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Price increase for Chanel bags

Author: 
Evi P.
3. April 2023

You have probably already noticed or may have been shocked when you tried to buy a new Chanel bag. The reason for this is the immense increase in prices for bags from the fashion house Chanel in recent years.

Chanel has always stood for style, prestige, and elegance. Chanel has never been known for offering low prices. Nevertheless, the fashion brand has experienced a price hike, which we want to take a closer look at.

Firstly, it should be mentioned that Chanel has not only increased prices this year but has done so every year, sometimes even multiple times in a year.

For example, in May 2020, the prices of some items increased by 5 to 17%, and in Asia, prices were raised by up to 25%. In October 2020, there was another increase of about 5%, especially in the UK, China, Hong Kong, Japan, and South Korea, resulting in an overall increase of more than 20% for some items in 2020.

In January 2021, there was another increase of 4 to 7%.

These numbers might initially give the impression of a small increase. However, when considering the usual or former prices for a Chanel handbag, it quickly becomes apparent that this is, in fact, a significant increase. The price hike can lead to an increase of 300€ or even more.

The most affected are the Chanel Classic Flap Bag, the Chanel Reissue 2.55 Bag, and the Chanel Boy Bag. However, the legendary “Chanel Wallet on Chain Bag” (WOC) experiences the most noticeable increase, with a price hike of 24%. Looking closer at the price hike from January 2021, the following increases are most noticeable for the WOC:

The price of the Chanel Classic Small Flapbag increased by 6.9%, the Reissue 224 Bag also experienced an increase of 6.9%, and the price for the Chanel 19 Maxi Bag grew by the same amount. For the legendary Boy Bag, the price for the Small Boy Bag increased by 6.5%, and for the Medium Boy Bag, there was an increase of 6%. However, the price remained the same for the Large Boy Bag.

Noticeable increases were also observed for bags with special hardware, as well as black and rainbow variations.

But what are the reasons behind the increase?

On the one hand, exceptional craftsmanship plays a significant role in pricing, as well as the high-quality materials used for the respective bags. Additionally, consumer perception influences price regulation. Chanel handbags are considered status symbols and stand for prestige and elegance. Due to their quality and exclusivity, they attract the interest of many people, leading to a constant increase in demand. Therefore, the price increases could be a response to the rising demand for the iconic bags.

Chanel also mentioned that the price increases are “the result of recent significant exchange rate fluctuations between the euro and certain local currencies.” The adjustments would ensure that “Chanel items are sold worldwide at an equivalent price level.” The adjustments are also attributed to current circumstances, especially those in a time when “international travel is severely restricted,” according to the fashion house.

It is therefore speculated that the immense price hike is related to the coronavirus, with Chanel trying to offset its losses caused by Covid-19-related store closures through higher prices. Covid-19 has economically affected many industries, including the fashion industry. Consideration should be given not only to the prolonged store closures but also to delivery difficulties, especially supply chain disruptions, and global expenditures during the pandemic.

In general, price increases are common for luxury design brands. Furthermore, Chanel is by no means the only fashion house that increases its prices annually.

Experts speculate that other luxury fashion brands will follow suit and seek an increase in their prices to offset the losses caused by the pandemic. Prices have already been raised for LVMH’s top brands Louis Vuitton and Dior, as well as the fashion brands Gucci, Prada, and Salvatore Ferragamo belonging to Kering.

Chanel is increasingly being compared to the icons from the Hermès fashion house – the Birkin Bag and the Kelly Bag. While in the past, one had to spend much more on a Hermès bag than on a Chanel bag, in May 2020, there was “only” a price difference of 9.2% between the Hermès Birkin 30 Bag and the Chanel Maxi Bag.

Chanel Flap Bag

But let’s get to the actual question: Is it still worth investing in a Chanel bag today? Especially considering the recently increased prices?

Now is probably the best time to invest in a Chanel bag. After all, the prices don’t stop rising. On the contrary, they increase every year. As for the question of whether buying an expensive designer bag can be considered an investment in general, don’t be deceived. This always depends on the individual case. While Hermès Birkin and Kelly Bags can indeed be seen as investments, with Chanel, it depends on the specific model.

However, this should not be the sole reason for acquiring a Chanel bag. I can recommend looking into used Chanel bags. They are often in very good condition but are gentler on the wallet. In some cases, the bags have been rarely used, yet the price difference compared to brand-new bags is significant.

From my personal experience, I can only say: Sometimes it’s good to treat yourself and reward yourself. You certainly won’t regret it…

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