The Real Cost of Luxury

Luxury bags and shoes are objects of desire and thus, while they are definitely not a necessity, they are obviously nice to have; I mean they are luxuries for a reason. In this post, I wanted to talk about the real cost of luxury, specifically bags and shoes as they tend to be the most sought-after items from designer houses. By this, I don't mean the hefty price tag they carry when in reality they cost a fraction of that to produce, but rather some points and extra costs to consider when buying a luxury designer bag.

1. Are the bag/shoes easy to integrate with your wardrobe?

This first point looks like a no-brainer, but you wouldn't believe how many times I have heard people recounting how they had to either sell their bags/shoes because they couldn't style them with anything from their wardrobe, or else, they had to buy a considerable number of outfits to match their new purchase. This would of course result in an extra expense, potentially losing you money that could have easily been put towards your next designer purchase. If you're still starting out your luxury collection, I advise you to stick to safe colours you know would work well with what you already have rather than being adventurous, especially when making such an expensive purchase, then work your way up from there.

2. Insurance

Congratulations, you have bought a designer bag! You're probably already planning outfits in your head with it taking centre stage and thinking of all the fabulous places you will carry your bag to. Did you think about insuring it though? Nowadays, most people have a home and contents insurance policy in place and that's fine. However, I do suggest you add your designer bags as nominated high-risk items in your insurance policy especially if they cost over €2000, just like you would an engagement ring or luxury timepiece. Insuring your bags will give you that extra peace of mind just in case your bag is lost or stolen. Different companies have different policies and insurance products, so it's best to consult with your insurance provider to see what best suits your needs.

3. Wear and tear restoration costs

No matter how kind you are to your bags, wear and tear is bound to happen and that is not usually covered by insurance policies. Some of the bigger brands have what they call a bag spa (same for shoes) and it usually costs a pretty penny for them to restore your goods. You can always look at other options but unless local entities have a sterling reputation for repairing and restoring luxury goods, I would rather pay and have the items in question restored by the brand's artisans themselves. Bear in mind that this make take months and as I said before, it can be expensive.

4. Bag charms and other accessories

If you are familiar with Dior and Hermès, you often see photos of their bags, specifically the Lady Dior, Kelly and Birkin sporting a Twilly scarf (or in Dior's case a mitzah) or a leather bag charm. I for one, have recently added a mitzah to my Lady Dior bag because a) it looks pretty and b) it protects the delicate lambskin leather on the handle. At the time of writing, the Dior mitzah will set you back €195 while the Hermès Twilly costs €165. However, the primary aim of these accessories is to make the bags look prettier (and cause you to spend more money on a particular brand 😝). In my opinion, the Hermès leather charms are way too expensive for what they are; they cost upwards of €400 and in my opinion, I rather put that money towards something else than add a charm that is doing nothing to protect my bag. But, if you like the look of them, by all means, go ahead!

My Lady Dior with the Dior Millefiori Mitzah tied as a bow

5. Bag Inserts & Storage Solutions

After buying an expensive bag, the last thing you want is for it to lose its shape and structure and start getting all slouchy. Not only will this make the bag itself look cheap, but in the end, it will also put you off using your bag. Bag inserts (specifically tailored organizers or pillows) are a great way of preventing this from happening but, as is often the case, the good ones come at a price. Some people prefer to invest in clear boxes which make for a beautiful display, yet at the same time provide a practical solution to protecting the bag when not in use. Moreover, as your collection grows, you might need to consider better and bigger storage solutions.

Key Holders, Card Holders...

Lastly, we not only want to protect the bag from the outside, but also form the inside, especially bags with leather interiors. For this purpose, you might want to, for example, consider buying a key holder which will help prevent scratches. Again, this will set you back another €200 or so, depending on what you opt for so you might want to keep that in mind as an additional cost to the ultimate price of a luxury bag. Furthermore, when buying a smaller/evening designer bag, you might want to think of downsizing the size of your wallet, hence, you might want to buy a cardholder. Cardholders come in at different price points so be sure to look out for the one that best suits your needs and budget.