There are speculations made regarding the luxury handbag industry. Brands like Dior have been caught in a scandal that many shoppers are not entirely forgetting. It is unclear how bad the situation is, as reports state that some brands are doing worse than others.
However, YouTuber Jessiestyle states that the handbag market is crashing. Additionally, it appears that her viewers are agreeing to her sentiment. She adds that the sneaker market had just recently crashed, and the same could happen to luxury designer handbags.
Is the luxury handbag market crashing?
In Malaysia and Singapore, consignment stores like Eco Ring, which originates from Japan, have slashed the prices of second hand branded goods down. You can quite literally get a well used classic flap Chanel bag from as low as RM3,900 (US$896) or an Hermes Kelly bag for RM28,500 (US$6,550). However, it depends on how lucky you are as someone else will most definitely snatch it up quickly.
Additionally, there are a number of other YouTubers stating that they’re getting into the “pre-loved” trend. Some like LadyVintageBags have inspired their audience to purchase vintage items as they are significantly more affordable than those in stores. Furthermore, there are a lot of claims that these vintage pieces are generally better constructed than newer pieces.
In July, Forbes stated that the luxury fashion industry is in decline. But, their analysis states that the industry is reliant on China. Some observe that in Southeast Asia, Europe and the Americas, sales appear to be declining as well, with flagship designer stores being left practically empty for most days.
Regardless, this could either be a slump along the way, and the industry may pick up its momentum again in the future. Or, this could be the beginning of a major correction that could bring back the days where these fashion houses were not as popular as they are today.
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