Yes, that time has come. Chanel has once again increased their prices.
Price hikes for luxury super brands are nothing new but the recent spike in Chanel's prices is colossal. Based on the newest prices just released on 2 March 2023, this means that some styles now cost almost three times what they did before the pandemic. A Medium Chanel Classic currently retails for £8,675 (GBP) vs. £4,840 in January 2019 whereas there’s an even bigger price tag in US and Australia - £10,400 (USD) vs. $5,800 and $15,500(AUD) vs. $5,800.
Here at The Handbag Clinic, we’re diving deeper to explore the reasons behind this and reveal why now is the time to buy and sell Chanel, but first, let’s take a closer look at the numbers.
It’s worth noting that the price hike isn't limited to just the Classic style. It's impacting the prices of many other favourites of the fashion house: the Boy, the 2.55, the Chanel 19, the Chanel 22 and the Trendy which have all seen their prices surge in recent years.
Why do Chanel increase their prices?
There are many factors involved in Chanel’s annual price increase.
Firstly, like all fashion powerhouses, Chanel is conscious to retain their prestige in a world of rapid consumption and where brand perception is everything. Increasing the prices of their classic designs elevates the desirability of their Chanel Classic Flap bags, Chanel Boy bags and their Chanel WOC’s, making them harder to obtain and ultimately a must-have for the fashion elite.
A key driver in previous years was the pandemic, which generated a supply crunch. Luxury goods houses had to close their factories during lockdown to protect their margins, as the cost of raw materials and transport increased. And even Chanel wasn’t immune to the impact of global inflation.
It’s important to note that Chanel is not the only luxury fashion house subject to annual price rises. Louis Vuitton also increased its prices four weeks ago - a mere four months after its last increase in November 2022. This has had a ripple effect, as industry giants continue to align with their competitors.
Why now is the best time to buy and sell preloved Chanel?
If you have long dreamed of owning a Chanel, the best way to beat the increase is to shop preloved now and while 2022 prices may still be in effect. This could save you significant sums and allow you to purchase your investment bag at a fraction of the original retail price.
The key to buying a secondhand or vintage Chanel though, is knowing what you are looking for and who you are dealing with. Beware the fakes. It’s important that you are purchasing through a reseller who you can trust.
With The Handbag Clinic, you can shop in confidence. We are a leading authority on luxury handbags and all Chanel bags undergo a strict two-step authentication process, ensuring you are getting genuine luxury.
And, if you are lucky enough to already own a Chanel but it hasn’t been getting much wear lately, now’s the time for you to earn more by selling with us.
As the UK’s original Handbag Restorer and preserving iconic styles since 2013, we can also restore your Chanel bag to its former splendour to ensure you get the most money for it - making it a win-win for you. We are the only resale platform that offers restoration as part of the seller experience.
To discover our full range of Chanel handbags and accessories or get a free online valuation, click on the buttons below.
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