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.