Want to Know Why are Women Purses so Expensive?
The handbag has developed from its original use as a tool to collect resources, store, and transport loose food to become a fashion statement, a demonstration of financial prowess, and, perhaps, the most significant component in a brand’s portfolio, largely reliant on it to bring in continual cash flow.
In 2020, there will be bags in a variety of shapes and sizes, suitable for any season and budget. They’ve become the go-to accessory, alongside shoes. There are 2,172 bags available for purchase on MyTheresa.com right now, ranging in price from $148 for a Cult Gaia bamboo clutch to $8,400 for a Bottega Veneta sponge leather clutch. Bags in a range of forms and sizes will be available in 2020, suited for any season and budget. Along with shoes, they’ve become the go-to accessory. Right now, MyTheresa.com has 2,172 bags available, ranging in price from $148 for a Cult Gaia bamboo clutch to $8,400 for a Bottega Veneta sponge leather clutch.
Chanel announced an increase in the price of select items around the world in May to “take into account a surge in the cost of raw materials amid the coronavirus pandemic.” The increase of 5% to 7% “only applies to Chanel’s classic handbags, 11.12 and 2.55, as well as Boy, Gabrielle, Chanel 19 purses, and select small leather goods,” according to a press release from the business.
According to Pulse News Korea, Louis Vuitton and Tiffany & Co. have increased the pricing of certain products marketed in South Korea by 11 per cent.
However, it is not just a global pandemic and shifting resources that have allegedly forced companies across industries to change their financial propositions: inflation and economic order have been catalysing an increase in prices on all types of goods, including designer handbags, for years. According to the online marketplace Open for Vintage, the retail price of designer bags rises by 3% on average.
According to Reuters, Louis Vuitton’s Neverfull MM Monogram bag cost $1,320 at the end of October, $1,430 at the beginning of May, and $1,500 today on the brand’s website. This equates to a 14% increase in price.
We examined price fluctuations in Chanel bags back in May. For example, the classic mini rectangular flap bag, which once sold for $3,500, has increased by 8.6 per cent to $3,800. The Chanel classic medium flap bag’s price has risen by 12.1 per cent, from $5,800 to $6,500. Clearly, people are buying these bags, regardless of how expensive they are.
Which begs the question: why do we spend so much money? Which begs the question: why do we spend so much money on designer handbags while scoffing at the notion of dishing out a couple of dollars on an iPhone app, for example? What is it about a high-end bag that pulls us in and convinces us to shell out exorbitant amounts of money on it, even if not always able to actually afford it?
That's Why are Women Purses so Expensive?
WHAT IS IT ABOUT A HIGH-END BAG THAT DRAWS US IN AND CONVINCES US TO SPEND EXORBITANT AMOUNTS OF MONEY ON IT, EVEN IF WE ARE NOT ALWAYS ABLE TO AFFORD IT?
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