Shock horror – we’re in the middle of a global pandemic and what happens? The super brands raise their prices! When you’ve been saving every penny for your dream handbag, this is a real blow. Surely those big designer names can afford to keep their prices where they were, considering the current situation? Specifically, we’re talking about Chanel, Dior and Louis Vuitton, the most coveted names. We should mention that while the super brands have raised their prices, some brands have reduced their prices. Mulberry is one, and since June, it’s positioned its bags between £500 and £800. However when it comes to super brands, for a lot of people buying a piece from a top luxury designer, it is considered an investment and one not to be taken lightly.
A 25% Chanel Increase!
If you delve deeper into the price increases, you’ll find that some of those already hefty price tags now carry up to a 25% increase since the start of the year. The cost of a Chanel 2.55 classic flap bag is now a mighty £5,300 (but head over to our website and you’ll find a stunningly beautiful Chanel Medium Classic Flap in lambskin/canvas for a snip of that price – £1,999). Why have Chanel done this? Their reason is apparently due to the cost of raw materials rising and the expense of transportation.
A 14% Dior & 8% Louis Vuitton Increase!
Dior has followed Chanel’s lead, with a 14% price hike on some handbags (which is still significant – but when you look at Chanel’s killer price rise, it feels *slightly* better!). The Lady Dior Oblique Saddle Bag is now £2,450. Louis Vuitton raised its prices during the Autumn of last year, before the pandemic so the Classic Speedy went up by 8%. A new Speedy 30 is now £830 – and unavailable on the UK website (so perhaps the price increase hasn’t deterred some buyers).
Increasing the Value of Preloved
While some buyers won’t even notice the price increase (even the gigantic 25% Chanel hike), for those that dream of owning a designer bag, it makes the reality even harder to achieve. It is achievable though, through preloved and with those big price hikes, there’s good news for the preloved market because a preloved bag has even more resale value. It’s actually a greater investment than ever before.
The Circular Economy
Now more than ever, buying a preloved designer item is more important than it has been in the past. It’s very much about protecting the environment (which we all feel more connected to in light of Covid19 and lockdown) by being a part of the circular economy – where you can both buy and sell beautiful pieces at Papillonkia.com that have had more than one owner.
Not only can you support the Circular Economy, but you can also support great causes via Papillonkia Charity. We have set up a scheme by which proceeds from both the sale and purchase of pre-loved pieces can go direct to our chosen charities (or yours if you want to nominate one) that have found fundraising so difficult during these last few months.
Buying Preloved Has Never Been More Fashionable
So if you were considering buying new – think again! You can support some great causes and you won’t have to stump up the cash for the designers’ price increases so that preloved is relatively more affordable than ever before. Remember, you still get a luxury quality handbag or accessory that is pre – authenticated and delivered with care in fabulous condition.
At Papillonkia we are holding our prices too – that means your preloved designer handbag purchase will be worth even more when you come to resell it. We also know that preloved designer handbag sales have increased hugely since the pandemic began, so you’re in good company – buying a preloved designer handbag has never been more fashionable!