2024 Chanel Bag Price Increases
No surprise to the market or collectors, Chanel increased bag prices again in March 2024. The Chanel Classic flap bag prices increased 6-8% again this year with all Classic Flap bags now retailing for more than $10,000. Chanel Classic Mini Square and Classic Mini rectangular flaps are up 6% and now sell for $5,000 and $5,200 respectively. The Chanel Classic Medium Flap bag now retails for $10,800 up 6% from $10,200 in 2023. Chanel Boy Bag prices are also up double digits from 4-5% and now retail for between $6,400 to $7,300. Expect more prices increases later this year. Chanel CFO Blondiaux was recently quoted "We usually revise our prices twice a year. That's what we've always done and will continue to do".
The Chanel luxury price boom has been steadily gaining momentum since 2008 with price increases accelerating faster in the last 5 years. Rising production costs and supply disruptions due to Covid lockdowns drove up manufacturing costs. But rising costs isn't telling the complete story. Growing global demand for Chanel bags has also been an important contributing factor. Despite the top luxury brands steadily increasing prices, demand hasn't fallen off as evidenced by the strong resale market and corporate earnings reported from the top luxury brands.
History of Chanel Bag Prices
The Chanel 2.55 was first sold in 1955 for $220. Fast forward to 2024, and the same bag now sells for $10,800. The Chanel Classic Flap was released in 1983 and sold for about $1,000 in the 1980s. The price for the same Medium Chanel Classic Flap bag is now $10,800 after the price increase in 2024. From 2016, Chanel bag prices have increased at least once per year. Chanel bags have more than doubled in price from $4,900 to $10,800 for a Medium Chanel Classic Flap Bag since 2016. Chanel has been regularly raising prices on all of its classic styles including the Chanel Reissue, Wallet on Chain and Boy bag. Chanel Wallet on Chain and Boy bag prices have increased at a slightly slower rate. At this rate of price increases, a Medium Chanel Classic Flap could retail for over $20,000 in less than five years. Will consumers be willing to spend almost double for the same Chanel bag in five years? With each double digit price increase, only the market will decide if double digit price increases are sustainable indefinitely.
Chanel Bag Price: Resale Market
Given the demand for Chanel bags and lack of supply in most boutiques, Chanel bag prices on the resale market have risen along side the retail prices. A vintage Medium Chanel classic flap bag from the 1990s sells for over $6,000 at Sotheby's. This bag retailed for about $1,200 in the 1990s. Given the recent rate of price hikes, a Chanel bag purchased a few years ago in a boutique in pristine condition is most likely worth more now than when it was purchased. Resale prices for Chanel are also at record levels and pristine bags are in high demand. Collectors are looking for rare bags from previous seasons and sold out new styles like the 2022 CC "In Love" Chanel Heart Bag. That being said, Chanel bag prices at Sotheby's are mostly close to retail for pristine in demand styles versus a comparable store fresh Hermès Birkin or Hermès Kelly bag can sell for multiples of the boutique price. There are some styles from previous seasons that are priced significantly above retail like the Chanel Graffiti Art School Backpack from 2014 and many of the rare and collectible Chanel Minaudières. Neutral leather Hermès Birkin and Hermès Kelly bags still sell for the most significant premium at Sotheby's relative to the retail price due to lower available supply.
Sotheby's has a rotating selection of Chanel Medium Classic Flap bags available for immediate purchase. Many of the bags are in pristine condition and many are priced below current retail prices. Given the recent Chanel bag price increase, we anticipate prices at Sotheby's to also rise during the next 12 months.
Selling a Chanel Bag
Now is a great time to consider selling a Chanel bag or Chanel jewelry item. Demand has never been stronger despite the ongoing price hikes from Chanel. Chanel retail locations are still supply constrained and the classic bags are regularly sold out. Sotheby's sells Chanel bags and accessories for immediate purchase on it's marketplace. Our specialists are happy to provide an estimate for your pristine or excellent condition Chanel bag or accessory. We are accepting vintage and modern Chanel for consignment.
