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Updated Chanel Price Increase 2024

Updated Chanel Price Increase 2024

Chanel has done it again! While we did get fair warning, it still hurts more every time they rip off the band aid. If there was a ever a time to look into buying pre-loved or vintage, now would be the time to do so!

Let's navigate the Chanel price increase together and take a look at the pros, cons and emotional roller coaster of owning and acquiring Chanel.

If you thought the 2023 prices caused you heart failure, you might want to go purchase a defibrillator and put your wallet on a diet because this round of Chanel price increases. The updated Chanle price increase has officially put the Chanel Classic Flap in the same price as a Birkin 25. 

Once again, with an 8.3% increase, and now with this staggering comparison to the Hermes Birkin, loyal clients are left wondering, is it worth it anymore?

Let’s take a look at the price increase and evaluate what this all means for the future of your handbags.

Historically, Chanel has been known for frequent price increases, and when you look at the cumulative price increase, Chanel handbags have gone up by now by overall 120% since 2019,  and even higher for some bags, $3,700 was the price of a Classic Maxi flap in 2010. Today, the Chanel Classic Maxi flap will cost you $12,300. That is a 330% price increase. These prices understandably can lead to mixed reactions and a range of emotions.

While some may be loyal to the brand and willing to pay the increased prices, many have been left feeling frustrated or even priced out of the market. A big part of the response is that they rather go spend that money on a Birkin rather than a classic flap without even 24k gold plated hardware at this price point. 

Then again, with Chanel there is no "unofficial" official quota system at the level of Hermes. No Hermes game to play. That's a bonus, maybe a Chanel flap is looking more attractive to you because you don't have to factor in a pre-spend ratio on it. Of course there can be bags that are harder to get your hands on, but not at the level of playing the Hermes game. Now that the Chanel Classic Flap has been placed at the same level as a Hermes Birkin or a Kelly, maybe being a Chanel girl is feeling pretty good to you right now.  

Additionally, some consumers may see the price increase as an opportunity to be encouraged to invest in Chanel’s bags that will retain its value over time.

So where does this leave the price at today?

New prices for the Classic Flaps and Coco Handle

Classic Bags

Old Price

New Price

% Increase

Chanel Classic Mini Square Flap Bag

$4,750

$5,000

6.4%

Chanel Classic Mini Rectangular Flap Bag

$4,900

$5,200

6.1%

Chanel Classic Small Flap Bag

$9,600

$10,400

8.3%

Chanel Classic Medium Flap Bag

$10,200

$10,800

5.9%

Chanel Classic Jumbo Flap Bag

$11,000

$11,700

6.4%

Chanel Classic Maxi Flap Bag

$11,500

$12,300

7.0%

Chanel Classic Flap Mini Top Handle

$5,400

$5,600

3.7%

Chanel Coco Handle Mini

$5,400

$5,600

3.7%

Chanel Coco Handle Small

$5,900

$6,200

5%

 

The other staple Chanel model categories like the Boy Bags, and the Chanel 19 Flaps have gone up according to regular inflation rates, averaging at about a 4% increase. 

Surprisingly the popular Chanel 22 bags have not increased at all. The 2023 pricing remains the same. 

The biggest pill to swallow is on the ultra trendy Chanel Kelly, released just last year in 2023, increased in price from $4,400 to $4,900, a big leap of an 11.4% increase for 2024.

Overall, reactions to the Chanel handbag price increase always vary depending on individual financial situations, personal opinions on luxury goods, and the perceived value of the brand. For those of you who are just starting out in your handbags journey or collecting, and may feel discouraged by the increase, or if you are just neutral, I will go over 4 reasons why you may no longer feel inclined to support Chanel at an increased price, and then 4 reasons the reasons why you may want to choose to continue to buy from Chanel.

Which by the way, this can be applied to any designer price increase, not only Chanel. However, people are particularly upset with this price increase considering Chanel’s quality, catering to more mass production, and not even having 24k gold plated hardware anymore leaves a bad taste behind.

Obviously the number one obvious reason is affordability. One of the main reasons people get upset when luxury handbag prices are increased is that it makes the products even more expensive and potentially unaffordable for many consumers. Since luxury handbags are seen as a status symbol, and when the prices go up, it can create a sense of exclusivity that can be frustrating for those who want to own a luxury product but can no longer afford it, especially at a 11% increase.

Perception of value: Luxury handbags are often viewed as an investment piece that retains its value over time. When the prices are increased, you may question whether the product is truly worth the higher price tag and whether it will it continue its value in the long term. With Chanel this has especially become a concern since its quality over recent years has diminished, especially compared to Hermes.

Brand loyalty: If you are loyal to a particular luxury brand you may feel a sense of betrayal or disappointment when the prices are increased. This seems to be the main reason why Chanel lovers feel negatively about the price increase. They feel that the brand has become more focused on profits rather than providing high-quality products at a fair price. The increase in price is being perceived greed, which is effectively creating negative feelings towards the brand. The overarching feeling is that Chanel is exploiting their loyalty to the brand and that their desire to collect luxury products is being taken advantage of now.

Overall, people may get upset when luxury handbag prices are increased for a variety of reasons, including affordability, perception of value, brand loyalty, and perception of greed.

Despite the initial negative reactions that can occur when luxury handbag prices are increased, there is a flip side to this, and here are 4 reasons why you may be indifferent about the increase or may even view this as a positive thing:

Exclusivity: Luxury handbags are often seen as a symbol of status and exclusivity. When prices increase, it can create an even greater sense of exclusivity which makes make the products even more desirable for those who can afford them.

Quality assurance: A price increase can signal that the brand is committed to maintaining high standards of quality and craftsmanship. While this is a current dispute against Chanel, maybe this increase is a sign of them being dedicated to returning to their high-quality and craft roots.

Investment value: When prices increase, it can create a perception of greater value and make the products even more attractive to those who see it as an investment.

Brand reputation: A luxury brand’s reputation is closely tied to its pricing strategy. When a luxury brand increases its prices, it can signal that the brand is in high demand and that its products are highly coveted, which is a good sign that your handbag will continue to hold and increase in value.

Overall, while a price increase for luxury handbags may initially be viewed as a negative development, it can also be seen as a positive sign of exclusivity, quality assurance, investment value, and a good brand reputation.

The problem with Chanel is that is has now reached the price of an Hermes Birkin or Kelly which does not sit right with people as it is currently not on the same level of quality.

So what can you do with all this info? Well, luckily it seems like the biggest victims are the classics are effected by the high price hike, so you can still go for trendy and seasonal handbags, and for your classics an option would be turning to pre-loved items or vintage bags which carry that original Chanel craft and quality people are looking for in the classics. Purchasing from resale in this case might be advantageous for you

Lower prices: While prices for new luxury handbags may increase, prices for pre-owned luxury handbags on the resale market may remain relatively stable compared to retail, as well as getting those well kept vintage Chanel bags for an amazing price compared to the current retail pricing.

Availability: Some handbags may become even more difficult to obtain directly from the brand with the price increase, either due to limited production or high demand. The resale market can offer a wider range of options, including rare or hard-to-find items.

Investment value: Even if you buy resale, your Chanel bag will still appreciate in price if you purchase a classic, timeless bag. Buying resale right now with the price increase might actually be the most attractive and strategic option right now, you can literally buy a classic Chanel bag and will experience an immediate return on investment at this point.

Ultimately, no matter what you think of Chanel, you can count on the fact that it will retain its value and will continue to increase in price. With all this info on the Chanel price increase, I hope it helps you navigate the market if you’re new to purchasing handbags, and if you are in doubt of what to do considering a price hike, I hope this brings you some clarity on why you may or may not want to buy new Chanel. And if you have a collection of Chanel classics, congratulations! Your handbag savings account just grew again! If you purchased a bag pre 2019, hold on to that baby tight because you are sitting on a good profit!

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