NEW GEN Z 101: Unlock & Outlast Microtrends

Chanel’s handbag prices have skyrocketed, making young consumers even more interested in shopping for secondhand luxury.

Feb 09 2022

Chanel’s handbag prices have skyrocketed, making young consumers even more interested in shopping for secondhand luxury. The brand’s namesake small Classic Flap bag has always been one of its pricier items, and in the past few years, the handbag has gotten significantly more expensive, now flaunting a price tag of $8,200 compared to $5,200 in 2019. Chanel’s not the only luxury brand raising its prices: Hermès increased their prices nearly 3% for 2022 (more than its usual 1-1.5% increase), while Louis Vuitton and Cartier products cost 3-5% more than they did a year ago according to an industry expert at HSBC. While these price increases undoubtedly have to do with inflation, some young consumers are skeptical whether the cost surge reflects the products’ quality and craftsmanship. YPulse’s luxury research shows that over half of young consumers are interested in owning a luxury item but the No. 1 reason they haven’t bought premium products is because they can’t afford it. In the meantime, shopping secondhand luxury wears from marketplaces like The RealReal—and finding dupes for premium products—are ways they’re making the space more accessible. (WSJ)