There have been numerous discussions regarding this issue. Luxury commentators on YouTube have been discussing this for months and years at this point. High end brands like Chanel, Prada, Gucci have all increased their prices immensely to the point that most of their shoppers decided to either turn to the second-hand market or stop buying altogether.
Luxury fashion industry in trouble?
A popular YouTuber, Sophie Shohet states that price increases could be one of the biggest factors contributing to the sales decline in this industry. Prices have gone up an average of 25%, higher than the actual rate of inflation. Some speculate that this is due to the fact that these brands are trying to push out the middle class from affording their items.
Netizens state that they are finding this ironic as these high end brands did this to themselves by giving their products to influencers for free in order to promote their brand. Now, they are in a precarious situation, and it is unclear if they’re ever going to solve this problem.
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