Designer handbags are fawned over by women all across the world, with many retaining, even gaining monetary worth, such as the iconic Hermès Birkin bag, with one setting the record for the most expensive bag sold at auction in Hong Kong for nearly £300,00 in 2017.
But why? What is their significance and how can someone justify spending the equivalent of a months rent on a handbag? Arguably however, handbags are seen to be nothing short of art and treasures to their buyer, often a lifetime investment piece; as an object of desire that retains its inherent ‘value’ because of how the buyer values an object which, goes well beyond their monetary worth. Buying a bag more often than not signifies a special moment in your life, which becomes a part of your own history and sense of value. Intertwined with this idea of self-image, luxury goods can be used to convey a sense of status, wealth and even exclusivity. Your bag is part of your own individual story and is a reflection of how you wish to present yourself to the world. This very fact only reinforces its significance as a luxury item, because an individual has their own history or personal story associated with the product. Consumers look to luxury brands to help define their own ‘story’ – in other words, how they define themselves and aid in clarifying their image to others. This is undeniably the case with luxury handbags today.
Often a common misconception with luxury goods is that consumers are simply buying ‘things’. Arguably, yes – individuals are absolutely buying into the function and associated benefits of that specific product, as well as their label, look and lovability. It is in our human nature and culture to buy into style, fashion and art. However, these brands offer more than just functionality – they offer a meaning. The true luxe of a handbag is its tangible, often emotional meaning that exists within the mind of the consumer themselves that we associate with such a purchase. The perceived ‘value’ is directly linked to the personal values placed on that item by the consumer, in turn, based off how they perceive that brand – this itself, largely based on branding, advertising and marketing strategies. Saving to buy a luxury piece, that to you has true ‘value’ because of what it symbolises, is a high form of value in itself.