They say retail shopping is a form of therapy and South Africa is proving this couldn’t be more true - especially when it comes to luxury goods.
Although times are tough, this hasn’t dampened our appetite for high-end designer brands. According to the State of Luxury Market Report for 2021, Louis Vuitton is by far the country's most-loved luxury brand.
The report, issued annually by Luxity and covering the period 1 June 2020 - 30 July 2021, revealed South Africa’s top 5 designer brands in order of popularity: Just below Louis Vuitton sits Chanel, followed by Gucci, Hermes and Burberry.
Luxity, a trusted South Africa luxury reseller, also looked into the desirability of pre-owned goods, and the investment value of popular luxury pieces.
According to the company, the pre-owned market has gained popularity with consumers over the last 5 years. This has occurred for a number of reasons: Easier access to goods, flexible payment terms, and the ability to procure rare items that are not available first-hand in the country.
The purchase of luxury items has also proven to be a lucrative investment. The report revealed that pre-owned Rolex watches retail for 87,5% of their original value, while resale value of Chanel’s popular Medium Classic Flap bag grew by 17,25% in the same period.
When it comes to footwear, Louis Vuitton and Burberry are the most popular choices, while Hermes is much-loved for their accessories, particularly their iconic print scarfs.