CHANEL GLOBAL PRICE INCREASE MARCH 2023
Posted onChanel has implemented the first price increase of 2023 on March 2 and not just in North America, but across the world. That means Europe, the UK, and Asia will see rising Chanel prices as well.
Why does Chanel keep increasing its prices?
In recent years, Chanel has increased their prices two to three times a year. The frequency of these price hikes can be explained by the increasing costs of production due to economic factors, and, preeminently, the burgeoning demand for Chanel's handbags. In other words, Chanel's price increase is a strategic move to retain exclusivity as a premium luxury brand.
Take a look at Chanel's price increase in 2022 here.
Below, take a look at the updates prices for the Chanel bags which were affected.
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Canada
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United States
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Bag Style
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Original Price
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New Price
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% Increase
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Original Price
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New Price
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% Increase
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Classic Flap Small
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10,375 CAD
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12,275 CAD
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18.3%
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8,200 USD
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9,600 USD
|
17%
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Classic Flap Medium
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11,050 CAD
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12,800 CAD
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15.8%
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8,800 USD
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10,200 USD
|
16%
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Classic Flap Jumbo
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11,900 CAD
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13,850 CAD
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16.4%
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9,500 USD
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11,000 USD
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16%
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Classic Mini Square
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5,075 CAD
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5,950 CAD
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17%
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4,200 USD
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–
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0%
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Classic Mini Rectangle
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5,350 CAD
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5,950 CAD
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17%
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4,400 USD
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_
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0%
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Wallet on Chain
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3,625 CAD
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4,225 CAD
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17%
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2,950 USD
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3,350 USD
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14%
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Chanel 19
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6,950 CAD
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8,050 CAD
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16%
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5,700 USD
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6,400 USD
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12%
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Chanel 19 Large
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7,625 CAD
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8,850 CAD
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16%
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6,300 USD
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6,800 USD
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8%
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Chanel 19 Maxi
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8,375 CAD
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9,425 CAD
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13%
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6,900 USD
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7,500 USD
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9%
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2.55 Mini
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5,350 CAD
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6,200 CAD
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16%
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4,400 USD
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4,900 USD
|
11.%
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2.55
|
11,050 CAD
|
12,800 CAD
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14%
|
8,800 USD
|
10,200 USD
|
16%
|
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2.55 Large
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11,900 CAD
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13,850 CAD
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16%
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9,500 USD
|
11,000 USD
|
16%
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How to Beat the Chanel Price Increase
The best way to beat the Chanel increase is to shop preloved before the luxury market has had a chance to catch up to the increase. The consignment market can allow you to make big savings on Chanel retail prices, and you'll be able to find rare, vintage styles, colours, hardware, and leathers that are no longer sold in stores. If you are purchasing secondhand designer bags, it is important to research the seller and ensure they are a reputable business with lots of good feedback. All designer bags, including Chanel bags sold by Bag Religion are thoroughly vetted for authenticity and condition.
Also, if you already own a Chanel handbag, the good news is, your bag will be worth more now on the resale market. It is advisable to pay close attention to the prices of Chanel bags on the resale market, and consign yours once the resale market catches up to the price increase.
What are your thoughts on the increasing prices of Chanel bags? Do you feel that it is a necessary and strategic move for the luxury brand? Let us know on our social media pages!
