LAST year I remember reading an article in the Washington Post written by Sarah Halzac dated June 15, 2015, about the growing fondness of wealthy shoppers for low-key, logo-free pieces, particularly in accessories. I myself went out looking in October last year when I happened to be in the United States for that low-key luxury bag, which was popular then and even now, but which seems hard to find. It is only available in a few stores worldwide and they do not even have an outlet here in the Philippines.
Furthermore, they apparently also do not sell online. But the item is much sought after and has ardent followers, mostly young customers, even if it does not also advertise and has limited retail presence.
I am not a wealthy shopper but I made sure that my bags are of good quality. As much as possible, I also would like to own one that does not scream luxury but is sturdy enough to pass the test of time and can be handed down to the next generation
Anyway, a recent study made by Bain & Co. shows that luxury goods (luxury cars, luxury hospitality, fine arts) together account for 80 percent of the total market and surpassed €1 trillion in retail sales in 2015 and delivered healthy growth of 5 percent year over year.
However, the “personal luxury goods” segment of the market has eased to only 1 percent to 2 percent.
The Chinese, for example, account for the largest portion of global purchases (31 percent) , followed by Americans (18 percent) and Europeans (18 percent), according to Bain & Co. It further reported Chinese shoppers spend more abroad than on the mainland. The Washington Post also reported that the Chinese appetite for expensive items has moderated due to a crackdown on corruption, and the slowing economy could be one of the reasons.
There are people who can afford to buy luxury goods but would prefer low-key ones but of good quality. This is not to convince people to turn their backs on branded stuff with famous logos stashed away gathering dust.
Personally, I will not stop using bags with the famous logo just because some people think I am showing off. Like friends I know, I bought these bags or shoes or accessories because I am tired of the cheap brands that are easily damaged. I also know that, like jewelry, their price appreciate over time and I can keep them for the future.
Furthermore, if one buys the good brands with hard-earned money and avoid the imitation, it shows integrity and character. That means we convince people to stop buying the imitation whether these are bags,
accessories, apparel and others.
I may still be using bags that do not scream luxury but that does not mean I will stop wearing those with the famous logo. For, if one bought them with hard-earned money, who cares what the world says?
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Wilma Miranda is the chairman of the Media Affairs Committee of Finex, managing partner of Inventor, Miranda & Associates, CPAs, and treasurer of KPS Outsourcing Inc. The opinions expressed herein are the views of the writer and do not necessarily reflect the views and opinions of these
institutions.