- The second-hand luxury market long before the pandemic erupted.
- But blockades created an environment that ideal for their development and prosperity.
Since March last year, turbulent times have emerged in various branches of the economy: the closure of stationery businesses, travel bans, restrictions on international shipping, and online stores that are only allowed to sell essential goods.
These times, for the average consumer, these times provide an opportunity to save money on snacks, weekend trips, gas, and occasional tickets such as concert or plane tickets, but for the wealthy. They usually spend their free time browsing luxury boutiques, attending auctions. And go abroad by traveling saves more than they can spend and finds new ways to exercise their consumer rights by choosing to invest.
According to a Forbes article, pre-pandemic art is a significant contender if you’re looking for something pre-pandemic to get value and show off and look aesthetically pleasing, but Covid-19 is completely resetting the rules for the first time.
Crafted from finely crafted leather that, at the age of two centuries in France, requires a rare type of stitching, the Hermès Birkin bag is hand-sewn, polished, and painted with the utmost attention to detail.
It’s no wonder this fashion accessory, along with other designer handbags, was among the most lucrative luxury investments last year. However, when the economy reopens, your signature designer shop doesn’t thrive. While other forms of retail need time to recover from the blow, luxury retailers are thriving.
Luxury is Africa’s largest source of authentic luxury shoes, bags, and accessories. Last year they increased their sales by 63%. The State of The Luxury Market Africa 2020 report published by the brand reveals, “Basically, the local luxury consumer base consists of a small base of wealthy South Africans and overseas visitors to the country.
“However, luxury brands are still (or increasingly) attracted to South Africa by a rising middle class. South Africa is developing into a shopping destination with luxury markets, infrastructure, and an established market. High-quality shopping malls, because other countries on the African continent don’t have this offer yet.”