Luxity’s State of the Luxury Market in Africa 2019
This year, the pre-owned luxury market has taken off in the South African local market! Ranking top designer brands such as Louis Vuitton, Gucci, Chanel and so much more on Luxity’s website with a near 100% growth! More importantly (to all the eager fashionistas), prices have fallen in comparison to the retail sector. Yup, you read right, prices of the most coveted brands in the world have dropped due to the increase in supply from wealthy individuals.
Whether you’re looking to buy or sell, we’ve got some juicy information to share with this report!
Be an informed fashionista with Luxity’s latest Luxury report.
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By now, you should know that designer items tend to appreciate in value quite fast, but do you know which pieces have the highest value in today’s time? Well, South Africa’s TOP resale values come from Christian Louboutin, Hermes, Gucci, Chanel and Louis Vuitton stealing the crown in first place! We can’t say we’re surprised.
This means that these top brands not only do well in the fashion world, but they also have a high appreciation value making them the perfect investment!
“It’s been a fantastic year for the pre-owned luxury market in South Africa, with an increase in wealthy sellers supplying us with more of their unwanted items,” says Luke Calitz, Director of Luxity. “We were able to get some pretty good insights from our sales figures this year, especially with the opening of our second store in Cape Town.”
Last year, Louis Vuitton had the best resale value with 69% for handbags. However, this year Chanel takes the top resale values moving Vuitton in 3rd place. Yep, the competition is rife!
In addition, Burberry moved from 1st place in 2018 for shoes to third in 2019. Putting Christian Louboutin in 2nd and Giuseppe Zanotti nabs the number 1 spot for designer shoes in 2019!
However, in the last two years, Hermes remains at the top for accessories only dropping by 1% since last year. Along with Louis Vuitton in 2nd and Gucci in 3rd yet again.
Brands whose year-on-year resale value improved are Fendi, Jimmy Choo, and Gucci. Of course, this was due to the high demand of Capetownian millennials pushing up the price. Duh, Fendi is so in right now! Get with the program girl ?♀️
What we’re saying is that designer wear isn’t only good for your image, but your pocket too! Designer handbags, shoes and accessories may come at a steep price but they’re worth every penny as their values increase very quickly.
This means that you can make space for more designer goodies in your wardrobe this year, which is just a win-win situation! However, know that the condition of the item may affect its resale value, so we’d recommend taking care of your loved ones.
“Also, this year saw internet searches increase. The same major players took the top spots here, but it’s interesting that search numbers, in some cases, doubled,” says Calitz.
The internet is a massive platform; everyone knows that it’s the best place to look for inspiration and see what’s hot and happening in the fashion world. What’s more is that one of our designer favourites, Louis Vuitton is crown king of search interests!
Once again, we have proof that purchasing a Chanel Medium Classic Flap Bag is better than gold!
“For the second year in a row, we’ve been able to show that fashionistas had the right idea all along. Style investments are worth it,” concludes Calitz
If you’re going to invest, then do it in style! With Luxity, you can BUY and SELL delicious designer wear. What are you waiting for? Go fashionista, go! ?
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