Annual price hikes – is it a thing in the luxury goods sector?
To be blunt – yes! Designer brands regularly increase their prices on an annual basis. This is due to keeping up with inflation, brand perception and staying in-line with other designer brands. Whilst the increases generally aren’t so welcome from brand lovers - especially larger % hikes - it, unfortunately, shouldn’t come as too much of a shock.
The benefits of designer brands increasing their prices are clear – these bags generally hold their value well and it can mean a piece that you purchased years ago could now be worth more than what you paid for it. These bags are often seen as investment pieces, not just a throw-away fashion piece, that over time will lose its value and that’s part of the appeal and justification for many to take the plunge and purchase.
How often does Chanel increase their prices?
Chanel generally increases their prices once a year. The price increase is usually at the end of the year, but in 2020 there was a price increase mid-year in May, with a second one in October. The Chanel price increase is usually around 10% but will vary based on bag styles.
Everyone knows that Chanel increases their bag prices every year and they never go on sale, so if you’re debating purchasing one the price will never be cheaper than it is today.
However, this is where the pre-loved market really comes into its own. You can pick up older styles, sizes, and colours with a good discount on RRP if you know where to shop. Purchase your preloved Chanel stock from a reseller with a trusted reputation and ALWAYS get your bag an Authentication Certificate when it arrives for peace of mind that your pre-loved Chanel bag is real.
Therefore we advise you to be mindful when you purchase a band new bag! Make sure that you keep all of the packaging and it’s crucial that you keep that authentication certificate safe and secure to maximise the price when you come to sell.
If you would like some advice on buying or selling, please don’t hesitate to contact us and we would love to help you.
Please note that some content from this article was taken from www.handbagholic.com