Home Finance Quiet luxury may be Americans’ most expensive trend to date

Quiet luxury may be Americans’ most expensive trend to date

by CoinNews

Actress Gwyneth Paltrow enters the courtroom for her trial in Park City, Utah, March 24, 2023.

Rick Bowmer | Getty Images

What is quiet luxury?

Actress Gwyneth Paltrow exits a courtroom in which she is accused in a lawsuit of crashing into Terry Sanderson during a 2016 family ski vacation, Park City, Utah, March 21, 2023.

Rick Bowmer | Afp | Getty Images

Of course, understated luxury is not new.

On the heels of the financial crisis, “people who had money wanted to be a little bit more subdued,” Serdari said. In the decade and a half since, fashion became bigger and bolder, she added.

Now, the stealth-wealth style has been reborn once again as Americans’ economic circumstances get increasingly divided after the so-called K-shaped recovery left the wealthiest Americans even better off than before.

This time, however, there’s an even more understated undertone, notwithstanding the heftier price tag.

One of the central characters on “Succession” even scoffs at a tartan Burberry tote bag that retails for $2,890, calling the luxury bag “ludicrously capacious.”

How to get the stealth-wealth look for less

Can the typical American afford a $600 Loro Piana cashmere baseball hat, like the one worn on “Succession”? “I really doubt it,” Serdari said.

Fortunately, the quiet luxury trend is less about buying the exact item, but rather replicating the look with clothes that fit well, in neutral tones or monochrome, she said.  

Aspirational luxury brands doing well despite inflation, says Jan Kniffen

Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida, suggests purchasing a few signature staples, such as a coat or handbag, on sale or from a local consignment store, and pairing them with less-expensive jeans and T-shirts from Target or Walmartjust as Roman Roy did in the final season of “Succession.”

This type of quiet luxury, without the name brands and logos, is “overdue,” added McClanahan, who also is a member of CNBC’s Advisor Council. 

As the economy slows and persistent inflation makes many Americans feel stretched too thin, it’s time to shift away from a “keeping up with the Joneses” mentality.

“Find quality things that last a lot longer — that’s better than throwaway pieces,” McClanahan said.

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