Chanel Increases Prices for 2023: Everything You Need to Know

If high altitudes make you queasy, brace yourself for this story of soaring Chanel prices. The 2023 Chanel price increase is here, and we’ll unpack it for you. If a Chanel price hike seems like déjà vu, you’re not imagining it. The last price jump of 9% came in August 2022. Now we’re seeing double-digit increases up to 18%. So, if you’re planning to purchase a Chanel handbag, don’t wait. We can expect another increase before the end of the year!

Philippe Blondiaux, Chanel’s chief financial officer, has said, “We usually revise our prices twice a year. That’s what we’ve always done and will continue to do.” So, why does Chanel increase their prices? How high have they gone, and is there an end in sight? Most importantly, what is the 2023 Chanel price increase for your favorite bag? Understanding the answers to these questions will increase your designer savviness and allow you to stay one step ahead of the changes.

Why Is Chanel Increasing Prices in 2023?

The Chanel price increase in 2023 is “to account for currency fluctuations and inflation,” as explained by Philippe Blondiaux. While inflation is hitting everyone in 2023, the rising costs of materials and labor cannot explain the many Chanel price increases over the past several years. Instead, it appears that Chanel has deliberately cultivated a pricing and exclusivity program designed to rival Hermès. After all, the Chanel medium classic bag has increased by over 60% since November 2019! 

On June 7th, 2022, Chanel implemented a strict two Classic Bag per year quota system modeled after Hermès. By restricting their customers’ ability to purchase bags, the luxury design houses drive demand higher. But demand is only half the story of designer bag pricing. Chanel, like Hermès, throttles back on supply as well. When the most beloved bags are scarce, it drives prices ever higher. This results in prices so high that they burnish the brand’s exclusivity. Hermès pioneered and perfected this strategy that Chanel now emulates. Consequently, Chanel bags are beginning to rival Hermès price points. And you can count on seeing Chanel raising prices again before the end of the year. 

As much as many customers deplore the rising prices of Chanel and Hermès, these price increases help make these luxury bags such valuable collectibles investments.

How Will the Chanel Price Increase Affect Shoppers?

One of the company’s goals with the recent Chanel price hikes is “price harmonization.” Gone are the days when flying to another country might help a savvy collector to land a bargain on a luxury bag. The goal is to ensure the bags sell for the same price worldwide despite exchange rate fluctuations.

As for our own shoppers, we’re seeing mixed responses. Some are stunned by the 2023 Chanel price hike. They feel priced out of the market for new bags and are instead considering previously loved Chanel bags. Others seem to grudgingly accept the new prices, while others seem to embrace them. The latter seem to appreciate these price hikes increasing the value of their own collection.

2023 Chanel Prices in the USA

So, let’s see what the Chanel price increase in 2023 looks like in the USA.

The Chanel price increase in 2023 affects other bag models, too. 

Tips for Navigating the Chanel Price Increase in 2023

As much as we all love Chanel, we understand that some collectors will find the Chanel price increases of 2023 staggering. If this is you, now may be a good time to consider selling some designer handbags. Did you purchase a Jumbo Chanel Classic bag only to discover that a smaller size suits you better? Maybe you just don’t wear that Chanel runway bag as much as you anticipated. If your bags are in great condition, you might consider selling them for cash so you can buy the new bag of your dreams. Chanel price hikes work both ways. When retail prices skyrocket, the values of previously loved bags also rise. Chanel bags maintained in excellent condition have increased in value consistently between 10-15% each year.

Our Top Picks for Chanel Pieces Worth the Investment After the Price Increase

Despite the 2023 Chanel price increase, there is no end in sight to the brand’s popularity. As prices rise, the bags become ever more exclusive, driving demand even higher. If you determine whether a luxury handbag’s price is “worth it” based on its resale value on the secondary market, then Chanel bags are indeed worth their price. However, as much as we love the brand’s playful side, it is the classic styles that continue to fetch the highest premiums at resale. These include the Classic Flap bags, Boy bags, and Wallets on Chain.

Madison Avenue Couture is among the most trusted independent Chanel dealers in the United States. Although not affiliated with the brand itself, it ensures that every handbag – store fresh or vintage – is authentic and in the condition described. Offering an exceptional selection of store fresh and vintage Chanel models, sizes, and colors, you’ll be pleased to learn that we impose no quota on your purchases! We look forward to introducing you to your next beloved designer handbag.