Reacting to: Is social media ruining luxury? How luxury brands are becoming basic | Anesu Sagonda

hello and welcome if you're new to my channel 
and if you're a subscriber a warm welcome back   this video is one of two reaction videos i 
have recorded this week they're very similar   the first was a reaction to Sophie Shohet's
video which i will include at the end of   this video the second which is this one is a 
reaction to a video recorded by the chic maven   and the video is entitled is social media ruining 
fashion how social brands oh how luxury brands are   becoming basic it's a topic that i'm incredibly 
passionate about especially when you delve   below the brands and you look at the workings 
of the industry the psychology of consumers   and i thought instead of typing a whole 
missive in her comment section why not   respond to a few of the snippets in the hope of 
starting a conversation and just getting viewers   to be a little more conscious and possibly change 
their consumption of luxury i'm Anesu Sagonda and   i produce educational luxury content for anyone 
after the finer things whether you're young and   starting out in life and wanting to reap the 
benefits of buying quality from the get-go   or you're new to money and wanting to learn how to 
navigate the terrain or you're into luxury but you   want to focus more on quality under the radar 
brands then my content is geared towards you the first few minutes of your video had 
quite a few points i wanted to touch on   but i'm going to condense them and create two 
different sections the first bit is focused on   um the statement you made about social media 
making certain items look basic they're buying   it to be seen eventually now when you wear them 
you're being called basic i think that is only   on social media on online and not in real life um 
the luxury market as a whole is relatively young   and the majority of consumers within the space 
are very much at their first time purchases so   people love a story people want to be able to talk 
about how they got their luxury item for example   the Birkin is a proven success in terms of a video 
idea now you're basic for carrying any of those   items it's even to the point where even the Birkin 
everybody wants to hear how you got your book in   the hoops you had to jump through the lengths 
you went to how much money you had to spend   and it's an idea that'll get you views it'll also 
get you subscribers and so people are typically   like sheep they will follow something that works 
why try and fix something if it ain't broke   and they know they're going to get the view so 
social media becomes flooded with the same ideas   going over the same things and it makes certain 
things look like there's just so many of them it's   basic everyone has it but in real life that is not 
the case i'm based in London and you will only see   certain luxury items a lot of what you mentioned 
in certain areas think for example Harrods   Selfridges Liberty's of London some of the big 
luxury department stores you will see consumers   out and about shopping dining in restaurants 
in the luxury department stores with those bags   Harrods is in one of the most affluent parts of 
london an area with some of the most expensive   real estate globally incredibly incredibly 
affluent area that has a lot of these bags out   and about in the gym restaurants people shopping 
but once you move away from that you hardly see   any of the said luxury items and even when i'm in 
the us in New York i see the luxury items in sacks   i see them in berghof goodman's but once i'm out 
and about walking around Manhattan in in fairly   affluent areas you don't see a lot of the luxury 
items maybe in one every 200 people i see and it   may not even be the big brands like Chanel for 
example or Hermès but it's more your mid-tier luxury   brands and then also going on to your point about 
even teenagers young people having the bags there   are a lot of brands that thrive from creating 
dupes and some that just create pure fakes   i was in South Africa recently and i was 
in the mall and i saw some of the most   impressive copies of Chanel classic flaps Louis 
Vuitton bags and various Christian Dior bags they   were fantastic to look at they looked exactly like 
the real mccoy but it was only when you delved in   and looked at the bag in detail you realise that 
actually this isn't there's no chance i mean this   is a bag retailing for 20 30 40 000 pounds the 
equivalent of that but they were very good copies   and it takes a lot for someone to actually look 
at someone's bag and really scrutinize it so   social media is making certain my items basic 
but in real life that is not the case one of   the reasons people buy luxury handbags is 
for the status which is a reason that really   doesn't matter at its core luxury is about an 
identity and people buy luxury items because   they want to identify with whatever that luxury 
brand stands for whether it makes them feel good   complete it makes them the envy of their reference 
group whether it's their friends their family   their colleagues they buy it because they want 
to be associated with whatever feelings or hype   go with that brand and you have a lot of your 
big hip-hop artists Jay-Z Nicki Minaj who have   rapped about Christian Louboutin for example the 
red bottoms and people buy them in droves because   they want to be the envy they want people to 
look at them and think wow they can afford   that they've got they've they've arrived they're 
living their life and i say fair play to brands   like Christian Louboutin Chanel Louis Vuitton 
for example who create these iconic products   use the slickest marketing sell them at very 
high prices and people buy them they buy into the   exclusivity and their parent lifestyle that goes 
with them but i think youtubers like you whose   content i really enjoy watching it's your duty 
of care to keep pushing the message and to get   more and more and more people on board pushing the 
message about buying quality buying items you can   wear again and again they stand the test of time 
going for timeless pieces and just making people   appreciate or help them evolve their taste over 
time and go beyond the hype but buy items that   are truly well made in terms of the quality 
of the materials used and the craftsmanship   i'm going to just go into the price increases 
like luxury items have gotten so expensive with   all these price increases that it has just become 
ridiculous like there is a marketing term called   brand equity and brand equity represents the value 
of the brand it's the premium that can be added   on top of what you started off with that you know 
for prices are going up because raw materials are   going up labour is going up a number of other 
variables are going up the overheads of the   fracture where the bags are being made those 
are all going up and they're added to the price   but you get as i mentioned a concept called 
Brand Equity and it very much looks at the value   of the brand it's the difference between a branded 
product versus an unbranded product the generic   and when you consider for example 
the consumer perception of the brand   the quality of the products their awareness their 
association their loyalty to the brand for example   if all those variables are high then it is 
said the brand has bran high brand equity   and therefore it can add a higher value premium to 
the price of the product and therefore can dictate   a higher price because the consumer is getting a 
lot of variables a lot of assets a lot of goodness   that come with that product and that's why you 
have brands such as chanel hermes dior for example   having high prices because they have high 
brand equity therefore they're able to add   a much higher value premium to the value of their 
brand and charge that back to the consumer i guess   the day consumers stop having high regard 
for those brands is when we'll start to see   the prices slowing down maybe they are on social 
media they kind of have to combat that in a way   like yes they need to raise their prices for all 
of the economic reasons but i think they also   raised them to kind of combat that over saturation 
i think that's a little bit of a factor i agree   with your comment about putting prices up for 
economic reasons rising costs labour and so forth   but brands do not put prices up to stop people 
buying the products it's the total opposite   companies are here to make money and they will 
make money in the most brutal way putting prices   up is actually to make you want to buy the 
products even more there's this reverse   psychology that the more expensive something 
is the more people want it and what you'll also   find out over time is that sometimes it's not the 
people who can comfortably afford the luxury uh   products because they are in well-paying jobs or 
they are wealthy it's typically people who can't   really afford the luxury items they literally 
have to beg borrow steal to afford these items and   brands put up the prices to create the impression 
of exclusivity they create the amazing iconic   products that people talk about the lady dior 
the Birkin uh the Chanel classic flap for example   and they create these amazing products 
that people admire they revere   combine them with the slickest marketing 
selling them at very high prices   and it makes these products seem incredibly 
exclusive and even more alluring and people buy   them because they want to buy into the identity 
whatever these brands represent whatever they   mean to them people buy into them for that reason 
so brands know that with good brand equity they   have the the capacity they have uh the good 
customer perception to be able to keep putting   their prices up because people will keep buying 
and they keep doing that and they keep making   more and more money and ultimately billions of 
dollars in profits as an investment bank so we   can get into that that's one reason why people buy 
a lot of handbags they buy them as investments but   are they really investments i don't think so this 
whole concept of buying bags as an investment   is it's alien to me i'm of African descent 
and when i started buying luxury about   20 25 years ago the intention and i guess 
my reference group when i speak to others   it was all about you buy items that you use you 
wear and enjoy there was never the suggestion   you buy something as an investment or you sell it 
later when you're bored and it's something that   although i've spent the majority of my adult 
life in the west i can't seem to get my head   around buying things as an investment to me buy 
items use them enjoy them make the most of them   and i don't think a person even needs 20 
30 40 50 bags to me it's a lot i think   a person typically needs a careful carefully 
curated selection of possibly five handbags   depending on your lifestyle a work bag an evening 
bag something for going out a gym bag a cocktail   bag whatever it is five bags the very best um 
the best you can afford and you use them and   wear them to death and enjoy the bags i just don't 
understand this whole investment concept and it's   something i'm going to talk more and more of on my 
channel that i'm i'm not a big fan of investments   they're better ways to invest your money than 
in handbags if you're really serious about it   and i'm all about buy the best you can afford and 
enjoy those items and just for example handbags   buying a beautiful leather bag it's natural and 
you watch it develop the patinas it softens and   develops that gentle very subtle sheen to me 
that is priceless and that's what luxury is about   influencers play their part in changing the 
dynamic of how people consume fashion i understand   that influencers have a job to do their whole 
job is to be a walking advertisement to sell   products i just feel like the way that it's being 
done now it loses its appeal i agree with you   influencers have a job to do but i think it's very 
easy for youtubers now for influencers to have a   channel and just keep saying the same message 
wander around the same brands everyone's talking   about and that's why i particularly like your 
channel Chic Maven and Sophie Shehets because   you bring in different brands we need different 
brands we need people who are going to make you   think differently and i think viewers of 
content which i am at times we need to be a   little more demanding a little more discerning 
about what we watch what we want what we need   going for channels like yours where you bring 
in more information you make people think you   make people become conscious and deliberate about 
their purchases and i think what you're doing you   are you're on track you're doing the right thing 
and i look forward to seeing more and more of   your content and hopefully more conversations 
going on with other like-minded channels but   i'd love to get your thoughts on the content i've 
created for this the greater topics that were   being discussed as always thank you for watching 
and i look forward to seeing you again soon

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