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A decade ago, almost all luxury houses offered an \u2018affordable\u2019 handbag. These styles, usually smaller bags priced around the $1,000 mark, provided the aspirational shopper with a slice of heritage and a taste of capital-F fashion. But as brands hiked prices in the name of elevation, those who once aspired to own a designer bag found themselves increasingly priced out of the category and skeptical of luxury\u2019s value. Where did those consumers go?<\/p>\n
Many turned to contemporary labels \u2014 DeMellier, Pol\u00e8ne, Staud \u2014 or shifted their spending toward categories or experiences that felt easier to justify. \u201cAspirational buyers haven\u2019t fallen out of love with luxury, but they are far more value-conscious,\u201d says Federica Levato, senior partner at Bain & Co. \u201cThey are downtrading to accessible brands, shifting spend into \u2018small luxuries\u2019, like beauty and eyewear, and embracing pre-loved bags rather than paying for incremental price hikes that aren\u2019t matched by product substance.\u201d That substance translates to characteristics such as quality, craftsmanship, design, or creativity, all of which consumers are increasingly questioning.<\/p>\n