The luxury sector is also changing in the wake of the pandemic. The price in the handbag category rose by up to 17 percent.
How is the luxury market changing during the corona pandemic? What is now bought is sometimes surprising, as evaluations from online shops show. What is also surprising is the price increase in this area, which is sometimes over ten percent. For Chanel’s most popular models, the 11.12 and 2.55 bags, as well as the “Boy”, “Gabrielle” and “Chanel 19” models, the increase is as much as 17 percent.
The fashion house justifies this by saying that it is currently more difficult to procure certain materials. However, you may also want to use this to cushion the loss of sales caused by the pandemic. But not only Chanel has increased prices, the classic bags of “Neverfull” by Louis Vuitton and Gucci’s “Dionysus” and “Zumi” have also increased.
And indeed, demand is also increasing, as a look at South Korea shows, as “Reuters” reports. In order to quickly get hold of a Chanel bag before it becomes even more expensive, long lines formed in front of the shops. One would think that in times of a pandemic, the desire to buy decreases and is also saved. But the bags of well-known luxury brands also serve as a kind of investment.
The Chinese market is particularly important for the luxury industry. Currently, 35 percent of sales come from China, and in 2025 it should be 50 percent. And while many Chinese customers were doing their luxury shopping in Europe before the pandemic, they are now increasingly buying in China again.
>>> Reuters
(chrile)
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