Some shoppers say they make $100,000 a year buying and reselling designer handbags. Here’s how they do it.
GREENSBORO, N.C. — Black Friday is just days away and more than half of American adults are expected to buy something. While most things you buy are just for fun, some retail experts say you should be on the hunt for investment designer handbags
“Not all bags decrease in value, bags can actually make you money,” YouTuber Cherry Tung says in her videos.
As far as collectibles go, nice handbags have one of the top returns on investment. According to Knight Frank Market Research designer handbags went up 13.4 percent in one year, compared to rare stamps at 6point 4, art at 5.2, and rare whisky at 5 percent.
One man on Youtube says he even made $100,000 re-selling Birkin bags. But Birkins are the cream of the crop with a huge price tag.
At My Secret Closet consignment superstore in Mebane they resale more accessible brands. Saying Doney & Burkey, Coach, Kate Spade, and Louie always fly off the shelves. But for this tier of handbags, don’t expect to make a profit.
“Chances are rare that you’re going to hit the collectible piece,” said store owner Pam Sullivan.
You can however up your odds of making some of your money back when you go to sell your gently used purse in a few years.
“Something that’s basic is always going to be in style. It’s going to keep its value more than (a printed bag) because this is going to get dated quicker, something with a design,” Sullivan said.
Also when you go to resell online, post a picture of the serial number to prove it’s authentic and get buyers to loosen up their purse strings. Still:
“You shouldn’t buy it thinking I’m going to get my money back out of it. You may get some, but buy it because you like it and you want to use it,” Sullivan said.