Crowds Gather in Front of Stores Amid Chanel Bag Price Increase

As news spread that Chanel product prices would increase starting on the 14th, more customers than usual have been gathering in front of the Chanel store at the Lotte Department Store Main Branch in Sogong-dong on the 11th.

[Asia Economy Reporter Yujin Cho] Chanel has announced a price increase for its handbag product line starting from the 14th, leading to crowds of customers lining up in front of stores to purchase products before the hike.

According to industry sources on the 11th, the luxury brand Chanel will raise prices on major handbag products from the 14th. This price increase comes about seven months after the last hike in October of last year, with an expected increase rate of 7-17%. The affected items include the Classic Bag and Boy Bag.

Following the announcement of the price increase last weekend, Chanel store entrances at major department stores in Seoul were crowded with people eager to buy products. This was in stark contrast to the decline in foot traffic at nearby stores caused by the economic downturn due to the COVID-19 pandemic.

This year, demand for overseas travel, which had stalled due to the spread of COVID-19, shifted towards luxury consumption, resulting in a sharp increase in sales growth. Last month, luxury sales at major department stores in Seoul rose about 10% compared to the same month last year. During the golden holiday period (May 1-6), Shinsegae Department Store saw a 23.5% increase, while Lotte Department Store and Hyundai Department Store recorded increases of 22% and 20.3%, respectively. Hanwha Galleria recorded a significant 36% increase compared to the same period last year (May 2-7).

This content was produced with the assistance of AI translation services.