Covid-19 Pandemic Triggers Price Increase in Luxury Fashion Goods
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The Covid-19 pandemic has triggered changes in the sales of luxury products. While the prices of luxury fashion goods are being hiked, there has been a slash in luxury cosmetic products.
Top luxury brands from Chanel to Louis Vuitton have increased prices of some of their most coveted products as they try to make up for sales lost during the lockdown period. There has been a crushing halt of spectacular growth and luxury brands are moving quickly to protect their margins.
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Chanel stated that it was increasing prices on its iconic handbags and some small leather goods by between 5% and 17% around the world as the pandemic had pushed up the cost of certain raw materials.
Louis Vuitton’s industry power house, LMVH which was said to be enjoying sales growth in excess of 50% in China in early April has also started hiking prices of handbags in the United States and also Europe. Analysts said that the strongest brands like Louis Vuitton could be tempted to push prices up given the hit to sales from the crisis which has caused a freeze in international travel and a recession in Europe and the United States.
U.S jeweller Tiffany, which is being bought by LMVH increased prices of some of their products in South Korea by 10% on May 6, a Seoul manager told Reuters.
Luxury brands are under pressure to further align prices in Mainland China to encourage Chinese customers buy in their country since Chinese shoppers are key for luxury brands as they were responsible for 35% of global luxury spending in 2019.
According to luxury goods analyst , the price hike “is a strategy to defend margins” but not all labels will follow this route because it could trigger a backlash from customers.
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