The most iconic bags from brands such as Prada, Chanel and Louis Vuitton have reached impossible prices
The designer bags over time, from a simple luxury object they have become a real investment, given that the second-hand resale market is extremely lively. From an investigation by BoF reported by I Woman in fact, it emerges that the price of it bag it increased exponentially between 2019, i.e. before the Covid-19 pandemic, and the current year.
HSBC confirms that the average price of personal luxury goods in Europe has increased by 52% in the last five years and that the increases mainly concern designer bags. For example, a great classic today revisited as the 2.55 bag by Chanel it went from 5,800 euros to 11,000 euros (+91%). Prada Gallery it even increased from 1,750 euros to 3,700 euros (+111%). In third place goes the Speedy Of Luois Vuitton in the top case 30 version with an increase from 800 euros to 1,600 euros (+100%).
The increases would be attributable to the increase in the cost of raw materials and labor following the pandemic and the surge in inflation. In any case, the luxury market is believed to be set to contract given that, says HSBC, “prices were the main driver of sales growth between 2021 and 2023, but we believe they will be much more contained in the years ahead” .
It is therefore no coincidence that the reselling and vintage market is so flourishing. In fact, most people today prefer to buy a used product but in good condition rather than a new bag at a higher price which not only could be of inferior quality but which will lose value as soon as it is purchased.
Here’s a video on Instagram that summarizes the “trends” of the market a bit.