-free wear as well as expert interior service and 360 quality inspection. Luckily if you are just starting in your collection pieces, there is a watch at every price point.
The consumers who want a Rolex will also buy the Rolex, no questions asked. Luxury watch brands such as Patek Philippe are well known for their prestige, trustworthiness, excellence, and the ultimate symbol of status. Luxury watches can also be considered a good investment thanks to their likeness to stock with their supply and demand.
Fine Jewelry
Here is a fun fact the IRS considers metals and gems to be collectibles. One great tid0bit when looking at spending money on jewelry is to make sure it is a piece that you’d enjoy wearing and keeping. It is crucial to keep in mind that you want to ensure the piece will retain its monetary value when you do buy a piece of jewelry. Auction houses such as Christie’s and Sotheby’s regularly sell antique jewelry that brings in millions of dollars. Take Kendra Scott’s earrings; she is a youthful designer that offers timeless pieces. She only uses the finest sterling silver and gold to make her earrings, so you know your purchase is a great long term investment. The best part is a portion of Kendra Scott’s proceeds go directly to supporting women’s and children’s charities.
I’ve always wanted a Chanel.
Most women out there would die for a designer bag. Gucci, Prada, Hermes, you name it, she wants it. But what if you learned that buying one of these bags could be considered a solid investment? Game changer, right!? Most investors are stuck in the land of stocks, bonds, and property, but a designer handbag can be a great way to diversify your investments. According to Art Market Research, a Yves Saint Laurent Bag and other well-known labels are now outperforming art and classic cars in terms of investment capability.
Currently, bags such as Hermes and Louis Vuitton are experiencing a valuation spike. Many investors chose to buy bags due to their quick return. It also helps that designer handbag flippers have supply and demand on their side since the harder a bag is to find, the more the consumers are willing to pay for it. Luxury handbags are designed so that they can go with any look and rarely fall out of style.
For many, a luxury investment piece is something that they will wear dozens of times with great satisfaction. It is okay to see something, take the time to choose it, and save for it because most luxury labels will stand the test of time and pay for themselves in no time. Many of these items can be considered capsule pieces that will last your entire lifetime and will most likely be passed down to the next generation. Investing isn’t for everyone, but once you mix in a few labels, it does become that much more fun.
