How I am thinking about luxury purchases in 2023

I have definitely purchased a lot more luxury goods in 2022, than I have ever before. My first luxury purchase was 2018, and my second was in 2021. However, this year I am pretty sure that the number have passed 10! A lot of these purchases were impulse purchases, and going into 2023, I want to be more intentional about these purchases. So here is how I am thinking about my luxury purchases in 2023 and beyond.

Gaps in my wardrobe

I want to make sure that I am intentionally thinking about the gaps in my wardrobe that I am looking to fill with luxury pieces. For example, after my wedding, I have no requirement for anymore heels or flats. However, I could do with some kitten heels. My bags wishlist as an example is here. Some basic rules when looking at these gaps:

  • Staples over trends when it comes to clothing items. The item should fit in my personal style and not try to make me fashionable.
  • Buy well made items that will last me years.
  • Comfort over fashion.

Investment vs second hand

I am not familiar with the world of fashion and hence can’t predict if something is a trend or if it will have staying power. As a result, I want to make sure that I am either consciously buying investment pieces. If I can’t buy an investment piece, I am either:

  • Buying the piece second hand.
  • Buying it with the intention of getting the cost per wear down to $1 in five years. This means that the price of the item shouldn’t exceed $1825 after taxes.
  • Is not an impulse purchase as highlighted in the next section.

Note: I define investment pieces as those that retain their value over time even if used.

No impulse purchase

It’s easy for me to be in a foreign country and get swept away by the opportunity of “saving money” by buying something in Europe. I severely need to curb these purchases. My process to do so will be as follows:

  • Add any luxury item I want to a central repository with a “date of desire”. This is when I first wanted this item.
  • The more expensive an item is the longer it needs to have been on my wishlist if I want to purchase it.
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