The price increases on luxury designer bags from brands like Louis Vuitton, Chanel and Gucci have been substantial in the last few years. Comparatively, they have increased nearly 2x since 2019. For example, a bag was selling for RM5,000 before, but it would probably be selling for RM9,500 now.
Luxury designer bag market bursting?
Louis Vuitton, a luxury designer, was allegedly set to have a price increase recently. However, it seems that they canceled it. According to a YouTuber, Caleb Snell, LV’s sales have dropped by 1% in the United States. This is a sharp contrast to what they expected, which was a 17% increase.
The same observation can be made for the Malaysian market, as brands like Chanel are reducing prices for their second hand goods. However, this only applies to their seasonal items. It seems that consumers are allocating their finances towards other purchases rather than buying luxury items.
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