Dear PurseBop: Do you know what brands are going to have price increases in 2023?
Dear Concerned About Price Increases:
Based on past experience with the luxury houses, it is likely that most, if not all, of the designer houses will have a price increase sometime in 2023.
Some designers have price increases once or twice a year at set times, others raise prices multiple times of year. The factors that can affect a price increase is the economic climate, the value of the dollar, euro or pound, or other factors such as supply and demand.
It is very difficult to predict when the price increases will come or how much prices will go up until an announcement is made by the company. Hermès recently announced a price increase of up to 5-10% despite soaring revenue reports. This will likely occur in late January or February of 2023.
Chanel has raised its prices multiple times a year since the Pandemic. The latest price increase was focused on the European market due to the unprecedented devaluing of the euro against the dollar. Chanel increased the price of its classic flaps in Europe to match the price in the U.S.
Dior and Louis Vuitton have price increases one or more times a year and will likely continue this trend in 2023.
Since the Pandemic, which caused unprecedented shut downs, supply chain issues, and increased demand for luxury goods, all the luxury houses have increased their prices multiple times each year. Therefore, it is safe to assume that they will likely continue to do so in 2023.