11 On November 3, Chanel once again raised the prices of some classic handbags.
As of now, the price of Chanel classic bag has exceeded 50,000 yuan. The price of Chanel CF small has risen from 48,900 to 58,600 yuan, the price of medium has risen from 56,100 to 62,700 yuan, and the prices of 2.55 handbags and other styles may be raised in the future.
Since May and November 2019, May 2020, and July 2021, the brand has completed its fifth price increase so far, becoming the luxury brand with the highest price increase in the past two years.
In addition to Chanel, the trend of major luxury goods continuing to rise in prices after the epidemic has become unstoppable.
According to Fashion Business News, Gucci has also raised its product price in a comprehensive manner recently. The original price of GG Marmont super mini handbags of RMB 7,500 have now risen to RMB 8,200; the Rhyton series printed sneakers have also risen from RMB 7,900 to RMB 8,200; the pricing of the 1955 series handbag mini handbags has also exceeded the 20,000 mark.
Not only that, Jean-Marc Duplaix, chief financial officer of Gucci parent company Kering Group, said that the price of the "Gucci Aria" series that has not yet been officially released will continue to rise.
On the other hand, in order to raise the entry threshold, Louis Vuitton significantly reduces the number of classic Monogram presbyterian series products in the store, and raises the brand price accordingly "small amounts and multiple times". It is reported that Louis Vuitton has completed six price adjustments in 2021, and its upward cycle is getting shorter and shorter.
At the same time, Dior has completed three price increases, the most recent one was February 1, 2021, with an increase of between 6% and 16%. The highest price increase was the small presbyopia saddle bag, which was adjusted from the original 25,000 yuan to 29,000 yuan.
Regarding price increases, the rhetoric of major luxury brands is almost the same - shortage of raw materials and rising international freight costs have caused brands to adjust prices regularly based on production costs, changes in raw material prices and fluctuations in exchange rate to narrow the price difference between products across regions around the world.
Faced with the continued rise in high handbag prices, consumers are still happy with it. Although the Internet denounces brand price increases, there are still long queues at the store entrance.
The "2021 China Luxury Products Report" jointly released by Rhodes Communication Group and the Precision Market Research Center shows that 59% of mainland respondents and 49% of Hong Kong respondents said that they will tend to buy more luxury goods in the future.
In this regard, Chanel Chief Financial Officer Philippe Blondiaux said it more bluntly: "The symbolic value of luxury goods is higher than the value of use, which gives it an imaginative premium space. In other words, the high premium of luxury goods is based on scarcity."
This may explain why, despite the rising prices of luxury brand handbags, Chinese consumers' enthusiasm for buying luxury jewelry handbags has only increased.
The more scarce a single item is, the more it can arouse consumers' "possessment" for it. Taking the luxury handbag for the head Hermes as an example, although consumers need to frequently distribute goods so that they can buy an Birkin or Kelly handbag, the current consumption situation is still in short supply.
In addition, it is an unquestionable fact that it uses price increase to pull back the sales of brands that have fallen during the epidemic. Chanel chose to raise prices as Black Friday Shopping Festival and Christmas are approaching, and undoubtedly wanted to speed up the progress and bring brand sales back to pre-epidemic levels.
Written and edited by: Magic Email: general@fashionnomy.com
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