MammaFiglia Blog

The Fate of the Big Name Handbag

23rd July, 2009 - Posted by admin - No Comments

Everyone likes a taste of high class living, even if it is only that, a taste. This aspiration to experience the ritzier side of life is what inspires so many people to spend beyond their means, in certain areas of life at least. The ultimate demonstration of wealth and style is purchasing name brand designer products to adorn the home, garage, and body. Designer handbags are an especially popular item. There has actually been a marked trend in the UK & US towards affordable luxury items from stores like Tiffany’s, Coach, Nordstrom, and Burberry. People are willing the skimp in other areas of their lives in order to fork over the hundreds of pounds for an easily recognisable designer handbag or raincoat.

This trend has been given names like trading up, mass luxury, and mass affluence. This movement had women of the middle class sporting handbags pictured in the pages of Vogue magazine while driving their kids to football practise in the family car. The basis of this movement in consumption was the feeling of financial security and growing wealth. With good housing prices and rising wages people felt they could extend themselves a little bit beyond their means for a little taste of the good life. The onslaught of the global economic crisis and subsequent recession has had a tremendously stifling affect on this trend.

While women still covet the eight hundred pound Coach purses, they do not feel financially secure enough to splurge on items like that. More people are worried about being able to pay their mortgage, bills, and keeping their job than what direction the “C”s on a handbag are pointing. Even people whose personal wealth is stable and has not taken a big hit are not as willing to part with their cash due to the uncertainty of the future. The rainy day fund that people set their money aside for is getting bigger and bigger as individuals want to provide themselves with as much security as possible.

Another factor that can have a negative impact on the sales of designer handbags during a recession is the staggering amount of imitation purses that are available. The look and quality of a lot of the knock off purses is quite similar to the real thing but for a fraction of the price. For women who are looking to be a bit more financially savvy but refuse to sacrifice personal style, these imitation handbags are the perfect middle ground.

For those who simply cannot hold back from purchasing those must have designer handbags, there is certainly justification for their actions. Spending is something that needs to happen in order for this financial crisis to ever be remedied and no one ever said where the money has to be spent. While it would not be wise to go out and buy a designer handbag for every month of the year, curbing the appetite to follow the seasons is a good way to tailor in the spending while still satisfying the need for designer goods.

Opting for the lower priced luxury items is another good way to fulfill the need for a designer purse but maintain a reasonable budget. The whole idea of shopping on a preset budget is another great approach to shopping in times of economic woes. While the market for designer handbags will not be booming during a recession, it will not dry up completely. Fashion does not stop just because most people have to pull their purse strings a little tighter; it just means individuals have to exercise a little more creativity and flexibility in their spending. This creativity needs to operate on both sides of the relationship in order for the market to remain viable.

While consumers need to balance their budgets a little differently in order to set aside a couple of extra pounds for a designer handbag, those designers need to recognize the financial climate and react accordingly. This means providing bags that are based more on universal use rather than what is hot for that particular season. A person is much more likely to spend a large amount of money on a handbag if they believe they will get a good amount of use out of it and the purse will be appropriate for any season and almost any occasion. Selecting certain materials is another way that designers can work with consumers to reach a happy medium. Forfeiting some of the pricier materials, designers can still make beautiful handbags but perhaps with more reasonably priced materials. This amendment works in favour of both the consumer and the designer because the financial hard times are hitting on both sides of the counter.

More streamlined, classic looks should be making up the handbag market during these dismal economic times. People are not looking for glitz and glamour as much because each additional sparkle represents another dollar lost to frivolous spending. Subtle yet stylish is a good look for designer handbags at this moment because they do not make too loud a statement but will continue to look good as the economy slowly gets better. It is important not to skimp on quality of design however. People are much more likely to purchase a handbag that they know will hold up and serve them loyally for years to come rather than one that will come apart at the seems in only a few months time.

While a recession does spell bad times for the world of fashion, it does not mean that consumption will halt completely. People will undoubtedly curb back their spending on designer handbags, but the desire will persist and they will have to give in at least sometimes. Providing more moderately priced items that are a bit more modest is the best way for designers to meet consumers part way as they both try to make it through the struggle of a financial crisis. With some clever budgeting and a sharp eye people will be able to satisfy their need for designer handbags and keep the market afloat, even if it is only barely above water for some time.