By Majella Mark
- The luxury resale market is expected to reach $68.5B by 2026
- Telfar bags average 195% of their retail value, competing with the likes of Hermès and Chanel
We see flashy luxury staples on our favorite rappers, athletes, and influencers. They are draped with logos and bling while they hop into their uber-expensive Italian vehicles. Balenciaga, Chanel, and Dior are luxury brands, among others, that make up the 2022 $331.6 billion market, expected to reach $429.4 billion by 2028. The concept of ‘Conspicuous Consumption’ which is the consumption of luxuries to enhance one’s prestige could be supporting more Black-owned luxury brands to get a bigger piece of the retail pie.
Why This Matters: The top 100 luxury companies in the world earn $2.8 billion a year on average, many of those earnings come from accessories and fragrances. For the average luxury consumer they will satisfy their fancy fix in the resale market that’s expected to reach $68.5 billion by 2026.
Black brands like Telfar and Brandon Blackwood are some of the few BIPOC luxury brands that can have an item resale for a higher value than originally priced. Donned the “Brooklyn Birkin,” Telfar bags average 195% of their retail value, competing with the likes of Hermès and Chanel, according to a Rebag report.
As more of the Black community build wealth to the extent of enjoying the privilege of possessing luxury goods in abundance, those coins should support the Black economic initiative of prosperity and stability. It also doesn’t hurt that they could flaunt their well-deserved money in the form of a handbag.
The Black U.S. population has a purchasing power of nearly $1.7 trillion dollars, with a lot of that power spent on luxury brands. Some of the spending strength should help sustain and elevate the Black economics in the U.S., and it can also help the whole diaspora.
Situational Awareness: There are MANY high-quality Black-owned luxury brands available at your leisure. Fe Noel, Oswald Boateng, Pyer Moss, and Undra Celeste are all luxury veterans representing the diaspora and the mother continent with class and swag. Black luxury by Black people for everyone, can only be seen as a win for the Black dollar.
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