Your Expert Guide to the Chanel Price Increases 2023
The beginning of March marked yet another Chanel price increase. Although unsurprising for avid Chanel fans, (after all, they increase on a biannual basis) this time around the steep price hike left Chanel fans shook. We asked our resident experts for their take on the Chanel price increase and their top tips for investing in Chanel bags moving forward.
How much was the Chanel price increase?
Chanel’s most-desired Classic Medium Flap Bag saw the most significant price increase since 2019. Pre-pandemic, the classic medium flap bag priced at £6,630 rose to £7,550 in 2022. From this month, the iconic style will set you back a hefty £8,530; that’s a 28% increase in just 3 years. Our graphics below illustrate the pricing journey of the iconic Classic Medium flap bag from its inception in 1955 to date.
The classic flap bag was not the only style to gain value with the price increases. Popular bags like the 2.55, the Boy, Chanel 19 and Chanel 22 increased by approximately 15% compared to 2022 and 25% (on average) against their pre-pandemic prices.
Why did Chanel increase the price?
Quite simply - exclusivity. As with all brands in the super luxury realm, exclusivity is king. Exclusivity promotes prestige, prestige creates desirability, and desirability drives sales. Chanel is a covetable brand, but the new pricing leads us to believe this is a repositioning move to compete with elusive rival Hermés.
Increased exposure via social media can be both a blessing and a curse for uber-luxe brands. In an easily-influenced world, aspirational imagery promoted by influencers increases brand desirability; this can also lead to ubiquity, undermining a brand’s exclusive appeal, and so the cycle goes. The 2023 Chanel price increase and introduction of purchase limits are the brand’s response to reduce the ubiquity of Chanel pieces and bolster the brand’s exclusivity.
Should I invest in a pre-loved Chanel bag?
Our founder Ben Gallagher had some thoughts on this question; “I would definitely recommend purchasing a Chanel bag - particularly the classic flap bag- as it makes a great investment. Just look at recent history. Six years ago, the style cost around $5K - now you pay double for the same bag. I recommend the classic medium flap bag in a future-proof colour way; black caviar leather with gold hardware.”
If you want to secure an even better investment - shop pre-loved Chanel bags. Not only will this save you a significant sum, but it also provides an opportunity to discover rare, unique pieces with great re-sell value - win, win. Our beautiful collection of pre-loved Chanel handbags has undergone strict authentication, so you can invest in confidence knowing that your bag is 100% genuine.
Feeling tempted? Discover our collection of beautiful Chanel bags from the Classic Flap to Vintage 2.55s and effortlessly cool Boy bags at Luxe Collective.
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