It’s not just gas and movie tickets that keep getting more expensive, the price of luxury goods is rising too. According to a recent Wall Street Journal article, Chanel quilted bags have gone up in price by 70% over the past five years, the classic Louis Vuitton Speedy bag is 32% more expensive and Jimmy Choo shoes went from $495 to $650.
So what’s going on with these increases? Well, there’s a few theories as to why this is happening. One being that semi-affordable, luxury-ish brands like Michael Kors and Tory Burch are giving high-end designers some serious competition, so they need to raise their prices to show the customer who’s really boss. Another reason is because of rising production costs. These brands need to maintain their luxurious quality, know what we’re sayin’? And that leads us to the last reason, which is prices increasing to make the product more desirable (aka to drive more sales of a fancy pants item). Which is actually backfiring for everyone, from Gucci to Mulberry. But not Chanel, because we will always pay for Chanel.
So basically, there’s no better time than now to get that designer item you always wanted. You never know when the prices will go up ever more! Okay, this is really just our lame excuse to shop, but we’ll take it.
[Photo: The Glamouri]