Are expensive wallets worth it? In a world closer to being paperless every day, a phone is often enough for your daily financial transactions. Tech like this makes accessories like wallets seem almost obsolete, right?
So why do people keep buying expensive wallets?
Expensive wallets are worth it if you care about their added features: authenticity, durability, security, aesthetics, and value. Often, pricey designer wallets are also an effective status symbol when you want to subtly establish yourself in a crowd of accomplished individuals.
We’re going to go through the things to consider when planning to buy an expensive wallet and help you decide whether or not it’s worth it – for you.
Let’s get started!
Things To Consider When Buying a Wallet
Let’s start with the basics.
Wallets are functional accessories. 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:
Your Budget
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. But as with any expense, its not just about the cost today.
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 might actually end up being more expensive in the longer term.
BUT – The latter option might be ideal if you quickly get tired of the wallet’s design, as you won’t feel guilty about buying a new, trendy one.
So your personal budget is one factor. What’s next?
The Purpose of a Wallet
What is the actual purpose when buying any accessory, such as a bag or a wallet? Its not as obvious a question as it might seem.
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 signals 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 double-G of Gucci, or the more subtle logo of a Montblanc.
Among men, eagle-eyed, fashion-savvy people typically pay attention to five clothing accessories:
- Belt
- Shoes
- Wallet or bag
- Watch
- Sunglasses
These items can help them get a read on how financially competent or fashionably intelligent a man is.
Superficial? Maybe. But it’s a real thing and 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 (people still do that – though less often than they used to), others may pay attention to how your wallet looks and recognize its brand.
Certainly the opposite is true. Pulling out an ancient velcro wallet that has seen better days in a sales meeting will send a rather different message ….
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 a 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, and that can show in how you handle yourself.
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 these days.
However, if you are more into authentic leather, the price of the real thing also reflects that the material can last one or a few generations.
The idea that you won’t need to buy a new wallet for a long time significantly reduces your environmental impact. A lot of people are resisting the idea of “fast fashion” these days for exactly that reason.
A genuine leather wallet’s appeal is also timeless.
The Wallet Design is Ergonomic and Secure
It takes a lot of technology and skill to design everyday items with the consumer’s comfort, convenience, and security in mind. 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.
In addition, people with identification cards and credit cards containing RFID may want to purchase a wallet that blocks signals to prevent potential wireless identity theft.
However, with strong competition these days, 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 doesn’t have to be expensive to meet this criterion since many wallet-makers already have this in mind when designing their product, and good designs are easily copied.
It’s not hard to find a wallet that meets your functional needs at the low-end 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 copying functionality at a lower price point.
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 only common among items like watches and female handbags. Sadly, 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, it is unlikely that you can sell it for a high price later.
The Pros and Cons of an Expensive Wallet
OK, now we’ve gone through all that, we can evaluate the pros and cons of an expensive wallet.
Pros
- Having a luxury item can boost your own self-esteem
- Owning an expensive wallet can subtly signal to others you are part of a high-status business or social group
- Expensive wallets made of real leather can last a very long time – sometimes into the next generation
Cons
- Wallets are typically kept hidden, so you don’t get a chance to show it off that often
- Showing off your expensive wallet can make you more attractive to thieves
- Expensive wallets are often made from non-eco-friendly materials, which can be off-putting to som consumers
- Unlike other luxury items like watches or jewelry, expensive wallets do not retain or increase their value
So after thinking through those factors – are expensive wallets worth it – to you?
Before You Go…
If you’ve decided an expensive wallet is worth while for you, it doesn’t stop there. How do you know if the wallet you’re looking at is actually high-quality, not just high-priced? No worries, we’ve got you covered – read our next article to find out!
How To Tell If a Wallet is High-Quality
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