Spending on luxury bags is not only a treat for yourself but also a true financial investment with a continuous increase in price and value.
Behind the escalating value of branded bags: it’s not just inflation
Since the COVID-19 pandemic outbreak in 2021 until now, a series of brands have increased the price of “notorious” handbags: Louis Vuitton’s Pochette Accessoires Monogram Canvas increased 25% from $630 to $790 USD; CHANEL Boy Bag, CHANEL Classic Flap increased by 9% on average per line. According to market analysis, luxury brands often add 7% to the selling price of handbags every year, and this figure can go up to 30% when there are unexpected changes such as the epidemic.
The reason that brand spokespersons give for the price adjustment comes from the cost increase due to inflation, and shortage of raw materials. However, the fact that the quantity demanded does not show signs of abating shows that the increase in price is accompanied by value and that the increase in price is not merely a cost problem but also a display of natural business strategy. of the luxury fashion industry.
By limited production, coupled with a policy of “tightening” the amount each customer is allowed to buy, the value that comes from rarity creates a sense of exclusivity for consumers, thereby allowing brands to list prices extremely high. Those who have the ability to own luxury bags right from their launch are also special because of that.
According to the general trend of the economy in the long term, income will increase and more and more people are craving bags that are considered “iconic”, “famous”, or IT. -Bag to upgrade self-image. Responding to market volatility, brands can choose to continue to push prices, limit supply so demand grows exponentially and make their product line highly sought after, as CHANEL has done.
working to increase the Classic Flap’s value sevenfold between 1990 and 2021. They can also make a timely business decision such as re-launching their iconic bag line, typically Prada .with the re-edition of the 1995 Mini-brushed Leather bag after 27 years, with a retail price of over $3,000, more than three times what the old version was priced at in the antique bag market.
In an era where consumption habits are influenced by patterns in popular culture, having their products accompanied by celebrities makes brands automatically attest to being trendy. They can promote through “excavating” classic bags from the archives for red carpet outfits, movie outfits, or launching campaigns in conjunction with big names. Influence from influencers will prompt “hunts” to find and buy products.
There are even brands that have an implicit policy of only selling to influential people to preserve the “luxury” status. Hermès has clearly defined the customer profile of the famous Birkin bag as those with an impressive enough personal profile. That is why Birkin creates the impression of a line of bags of the elite, not only through the price but also through the fact that this item appears regularly next to Victoria Beckham, Kim Kardashian, etc.
The secondary market is where consumers can access cheaper prices or find sold-out items on retail channels. Realizing the potential here, the brand can launch vintage bag collections as Kering did with Vestiaire Collective. They can also add product value by buying and selling old bags over and over to create a fake demand effect, hitting the mentality of wanting to own items that are loved by many people.
Increasing the price of handbags is now actively increasing attractiveness. With a solid foundation of reputation and a new wave of luxury consumption from Asian countries like China, the increase in price and value of luxury bags shows no sign of stopping in the near future.
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