Luxury bags: skyrocketing prices. The pandemic has not slowed down the retouching of price tags, quite the contrary. Especially in China, the first market to restart, brands have tried to maximise profits. Price increases continue to this day. WWD has calculated the 15 bags that have experienced the greatest rises. According to Mr. Bags, with its +46.2%, the Louis Vuitton Pochette Accessoires is the model that recorded the largest increase in 2020 in China.
Mr. Bags’s wrist
According to Mr. Bags, brands will not decide on an increase in all products overnight. But, after keeping them stable for some time, they will practice targeted raises for certain groups of bags. At WWD, Tao Liang, aka Mr. Bags, cited the example of Dior, who didn’t change the price of Saddle Bags for over a year until last month. In 2021, price increases are likely to continue on a frequent basis, just as they did last year.
What has already happened
Chanel raised the price of the Classic Flap range from 20 to 32% in 2020. On average, for best-selling models, such as Prada Re-Editions, Lady Dior and Gucci’s Jackie, they are now asking for 18 to 25% more in China, compared to a year ago. Hermès, on the other hand, only raised bag prices by 3 to 6 percent during the pandemic. Aside from some social criticism, rising prices don’t deter Chinese shoppers.
The 15 bags
WWD compiled a ranking of the 15 luxury bags that saw their prices rise the most in China during the pandemic:
Louis Vuitton, Pochette Accessories, +46.4%, from 538 to 787 euros
Chanel, Mini Square Classic Flap, +31.9%, from 2,764 to 3,647 euros
Louis Vuitton, Toiletry Pouch 26, +28.9%, from 442 to 570 euros
Louis Vuitton, Multi Pochette Accessories, +28%, from 1,600 to 2,048 euros
Prada, Re-Edition 2005, +26.4%, from 1,113 to 1,408 euros
Dior, Mini Saddle, +25%, from 2,560 to 3,200 euros
Chanel, Small Classic Flap, +24.5%, from 4,812 to 5,989 euros
Dior, Mini Lady Dior, +22.2%, from 3,455 to 4,223 euros
Dior, Mini Dior Book Tote, +21.9%, from 2,048 to 2,492 euros
Chanel, Medium Classic Flap and 2.55 Reissue, +20.9%, from 5,445 to 6,582 euros
Dior, 30 Montaigne, +20%, from 2,876 to 3,451 euros
Chanel, Large Classic Flap, +19.1%, from 6,020 to 7,170 euros
Gucci, Mini Jackie, +18.2%, from 1,828 to 2,160 euros
Dior, Medium Lady Dior, +17.6%, from 4,346 to 5,112 euros
Gucci, Super Mini GG Marmont, +16.3%, from 824 to 959 euros
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