“There is a huge appetite for luxury in South Africa, a peacock culture”

No matter what happens in the global economy, the rich continue to shell out for luxuries – and it’s no different in South Africa.

Bruce Whitfield interviews Afika Jadezweni, editor-in-chief of online fashion platform Superbalist.

– It’s not just the second-hand luxury goods market that’s booming in South Africa – there are also a lot of people buying the genuine item

– There is still a huge appetite for luxury in the country, says Afika Jadezweni, editor-in-chief of online fashion platform Superbalist.


@dolgachov/123rf.com

It seems that luxury brands are not feeling the pain of the economic downturn.

At the height of the COVID pandemic and our current era of runaway inflation, no matter what happens in the global economy, the rich (and not so rich) continue to shell out for luxuries.

France’s LVMH third-quarter update only confirms that the wealthy are not affected at all by current global conditions, says a article published on BusinessLIVE.

It seems to be no different in our own country.

Despite the pandemic, the demand for luxury watches and jewelry has increased.  © Dima Photo/123rf.com
Despite the pandemic, the demand for luxury watches and jewelry has increased. © Dima Photo/123rf.com

“There is a lot of money circulating in the economy, but it is not very evenly distributed”, comments Bruce Whitfield.

RELATED: The booming market for second-hand luxury goods in South Africa

There is a huge appetite for luxury in South Africa, confirms Afika Jadezweni, editor-in-chief of online fashion platform Superbalist.

In 2020 when we were at the height of COVID things were very austere for many of us… but a luxury resale market has set up a Birkin bag (they cost around R400,000) for around 200,000 rand and it sold out within 2 minutes of going online…

Afika Jadezweni, Writer – Superbalist

It is interesting to me that there are still plenty of South Africans who still have excess funds to splurge on luxury items at this price point.

Afika Jadezweni, Writer – Superbalist

And this appetite for luxury is not limited to the second-hand sector, she adds; people are ready to spit for the real thing.

Every day if you walk around Sandton City around the corner before you get to the Diamond Walk, Louis Vuitton…there’s always a queue…and there you’re going to buy genuine stuff …Even if you walk in another section of the mall, you will see someone carrying a Chanel paper bag because they just bought something from Chanel.

Afika Jadezweni, Writer – Superbalist

There is a culture of peacocking and demonstrating your prosperity, in a sense, by this conspicuous consumption through overspending… premium liquors and champagne… There is certainly interest and the necessary funds to get the real luxury items.

Afika Jadezweni, Writer – Superbalist

Commenting on the popularity of designer handbags, in particular, Jadezweni says there is a sense of psychological attachment to them.

I think I speak for the black middle class as well… They have something to prove, they didn’t all grow up with these things…

Afika Jadezweni, Writer – Superbalist

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