Your 20s can be a confusing financial time when you feel caught somewhere between trying to save for the future and enjoying being young. It’s a time when many are getting their first “real” job, while simultaneously calculating how many weeks they can survive on ramen alone in order to treat themselves to what they want to buy. It’s also a time when you might consider investing in your first luxury fashion item.
For some of us, our first experience with luxury goods comes from gifts and special occasions. As we start to make our own money, saving up to purchase a high-end item on your own dime becomes more rewarding.
We exist in a world repeatedly telling us to “treat yo’ self” and live in the moment while simultaneously instructing us to invest, plan for the future and save. When you’re just starting out, it’s important to know what’s worth the splurge and what isn’t to maximize your budget.
Famous fashion designer Yves Saint Laurent once said, “Fashions fade, style is forever.” When considering investing in a luxury item, consider if you’re buying a trendy piece that will be out of style next season or next year. Are you someone who changes their mind frequently, or do you tend to enjoy the same classic styles season after season?
If you’re looking for an investment piece, opt for a classic — something that you can wear for years without looking dated. Think neutral colors like black, tan, blush pink or white that stay consistently in vogue and pair with almost anything you have in your wardrobe year after year. If you’re someone who loves a color that’s trendy right now, that’s OK. You’ll enjoy a piece in your signature color for years to come.
Consider your body. Although most would love to forever remain the size of their dreams, in reality, our bodies are continually changing. Items like shoes, sunglasses, handbags, scarves and jewelry typically fit no matter how our bodies may change. When you are looking for something you want to keep for an extended time, consider what it will look like if you change sizes. If the piece is unaffected by small physical changes or fluctuations in years to come, it’s an excellent investment piece.
Consider the brand. It may be tempting to splurge on whatever Beyoncé was seen wearing this week. If you are thinking about purchasing an item with a highly visible logo, consider the timelessness of the brand. Brands can flux in and out of style. The brands that are all the rage with celebrities now may not be trendy five or 10 years from now. Go with a brand that has consistently remained popular over the years because you probably won’t be too embarrassed to wear your piece 10 years from now.
Consider alternative options. Although part of the luxury experience is going to the store, picking out your item and getting it wrapped in luxury packaging, there are other ways to get your luxury fix. Purchase a consignment item. It will save you a lot of money and help the environment in the process. The fashion industry is a dirty business. It’s the second largest polluter in the world behind oil. By purchasing a gently used luxury item, you can stretch your dollar further, perhaps getting something you wouldn’t have been able to afford new while also helping the planet in the process. It’s a win-win for everyone.
Maybe you’re not quite ready to splurge on a luxury handbag or pair of shoes. There are other ways to get your hands on the luxury experience without completely busting your budget. Many luxury brands have entry-level products that are the perfect way to experience the brand without making a considerable investment. Products like fragrance, beauty items, belts, keychains and wallets are a great way to get your hands on a luxury brand without breaking your budget.
Take a cue from some luxury fashion management students’ first purchases and wish lists. Tina Gancev’s first luxury fashion purchase was a Gucci belt and shoes. Both of these items have classic, timeless appeal that can be worn for years to come. Radhika Chopra has her eyes set on a Hermes scarf and Tiffany yellow diamond ring. These wish list items will never go out of style. These brands have long-lasting appeal, immune to fluctuations in trend and taste.
