Why are Chanel handbag prices increasing amid a worldwide pandemic?
After Louis Vuitton's 5% increase earlier in May of 2020 we are now seeing Chanel also upping the prices of their handbags as well as some small leather goods. This comes amid the worldwide coronavirus pandemic to take into account a rise in the cost of raw materials.
“The price adjustments only regard Chanel’s iconic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 bags and certain small leather goods,” the house said.
“These adjustments are made while ensuring that we avoid excessive price differentials between countries, in line with our commitments regarding price harmonization.”
Most of Chanel's classic bags saw an increase between 14 and 17% however the Reissue 224 and the Small Classic Flap had a price hike of 21%. The most affected of all the bags was the Chanel mini Square Flap with a 25% increase but its good news for all the Chanel boy bag fans out there as they had the smallest change of only 4-5%.
What does this mean for the second-hand Chanel bags market?
If you've always been lusting after one of Chanel's infamous bags and this news has left you feeling even further away from your dream then worry not! This is a great time to find your perfect pre-loved Chanel bag. Not only will the saving be bigger than ever but we now have even more proof of what an amazing investment these bags truly are (not that we ever questioned this before) as the re-sale price will also go up alongside these price increases.
So, what are you waiting for? Shop Timpanys to find your perfect pre-loved authentic Chanel obsession!