South Africans are showing a preference for more affordable luxury brands, opting for cheaper options due to tough economic conditions. According to a report by Luxity, a leading pre-owned luxury reseller in South Africa, brand loyalty is being traded for affordability in the secondhand luxury market. Balenciaga has emerged as the leader in resale value, surpassing Louis Vuitton and Chanel. Despite controversy surrounding its advertising, Balenciaga witnessed a significant 10.1% increase in resale value. The report suggests that people still desire luxury but are more price-conscious, prioritizing affordability over specific brands. The tough economic climate has caused customers to abandon brand loyalty in favor of more affordable options. In terms of resale value, Chanel took the top spot, surpassing Louis Vuitton. Rolex and Cartier are popular among South African collectors, and Gucci holds the fifth position. Although Balenciaga has dethroned other brands in resale value, Louis Vuitton and Gucci remain the most searched brands, followed by Prada and Burberry. When considering search interest relative to availability, Rolex dominates, followed by Cartier and Omega. The report highlights that high-net-worth individuals are still willing to spend more money on luxury items, showing a spike in searches for the highest price point. Overall, South Africans are embracing affordable luxury brands while still desiring the luxury experience.
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