The significant uptick in searches for “quiet luxury” and “old money style” is remarkable: an increase of 684 percent and 874 percent respectively on Google. This is likely influenced by economic challenges prompting individuals to reassess their spending habits, leading to a noticeable shift toward prioritizing quality over quantity in purchasing decisions. This tendency to prioritize quality-driven choices seems to be shared by generations X, Z, and Alpha.
Bain & Co suggests that luxury companies poised for success in the coming decade will be those that embrace circular business models, such as resale. The management consultancy emphasizes the importance of focusing on “product life-cycle value” through reselling products multiple times to different customers. With the rising popularity of resale, driven by sustainability concerns, it is now easier than ever to sell items you no longer use or desire, especially those with high resale value.
Brands like Rolex exemplify this shift, offering certified pre-owned pieces through their boutiques, contributing to sustainability. While iconic handbags from Chanel and Hermes are renowned for their investment potential, with certain styles retaining an average value of over 100 percent according to the Rebag 2023 Clair Report, other designer items are also poised to provide financial returns in 2024.
When it comes to aesthetics, “quiet luxury” embodies a refined approach that guarantees elevated and secure investments. For brands that epitomize this notion, I recommend considering Hermes, Loro Piana, Brunello Cuccinelli, and Celine. The fashion industry tends to gravitate toward timeless and practical pieces during economic challenges. This trend has been dubbed the “recession core” by trend forecasters in light of the recent economic climate.
With increasing global awareness of sustainability issues and the drawbacks of fast fashion, the concept of quiet luxury is becoming even more relevant. According to Sophie Hersan, quiet luxury isn’t just about aesthetics, it is also about adopting thoughtful shopping habits and prioritizing timeless investments that maintain or even increase in value over time. Let us champion enduring value over the transient fads of fast fashion and promote the adoption of investment pieces that can be treasured for years to come.