If you purchase an item after clicking a link on this site, we may receive a commission at no extra cost to you. Learn more.
Are expensive wallets worth it? In a modern and digital world inching closer toward being paperless every day, a smartphone is often enough to do most of your daily financial transactions. Such technological advancement might make accessories like wallets seem almost obsolete. So why do people keep buying expensive wallets?
Expensive wallets are worth it if you care about their added features such as authenticity, durability, security, aesthetics, and value. Often, pricey designer wallets are also an effective status symbol when you want to subtly establish your competence in a crowd of accomplished individuals.
This article will discuss the things you need to consider when planning to buy an expensive wallet and help you decide whether or not it’s worth it. Read on to learn more!
Things To Consider When Buying a Wallet
Wallets are functional accessories that many people globally use. A wallet typically stores not only cash but also IDs, credit cards, and even loyalty or membership cards.
Although many people still consider wallets indispensable accessories, an increasing number of consumers are starting to think otherwise. Today, technology has made it possible to carry almost everything you need, such as IDs and money, on your phone.
Nonetheless, many luxury designer brands still profit from selling expensive wallets because not only wealthy people buy them. Even average earners find it appealing to purchase branded wallets despite the hefty price tag.
If you are on the fence about whether you should buy an expensive wallet or settle for a reasonably priced one, check out the factors to consider below:
The words cheap or expensive can be pretty subjective. Anything below $100 for a wallet can be cheap for a high-earning individual. Of course, it also depends on a person’s values and willingness to splurge on accessories.
Although it can seem natural for high earners and wealthy people to spend several hundred to a thousand dollars on a wallet, average earners may think twice about it, especially if it costs approximately half a month’s rent.
So probably one of the most vital things to consider when choosing a wallet is your budget. You can also think about your future plans along with your budget.
For instance, you can invest in a pricey wallet and go at least ten years before buying another one or buy a cheap wallet every one to two years. The latter option seems ideal if you quickly get tired of the wallet’s design, as you won’t feel guilty about buying a new, trendy one.
Decide on how much you are willing to spend on your wallet. If you want an expensive wallet but can’t pay for it at once, you can always pay for it in installments.
However, it can be disconcerting if the price of your wallet is much higher than its content. Sadly, this problem is more common than you might think, with many people spending more than they can earn to show off on social media or in real life.
The Purpose of a Wallet
People often decide based on purpose when buying any accessory, such as a bag or a wallet. Whether it’s for the appearance, your loyalty to a brand, or the features of the product, knowing your purpose for buying a wallet will help you make a sound decision.
Here are some features people care about while choosing a wallet:
The Wallet Brand Speaks of Luxury
People often buy expensive wallets because the brand, design, or logo speaks of luxury. Most people believe that truly wealthy and stylish people will recognize a luxury branded item when they see one, whether it’s because of the easily-recognizable check of Burberry, or the subtle logo of a Montblanc.
Among men, eagle-eyed, fashion-savvy people typically pay attention to five clothing accessories:
- Wallet or bag
These items can help them get a hint on how financially competent or fashionably intelligent a man is. As superficial as this may seem to others, we can’t deny that this behavior is common even in business settings, where appearance matters a lot and most people feel the need to belong.
For instance, when pulling out your wallet to hand out business cards, others may pay attention to how your wallet looks and recognize its brand. You will be surprised how such a subtle approach can earn you a few nods career-wise.
Since the other items are easier to spot, a wallet can only be a subtle symbol of style and competence as it is usually hidden in the pocket. With this in mind, you may think it’s better to invest your money in more visible luxury goods.
However, buying authentic and expensive things can help boost a person’s self-esteem. Being able to afford such things shows how much you have achieved. So having an expensive wallet in their pocket makes some people feel more confident.
The Wallet Is Durable and Long-Lasting
Many people associate durability with a high price tag. While more durable materials tend to be pricey, there are still a few more things to consider. For instance, leather may be durable and more expensive than faux leather, but the latter is also durable and significantly cheaper.
When looking at the value for money, a wise consumer may opt for a wallet made with synthetic leather. Add this to the fact that there is an increasing number of environment-conscious consumers who go against the use of authentic animal leather for the manufacture of goods.
Polyurethane leather (PU leather), an eco-friendly synthetic material, has less environmental impact than other products made from faux or real leather. The appearance of PU leather can also match real leather, but it is less durable.
However, if you are more into authentic leather, the price of real leather also considers the quality of the material that can last one or a few generations. A genuine leather wallet’s appeal is also timeless.
The idea that you won’t need to buy a new wallet for a long time significantly reduces your environmental impact, which can sometimes make an expensive wallet worth the price.
The Wallet Design is Ergonomic and Secure
The technology and skill that goes into designing everyday items with the consumer’s comfort, convenience, and security in mind are highly valuable. These factors add to the price of a wallet. For men, a wallet that can store all their important cards and cash while being slim and inconspicuous in their pants pocket is pretty appealing.
However, with fast fashion and strong competition, you can find ergonomic wallets with added security details for a more reasonable price.
The Wallet Pockets Are Convenient and Functional
Functionality is also another important aspect of any wallet. A wallet does not have to be expensive to meet this criterion since many wallet-makers already have this in mind when designing their product.
Moreover, you are more likely to find a wallet that meets your needs in a low-end market because of the wide range of designs available. While designer companies advertise their products by name and encourage brand loyalty, low-end competitors market theirs by improving functionality.
The Value of the Wallet
Some limited edition luxury goods with excellent craftsmanship will likely hold their value through the years, allowing owners to resell them for about 80% of their original price. Such items are hard to come by, and their actual price can often be too expensive.
However, this high resale value is common, primarily among watches and female handbags. Unlike other luxury accessories, expensive men’s wallets are not popular at high-profile auction houses.
So if you plan to buy an expensive wallet, you must understand that it is unlikely that you can sell it for a high price later.
The Pros and Cons of an Expensive Wallet
Based on the factors listed above, we can evaluate the pros and cons of an expensive wallet. You can refer to this list to help you make a sound decision when buying your next wallet.
- Having an expensive wallet can boost your self-esteem.
- Owning a luxury item can give you a sense of belonging in a high-profile business or social group.
- Expensive wallets made of real leather can last a very long time – sometimes by one or a few generations.
- Wallets are typically kept hidden, making it impractical to spend too much money on them.
- Showing off your expensive wallet can make you more attractive to robbers or tech-savvy thieves.
- Expensive wallets are often made from non-eco-friendly materials, such as real leather, which can be off-putting to consumers who support animal rights.
- Unlike other luxury items like watches or jewelry, expensive wallets do not retain or increase their value.
Final Thoughts – Are Expensive Wallets Worth It?
An expensive wallet is worth it if it can boost your self-esteem and help you with your business or career prospects. It is also likely to last a long time, eliminating the need to buy a new one every one to two years.
However, wallets are small accessories often hidden in the pocket, making it impractical to invest too much money in them if you can’t afford it. Moreover, they are not ideal luxury items if you are thinking about the return on investments.
So review the factors mentioned above and evaluate whether or not an expensive wallet is worth it – to you.