Luxury names increase price



The luxury products prices of many luxury names in the Chinese market have changes at the beginning of the year.

Every year on January 1, New Year's Eve is not only the transition to the new year, but also news about the price increases of luxury names.

 It is reported that many luxury names such as Hermès, Bottega Veneta, Audemars Piguet ... have or are about to increase their luxury products prices.

Luxury names increase price

Audemars Piguet watch brand officially changed its luxury products price on January 5. / ph: Audemars Piguet

 Hermès usually performs this transformation at the beginning of the year.  On the Chinese market's website, the prices of Twilly and Lindy 30 bags are up about 6% from the original figure.

 Specifically, the Twilly model is currently sold for nearly $250, an increase of about $100.  Meanwhile, the Lindy 30 bag, priced at $9,200, is now selling for over $9,700.

Bottega Veneta in the billion-dollar market has yet to show signs of price increase.  The Italian luxury fashion house's customer care department in this area said it had not received any relevant notifications yet.  However, many luxury shoppers say that the price hike of the Italian luxury fashion house in Europe will be delayed from January 1 to January 8.  On the other hand, many featured products will increase in price.

 Specifically, The Pouch, worth more than $2,500, is now sold for $2,700.  Meanwhile, the Padded Cassette model after the $300 increase will cost about $3,000 ...

 Sales consultant of the Chaumet Hong Kong International Airport store said prices of many luxury products increased on January 5.  

 In addition, the famous watch company Audemars Piguet officially increased about 5% of the selling price on January 5.

Luxury names often have their own price adjustment plans, increasing prices 1-2 times / year.  However, since the outbreak, the frequency and level of price increases of some luxury names seem to have increased, prompting consumers to pay attention.

 For example, Chanel made this adjustment in May, November in 2019 and 2020. The two Flap Bag and Boy Flap Bag models increased by about $2,000 and $1,000 respectively.

 Part of the reason for the increase in the price of luxury products is the increase in the cost of producing luxury products, the fluctuating exchange rate, leading to the increase in raw material prices, transportation and labor costs.

 Besides, this variation in selling price is also to reinforce brand value.  During the economic recession, luxury names in particular will avoid the price-cutting war.  Because after consumers get used to buying cheap goods, it is very difficult for them to come back to buy at full price.

 This action can sustain profitability and brand scarcity.  Many luxury names have increased prices many times, even stimulating consumers to buy luxury products as soon as possible before there is a new change.

Luxury names increase price

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