This photo, a captured image from Chanel’s official website, shows Chanel’s small classic handbag. (Yonhap)
SEOUL, Nov. 11 (Korea Bizwire) — So-called ‘revenge consumption’, a sudden rush of consumption in the pandemic era, is resulting in soaring prices of luxury goods as demand continue to rise.
Celine raised its prices three times this year after raising the price of some 10 luxury bags by an average of 8 percent on Monday. Each item rose in price by around 100,000-150,000 won (US$84-126).
Celine raised prices for certain items in January and April as well.
Chanel has raised its prices seven times following the coronavirus outbreak.
Louis Vuitton, too, raised the prices of popular handbags last month for the fifth time this year.
Other luxury brands including Hermes and Prada followed suit by raising prices by more than three times this year.
Experts attribute this to the spike in demand for luxury goods among South Korean consumers.
Lina Jang (linajang@koreabizwire.com)
