Once you’re making a steady income – and hopefully putting some money aside, too – buying everything off the high street or shopping only in the sale loses its appeal.
No matter how long it takes to save for them, there are some items you should splurge on so they last you for life – and some may even grow in value, making them a good investment for the future.
We asked four people living luxurious lifestyles – including the Head Personal Shopper at Matches Fashion, the CEO of Joanne Beckham’s concierge company, and the head of VIP at Heathrow Airport – for the items everyone should invest in in their lifetime.
Scroll down to see what they said:
An investment watch — around £5,000.
Helen Ridge, Leasing Director at Value Retail – owner of the luxurious Bicester Village shopping areas around the world – said an investment watch is a must. Her pick? “A Cartier yellow gold vintage Tank watch that I was given for my 40th,” she said. The watch now retails from around £5,000.
Jay Smith, CEO of WeAreYourCity, a concierge company by Joanne Beckham, agreed – but he’d opt for the Patek Philippe Nautilus 5711 with a navy dial, which will cost you at least £32,000.
“This is the holy grail of stainless steel sports watches, one of the most sought after timepieces in the world,” Smith said. “Waiting lists are five to 10 years long or more and some authorised dealers have even closed their lists. A solid long term investment which can be enjoyed everyday.”
A tailored suit — around £3,000.
“When you walk into a business meeting, I believe your suit and presentation plays an important role in how you are viewed,” Smith said. “I always say it is better to be over-dressed than to feel under-dressed. First impressions count and a well tailored suit will make a difference.” Prices range depending on the designer, but on Savile Row, you’ll pay at least £3,000.
A high-quality chunky knit — around £300.
Ridge added that everyone needs a high-quality jumper, such as “a Bamford chunky knit from Bicester Village, which is perfect for cold country walks.” Similar designs retail for around £300.
A handbag for life — from £5,000.
“Hermes Birkin for life!” Ridge said. “My bag has been a great investment.” And it’s easy to see why. Last May, a Birkin sold for a record $US380,000 at an auction in Hong Kong – and prices tend to start from around £5,000.
A leather jacket — around £3,000…
Mari Solazzo, Head Personal Shopper at Matches Fashion, says everyone needs a leather jacket – and she calls this Saint Laurent one(£3,420) “a great transitional piece that can toughen up a ladylike dress or elevate a simple white tee.”
…and leather accessories — around £300.
Ridge says her must-have is the “Smythson pastel pink photo album for my daughter, which I got from Bicester Village.” The album retails for £275.
Wireless headphones — around £300.
Priya Malhotra, head of Heathrow VIP, said good wireless headphones – such as the Bose Quietcomfort 35 Wireless Headphones II (£329.95) with Google Assistant – are a must.
“Always improving, the latest model allows me to zone out, unwind and relax wherever I am,” she said. “Perfect for travelling on long-haul business flights, they allow me to play my music, receive messages, and then sleep peacefully when needed.”
A power suit — or blazer — around £2,000.
Solazzo suggests a power suit so you’re “ready to take on the day,” such as this Alexander McQueen blazer(£1,785) in an “elegant and vibrant colour.”
A luxury luggage set — around £1,700.
As someone in the travel game, Malhotra also understands the importance of having a good luggage set – and she thinks you should go for something luxurious, like Louis Vuitton’s latest Horizon range, where the cheapest suitcase is £1,680.
“The latest three piece luxury luggage set from Louis Vuitton means you are always travelling in style and delivers quality with performance,” she said.”
Smith also said good luggage is a must. “With many people travelling frequently and the world feeling smaller than ever, I believe investing in luxury luggage is essential. It will last you longer, look the part, and complement your travel look.”
A little black dress — around £400.
While a little black dress is a wardrobe staple, it doesn’t have to be boring. Solazzo suggests “a modern update on a classic 1920’s-inflected style” with a fringe slip dress like this one (£395).
High-quality skincare — around £15.
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Good skincare and makeup is a must-have, according to Malhotra, and she recommends the Cliniquefit range, which starts at £13.
“These travel size essentials are portable and readily accessible meaning I always turn up ready to go,” she said.
A wool coat — around £7,000.
A wool coat is a “sophisticated and versatile piece at all times,” according to Solazzo, who opted for this style from The Row (£6,790).
Property — around £500,000.
“Still the most important long term investment, invest in property in the best area possible,” Smith said. “We have seen property in London double and even treble over the last 10-15 years. With so much regeneration of all areas, I believe property prices will continue to rise in London for many years.” The average price of a property in London is currently £496,000.
Designer pumps — around £400.
Black pumps like these suede ones from Aquazurra (£420) are “a timeless masterpiece perfect for a daytime to evening look,” according to Solazzo.
A luxury holiday — around £1,000.
Finally, Smith said: “It’s important to enjoy the fruits of your labour and treat yourself to a luxury holiday. Fly far away, enjoy the sun and switch off. Create memories which you will enjoy telling others about and make you smile when reminiscing.”