Unpacking The Latest Chanel Bag Price Increases and Resale Trends
Price Increase for Chanel Bags in 2023
The Chanel Classic flap bag prices increased 16% in March 2023, which meant that most Chanel Classic flap bags now retail for more than $10,000. Chanel Coco Handle, Chanel 19 and Chanel Pearl Crush prices increased 14% in March 2023, which means that most Chanel Classic flap bags now retail for more than $10,000.3
It was recently reported by the Associated Press that Chanel's Classic Medium Flap bag is now priced at $10,200 a 16% increase from $8,800 earlier this year. Expect more price increases later this year. Chanel's CFO Blondiaux was quoted, "We usually revise our prices twice a year. That's what we've always done and will continue to do".
Despite high production costs and supply disruptions due to the Covid lockdowns, Chanel is currently experiencing a luxury price boom that has been steady since 2008. Prices have accelerated faster in the last 5 years and production costs are on the rise.
As it stands, rising costs alone do not tell the entire story. Growing global demand for Chanel bags has also played an important role. Although the top luxury brands have steadily raised their prices, their resale market hasn't waned, as evidenced by the thriving resale market for Chanel bags.
History of Chanel Bag Prices
From 1990 to 2023, the price of a medium Chanel Classic Flap bag has increased significantly from $1,150 to $10,200. Chanel bags have increased in price by more than double from $4,900 to $10,200 between 2017 and 2023 for a medium Chanel Classic Flap bag.
As of 2017, according to Rich Report, Chanel has regularly increased the price of all of its classic styles, including the Chanel Reissue, Wallet on Chain, and Boy Bag. As of 2017, the Chanel Reissue has doubled in price, whereas the Wallet on Chain and Boy bag have been increasing at a slower pace. From $4,700 in 2018 to $6,600 in 2023, you will have to pay $6,600 for a medium Chanel boy bag.
The Chanel Wallet on Chain will cost you a total of $3,350 in 2023. As the average Chanel flap bag can cost as much as $10,000, it may be time for you to reevaluate your Chanel collection.
Resale Market Price of Chanel Bags
Chanel bag prices on the resale market have risen along with retail prices due to the high demand for Chanel bags and a lack of supply at most boutiques. A vintage Medium Chanel classic flap bag from the 1990s sells for over $6,000 at Sotheby's. In the 1990s, it retailed for about $1,200.
With the rate at which prices are increasing, it is likely that a Chanel bag purchased in pristine condition a few years ago in a boutique is worth more today than when it was bought.
The resale prices for Chanel bags are also at record levels, and pristine bags are highly sought after by collectors. Many collectors are looking for rare bags from previous seasons as well as hot new styles like the 2022 CC "In Love" Chanel Heart Bag that has already sold out.
