The Bagsnob recently alerted us to a bit of fashion insanity: Coach has put a $10,000 pricetag on its Legacy collection Alligator bag.
Those who commented on the post were justifiably shocked and befuddled, and demanded to know if the execs at Coach had lost their minds.
We, too, wondered if they'd gone off the deep end, but were determined to uncover the method behind their madness—and we found at least one good explanation on WSJ.com (Ok, maybe not good but certainly apt): Luxury brands apparently need to create high-priced anchor items in order to fool consumers into purchasing their lower-end, and hence "affordable luxury" items instead.
In other words, the lovely people at Coach would like you to covet the 10k gator bag, then satisfy your needs by purchasing a $200 Coach hobo bag instead as a sort of consolation prize.
This reasoning makes sense to us, because we've succumbed to this sort of thinking ourselves. We've certainly bought designer sunglasses or t-shirts or keychains just to get a piece of the action. And apparently, that's exactly what designers want us to do. According to the WSJ article, "accessories like sunglasses, fragrances, and logoed belts drive the sales of companies like Gucci and Louis Vuitton."
We've also been tempted to buy Marc by Marc Jacobs because it's cheap compared to Louis Vuitton, or Miu Miu compared to Prada, and well, the list goes on.
Our advice for outmaneuvering marketers is to simply know your budget, know your values and then stick to them. It's hard not to draw comparisons, but if your budget for a winter coat is $200, then don't buy a $300 designer coat just because it's on clearance at a sample sale.
But what about you? Are you swayed by the astronomical pricetags of certain designer goods? Is your frame of reference a blur because of them?
Those who commented on the post were justifiably shocked and befuddled, and demanded to know if the execs at Coach had lost their minds.
We, too, wondered if they'd gone off the deep end, but were determined to uncover the method behind their madness—and we found at least one good explanation on WSJ.com (Ok, maybe not good but certainly apt): Luxury brands apparently need to create high-priced anchor items in order to fool consumers into purchasing their lower-end, and hence "affordable luxury" items instead.
In other words, the lovely people at Coach would like you to covet the 10k gator bag, then satisfy your needs by purchasing a $200 Coach hobo bag instead as a sort of consolation prize.
This reasoning makes sense to us, because we've succumbed to this sort of thinking ourselves. We've certainly bought designer sunglasses or t-shirts or keychains just to get a piece of the action. And apparently, that's exactly what designers want us to do. According to the WSJ article, "accessories like sunglasses, fragrances, and logoed belts drive the sales of companies like Gucci and Louis Vuitton."
We've also been tempted to buy Marc by Marc Jacobs because it's cheap compared to Louis Vuitton, or Miu Miu compared to Prada, and well, the list goes on.
Our advice for outmaneuvering marketers is to simply know your budget, know your values and then stick to them. It's hard not to draw comparisons, but if your budget for a winter coat is $200, then don't buy a $300 designer coat just because it's on clearance at a sample sale.
But what about you? Are you swayed by the astronomical pricetags of certain designer goods? Is your frame of reference a blur because of them?
We have to disagree with you on going for the $300 coat. Chances are you'll use the same logic for your purse...and your shoes...and your car...and it can really start to add up.
Another point: Some people buy things they see as classics, but they're not "classics" kind of gals, so those pricey black slacks and that pricey black wool peacoat end up sitting unworn in the back of their closet. It might be a great quality classic, but if you don't wear, what's the point?
Still other consumers assume higher pricetag equals better quality and that's not always the case, so again, that $200 coat might be just as good as the $300 coat, and you couldn't saved $100 bucks.
But if you know your shopping habits, and you can judge good quality (which we're sure, dear reader, you can!) then by all means, buy up.
We should have used a different example above, because the WSJ article wasn't actually talking about buying designer goods that were marked-down. Rather it was talking about how people will buy "affordable" luxury items when they can not afford the real "luxury" items.
So, the question is would you buy Prada socks vs. a Prada blouse? Or Chanel sungalsses vs. a Chanel suit? Or a Tiffany pen vs. Tiffany diamonds?
Does that make sense?
smart significant others make very good financial advisors, for sure. my hubby is a classic for saying exactly what you mentioned, the "it's still $200". another thing he brings up is "why are you buying it now if you won't wear it till next year (for those 'must-have' 70% off sale items)? you know you'll find new things you like next year and then this will just be last year's stuff." or something like that.
re the prada sox vs prada blouse, i would only buy the cheapy item if i had a limited budget and it was a gift. when i was in amsterdam a few years ago i wanted to get my daughter something from the armani store as a cute souvenir so i told them my budget was 20 euros and they showed me a plastic key chain. i got that, but i'd never get it for me bcuz the logos don't do anything for me, knowing you can get knockoffs on the lower east side any day.
also, i don't think 2-300 for a handbag, even if it is coach, is cheap. it's still a whole heap of money in my world!
So here goes: Don't let Coach's $10,000 purse fool you into thinking that a $200 purse is reasonable. Sure, it may seem cheap by comparison BUT if your budget for a purse is $50, then stick to your guns.
HOWEVER, if you absolutely must have something Coach, then by all means, get the $30 keychain. It's still overpriced for a keychain, but you'll be happy with your little prize
The question for some, though, may be this: Do I value myself enough to buy a $1,000 purse? OR do I value myself enough to put that $1,000 toward a fabulous vacation...or toward the down payment of a home? I think you can best honor and value yourself by being smart and responsible with your money - as well as honest about what you can and can not reasonably afford.
your point is well made and while i have made the choice to buy a Chloe top for $150 b/c it was marked down...reading the book "Deluxe, how luxury lost its luster" was an eye opener into the marketing of luxury goods to the masses...and since then i have found it difficult to make that same choice...