THEY GOT GREEDY: Luxury Sector the BIGGEST Downturn in 30 Years

[@FashionRoadman]

I genuinely believe that if these luxury brands aren't careful they will go bankrupt in 15-20 years. Just look at Burberry, their CEO literally admitted that prices were too high. If you are able to raise and reduce prices at will, what does that say about the actual value of what you are selling. Burberry is the same brand that destroyed unsold goods. The jokes write themselves.

[@selyemperzsa1]

Tooo high for them, while for Hermes no price is enough high, there is still a waiting list. Burberry is not top tier luxury.

[@FashionRoadman]

@ Hermes is one of the few brands that can get away with it. For example, people are already losing confidence in Chanel with them cutting corners using worse leather and hardware on the flap bags but increasing prices significantly.

[@selyemperzsa1]

@@FashionRoadman Yes, but that is why I mentioned that these two are not in the same tier.... Hermes top tier, they can charge anything but they keep the quality still top.... price kept high, no mass production needed.

[@Skyebright1]

Hermes don’t sell their bags in sales, while Burberry, YSL and Gucci will put their bags on sale, if you can get them cheaper why not wait for the sales

[@09TessMc]

I used to dream of certain luxury items. Now I find it stupid to spend all that hard earned money on a name. It's so overpriced it's ridiculus. Now I'm working towards a capsule wardrobe with good quality items, that fit like a glove and lasts a long time.

[@4lb280]

I still dream of certain luxury items lol. If I want it and I can afford it, I buy it. I do scour the preloved market to find it though. Unless, it's an item under 5K. If finer clothes is what makes you feel good, then that is what you should have. My thing is bags. clothes aren't as important as I retired at 52 and spend my days with a bunch of dogs, cats, and horses. But I've done well in my life and I will buy what my heart desires.

[@Skyebright1]

@@4lb280totally it’s your life and money ;) I think buying preloved is smarter these days definitely though

[@victorcraraujo]

Its insane to me how its been 5 years since covid. It was like...last month in my head

[@kaitlinh1169]

I recently went to Chanel with a woman who can afford whatever she wants. She was eyeing a bag, tried it on, asked the price, and when the saleswoman told her, she put it down without a second thought. She told me they constantly message her essentially begging for her business, but she rarely buys anymore. This woman is very wealthy and wears only the best. This shocked me that even such a person refuses to pay the prices anymore. It seems Chanel has ruined themselves.

[@joannasliwa8147]

So true. If you take off the double C logo their handbags look like fast fashion items.

[@hannah50353]

I'm glad to hear this.

[@_caitlin_]

They did it to themselves and I'm here for the downfall. It's literally their fault and I wouldn't be surprised to see some of these companies have to file for bankruptcy in the future if they don't decrease prices, increase quality control, pay workers a fair wage, protect those making their products, use better materials, etc. This is what greed gets you. Brands like chanel have made it so unattainable for middle class millennials like myself so why bother at all? I'll spend my money differently now instead of going into the boutique to get a new bag. You definitely are right in saying covid pushed me to buy more because I was literally spending every day alone and I had nothing to look forward to. However I quickly got priced out. My paychecks haven't kept up with inflation so it is what it is but I don't know if or when I'll go back to buying new. I like the second hand market just fine and have found some absolute gems from shipping around and being patient. I got a brand new loewe gate bag from a reseller on ebay based in Japan (yes it's real... I know how to authenticate items and I had it authenticated by two other companies) for less than $700 including customs and shipping. I had wanted this bag for years and I got the exact one I wanted from when I saw the initial advertising. Loewe is one of my favorite brands because their leather is fantastic over time and I feel like they meet price and quality. Same with Mulberry. I've been eying a mini alexa for a few years now and that may be the last bag I buy for a very long time. At this point in my life, I still don't go out as much as I did pre-covid so I've invested more time in "nesting" and getting furniture for my apartment that all goes together and is comfortable and durable than sink money into another new bag. I'm with Gen Z in terms of not feeling designer brands as much because of the clear greed, and our planet is literally on fire so I think I'll stick with second hand.

[@Skyebright1]

I think Mulberry are dropping their prices or not doing a price increase for a while? Cassie Thorpe was talking about it. Yeah Japan has strict laws about counterfeit items and if you do your homework on preloved websites and authentication websites buying preloved is becoming much safer

[@Himmiefan]

People are learning about the huge markups and aren't having it.

[@victorcraraujo]

And i think that's beautiful

[@Skyebright1]

Dior kind of showed people how much the bags actually cost to make in terms of paying their employees

[@ymirkina]

Agree with all your points. Also, I think after buying a lot of luxury goods for the last few years, many people have had enough ... we ate and ate and now we are full. There isn't the same level of desire to acquire more. The resale market is oversaturated, our closets are full.

[@TheSafetyMarshalPSF]

This comment is spot on

[@TheSafetyMarshalPSF]

A few points. One inflation is a huge reason right now prices are so high is because the dollar is not worth what it used to be worth for example if you look at buying a home the same home that was bought in 2010 would have cost about $200,000 right now they're selling the same house with very little cosmetic differences for about $800,000. Two. Burberry already has the fact that their home currency is the pound because the pound is one of the strongest currencies and that already makes the items more expensive and then when you add conversion rates and then price rises on top Burberry to stay out price themselves and also because their pattern has been duped left and right it's severely devalued the image of the brand itself. Three we are not heading towards a recession we are in a recession we have been in one for the last few years some people have felt more than others. We are actually headed towards a depression very soon. With the lack of jobs as well as AI taking over jobs there is a much higher unemployment rate than ever. No one is working anymore so there is no money to spend on these goods. Five Gen z is unemployable they're not going to have spending money discretionary income to go and buy these things unless they're getting it from their parents. They're impossible to hire their possible to train their impossible to work. Text Gen z is the most miserable generation everybody's depressed. They've always used young models to sell luxury goods look at all the old Chanel Dior 16 to 18-year-old girls this is common.

[@NottheotherAmber]

@@TheSafetyMarshalPSFHome prices aren’t just inflation. It’s also lack of inventory. In the US, we didn’t build many homes during the 2008-2009 financial crisis. And we never caught up. Sad especially for first time home buyers.

[@LuciaDeleon-g7y]

Also more people are poorer in general.

[@Robbie_LeMeow]

These brands are feeling pain, because people are feeling pain. People are just tightening their belt and redirecting their spending.

[@duchess_of_petty9323]

You can only raise prices so much until people say ENOUGH. I’m one of those people. I’m happy with my collection which I’ve been cultivating over the last 15 years and now I’m done. Not that I won’t buy anything but I’m done with the ridiculous prices

[@marthaeh]

The solution is second-hand! Call it “vintage”, “pre-loved” or whatever helps people’s ego, second hand is cheaper, better quality, and more environmental! You can do this with almost everything!

[@SvDu-bb7rh]

I bought literally new Gucci suit for 350 euro and it’s amazing, I love it

[@agirlfrommars3441]

Some people might want an in store experience if they’ve never been to a luxury boutique but I’m just guessing.

[@katemiller7874]

I’ll pass

[@for833]

@@agirlfrommars3441 yes, plus the fear of being sold a fake instead of an original and still paying a lot of money for it thinking it's real.

[@Skyebright1]

@@agirlfrommars3441eh sometimes the staff can be rude, there’s that reputation for certain brands appearing

[@buntyjoy1800]

Billionaire greed needs to end

[@zaadiacolon6689]

Their greedy won't end. That's why they are billionaires. We need to stop helping them amass more at our expense

[@Skyebright1]

@@zaadiacolon6689agree, they won’t change unless it effects their bottom line

[@PiperSevern]

I'm so thankful I sold so much when I did and bought timeless classics.I'm on a no buy...experiences all the way .My collection is lovely and I will shop my own closet.

[@duchess_of_petty9323]

I seriously just typed the same thing and then I saw your comment and thought well hell I could’ve just clicked like. But I agree with you 110%. This is exactly why I cultivated a classic timeless collection, and I am much more interested in travel and experiences now.

[@PiperSevern]

@@duchess_of_petty9323 ❤

[@janejdough2230]

I feel Burberry lost their design way, Silly designs, impractical, overdoing the plaid and CB all over their stuff it just does not fit its core base clientele.

[@Skyebright1]

Yeah when Christopher Bailey left they lost their way, hopefully Daniel Lee helps them turn things around

[@kathleenklein4231]

This is their own doing, they wanted to be so exclusive and cut out middle and upper middle class. There are a lot less customers now and now they are feeling it.

[@fendigucci6307]

I think alot of ppl in gen z like myself have cotton on to the designer houses tricks over the years of their life experience that they'd feel embarrassed to fall for spending £6k on a bag now. Its literally create a brand with a posh name, create a luxurious ad campaign and sell it in swanky stores way way overpriced that it creates a buzz from day one and get factories in developing nations to manufacture it for them for 5% (20 bucks) of the total cost that they sell it in their "high end" stores. But you got to love their hustle nothing wrong in making as much money legally as you can lol.

[@jennifermcgee8621]

I’ll never understand what Burberry was thinking raising their prices so steeply. The have always been an attainable luxury brand with a loyal following. I love the brand, but I’m not sure their current designs are worth the price.

[@ThekimG313]

I actually commend ysl for lowering some of their prices. They and Fendi are the only two of the few boutiques that still provide the luxury experience and quality to their customers .

[@thesuperkayow]

Even in Hong Kong's Harbour City, one of Asia's biggest luxury shopping places, you can feel the difference. Went there recently for a week. On weekends it can be a bit crowded, but on weekdays? Yikes. Brands like Chloe, Valentino, Versace, Burberry, Givenchy etc... no people lol. Only Louis Vuitton and Chanel have people inside the stores everyday

[@DanF1235]

I think that the proliferation of newer, less expensive but still well-made brands (thanks to social media), have put a huge dent on the luxury market. You can be quite chic without acquiring these luxury labels and their hefty price tags.

[@jeanschwartzer2908]

Yes I love the new "mid range" luxury bags. Welp mad, unique, great customer service, but for much less money and less hassle. Not cheap but not ridiculously priced either. Polène, DeMellier are two I really like.

[@nildapabon-kraft2402]

I agree! Trips are better than buying those luxury goods.

[@gawill2327]

You will own nothing and you will be happy! WEF

[@JJ-od6nt]

These companies have done this to themselves, you're absolutely right! And they have created a huge market - Used/Pre-owned luxury goods that was never this big. A lot of people like me could comfortably afford retail prices so I never bought second-hand. But now I'm only purchasing pre-owned luxury, nothing from the boutique as the prices just don't make sense.

[@phantomthread4385]

Thing is Al Jazeera did a report about the Italian sweatshops growing for luxury... not just Dior. And then there's Loro Piana not paying for south american farmers a fair wage. It's all really quite sick and for the first time ever it seems as people are kicking back due to social media reporting. Add that to the rising prices then maybe we are not mugs anymore. Power to the people. Don't use your wallets. Maybe they will actually get a clue!

[@Skyebright1]

It’s why Covid appeared in Italy outside of China first, the handbag brands hire Chinese workers to go to Italy and make handbags for much cheaper than the Italian people will

[@natashahayat4395]

Just dont buy that shit

[@TiemposDePaz]

I remember going to Paris, and 70% of the clientele was tourists from Asia. In Printemps they literally had a sign that said X% discount for Asian customers (Something that would NEVER be appropriate in the US haha). Since covid, service has improved in UK and Paris, because of the absence of Asian tourism - they must cater to who's still buying and there aren't the crowds and the long lines like there was a few years ago. Luxury is missing those customers so bad because I definitely maintain a certain budget when I shop. If I find the price too exorbitant or the quality not there, I'm not buying it. Add in the fact UK doesn't provide VAT refunds to tourists anymore ?? These stores are feeling the pain. I see the difference. Plus - the fakes are extremely good. Asian customers probably know, and are either buying those, or are turned off all together by the costs, the availability of fakes, and want lesser known brand - not from the big corporate brands that are gouging the prices. We all see what's happening. All they have to do is lower the prices back to re-engage a lot of middle class customers. Look how good middle market luxury is doing! there are people with plenty of disposable income but we aren't fools. They didn't want the regular hard-working person carrying their goods, so they raised it to achieve exclusivity in a sad attempt to protect their brand's image. This plan has backfired. Weathy people don't want this stuff either because the quality isn't there, and those who would overlook quality for branding, are unable to afford it. Its that simple.

[@angelicashields9706]

My dream bag has been a Lady Dior. I was in NYC in September 2023 and went to “visit” my bag at Dior/Hudson Yards. Bag was $5000…in less than one year, that exact same bag is $6800. Not happening ANY TIME SOON.

[@selyemperzsa1]

For companies that are dealing with mainstream, like LV, there are problems, as people ran out of covid savings+ sales are not coming from China, but Hermes is still thriving, they are only serving the rich. GenZ is very much invested, but mainly those who will inherit from rich Boomer parents, grandparents, and big brands are very much looking at them.

[@seabreeze4559]

most boomers are in debt

[@AmayaLuxe]

You are spot on and also because social media/gen Z are more into dupes or even fakes. Quality issues in brands like Chanel have put me off with the crazy rises. Chanel isn't worth Hermes prices no matter how much they hike the price! Even LV I usually stick to limited collections or special orders only due to quality issues. The prices are too high!

[@aspireinspire8308]

birkin and kelly are not worth that price neither. They create this artificial scarcity to make their bags look very limited but women with birkin are seen everywhere in NYC

[@lisakrav4681]

@@aspireinspire8308 aga!

[@jamiebourgault4481]

There is no reason to buy luxury unless your keeping up with the Jones....so many good dupes out there!!

[@hannahb2018]

Sophie, you look lovely 😘 I think to be fair most businesses have good and bad years, these companies have had a good run as you have mentioned, and they have made the most of it. It has to end sometime doesn’t it? and I guess now is the time. There are many good reasons for this which you have touched on in some of your previous Videos, the price rises, the decrease in quality, the cost of living crisis which has affected everyone worldwide, and increasing crime. I think another issue that comes to mind is overproduction… there’s nothing luxurious about a huge amount of products made which are already overly expensive, lots of products on resale sites and then there’s the fakes also. I think these fashion houses need to look at Hermes… keep the quality high, and undersupplied to ensure demand and not cheapen the product x

[@renarettinger8523]

delightful and informative as always

[@andymadrid5626]

I cannot believe the Prices at LV! The jean jackets are over 3k dollars right now. The Jeans 1800 Dollars. 5k for a LV denim Outfit. Sneakers are 1300K. I can't justify spending this much on "stuff" Luckily, I bought my luggage 20 years ago. When the Hard suitcases were 2k-3k.

[@jmsj3881]

Honestly I’m Gen Z. I love designer but I see most of my peers loving pre loved and/or high street. Most are rarely into designer.

[@Skyebright1]

Preloved is the smart way to go, the prices in stores are crazy, and there’s lots of preloved websites now that will sell bags in great condition

[@shawolsarah]

Some of the items we bought during COVID had bad quality issues. Also, a lot of us were treated poorly by the SAs. No one is stupid enough to pay these ridiculous prices for factory quality and being treated like nuisance in the stores. I'm making more money now, but also got smarter. Waiting in queues, letting mean SAs look down on us -- that's not luxury.

[@bnb0510]

While I do believe that there’s a downswing for these luxury houses I also believe they’ll be fine. Burberry was struggling before. They need a whole new revamp imo. The CEO’s of these houses aren’t stupid. My husband and myself own multiple companies in insurance and finance. Majority of the time we can predict when we’re going to make a profit or a loss depending upon what occurs in the world. I’m sure these companies all prepared and knew they would be affected. They’ll be fine. They’re making it up somewhere else. Whether that’s eliminating jobs, increasing prices (as they all have), etc…

[@Skyebright1]

Burberry just got a new designer in Daniel Lee, so we’ll see if he can fix things

[@mellissabluxury]

Sweatshops, declining quality, inconsistent QC, extreme price hikes, market manipulation. The chickens are coming home to roost, consumers are done.

[@joycenelson2101]

Luxury brands have raised prices to the point of becoming scammers. Most people don't want to be scammed.

[@Nettietwixt]

I think there's a recognition that product in all areas is just being pumped out constantly. So few people seem excited about anything. We're at a point where a change needs to happen on that front and maybe less will be more in the long run.

[@bryanbautista539]

I do not care so much about LV. I believe most of their bags cater to a much younger market because they tend to embellish their bags with a lot of cutesy stuff over the already busy monogram which for me is both tacky and childish. They have good designs in some of their bags but I’m just over the brand and I remember why in the first place I’ve ignored the brand for years because they tend to over design most of their bags. Now they’re into the adding everything with metal. I’m over the “look at me” concept of fashion. Now with Chanel I had a new discovery. Obviously with so much bag styles and seasons they have I’ve discovered from a Chanel vlogger her recent content releasing 25P bags and shoes that some of their bags are being promoted which are bags they’ve released before because one of the seasonal bags I bought in 2023. Plus I’ve been constantly focused on Chanel for the past 3 years those bags with the camellia adjustable strap are being sold again! I seriously believe that they did not reproduce this but a lot of these bags are overstock and Chanel is trying to sell it back to us with the upgraded price tag. The vlogger confirmed that it was a re release but I believe it really was too much stock that Chanel is sneaking to fool buyers into getting it. I was so turned off with this scheme. Plus I’ve noticed Chanel did not do their usual 2x a year price increase because no one reported it and by memory I’ve memorized the cost of a simple Chanel mini 22. In the website it’s still €4950,00 which is what I paid for the 24C cruise collection, the LA skater collection with the tiffany blue bags. I really hope that one day Hermes will also feel the burn apparently they are still on cloud 9. The Chinese are way smarter to stop supporting these brands to teach them a lesson most of us are just simply caught by the fishing hook of these influencers and fashion vloggers. I hope one day there will be a vlogger who will rise and style old pieces from their collection to bring nee life to these bags collecting dust. Sometimes it just needs accessorizing to make you fall in love with your bag again! 😊 Instead of buying a new cheaper bag, using and styling your old bags might be interesting as well and a way lot practical and cheaper.

[@thesuperkayow]

Idk about the UK or out there in the West, but here in Asia, luxury outlets have become even more popular since the price increases. And Coach has become MASSIVE. In HK, Coach have longer lines than the high end luxury brands

[@ladypsrn5218]

I am all about the quiet luxury now and the pre loved market

[@scarlettrhett1575]

Quiet luxury is the future, I’m not a fan of brand logos on my bags, they don’t pay me enough to advertise for them 😊

[@katemiller7874]

Why would they pay you lol silliest argument ever

[@SvDu-bb7rh]

It seemed to me that Givenchy got their prices down - mini antigona lock is now 1750 euro and it was like 2150 euro year ago. Also they have sale on the official website. And I think there’s nothing wrong with that, I love antigonas and will be happy to spend less.

[@jeanschwartzer2908]

They did it to themselves. They got greedy and thought they could bully us all into paying their arbitrarily raised prices overnight when the items were already expensive. I have Chanel, Gucci, LV, etc. etc. and I don't want to buy it anymore. I'm not paying them more money for the same product they sold 6 months ago at a lower price. Pre-loved or vintages is better for the wallet and environment.

[@Skyebright1]

Definitely agree

[@literallyheather]

Im sure they have reduced their staffs significantly as well. Negligent financial management all the way around. 💰

[@Sewingtrue100]

Hi there, just wanted to mention, the craft industry is growing, it’s another reason why the Luxury brands are suffering. Because of the social media, groups have formed on how to make bags. At the moment it’s not yet making a big dent into luxury, but in the next ten years could actually be an issue for the corporate brands. Another reason why luxury brands are not going to do well is that the brands are been bought up by a big corporations and are making it look like they separate, but are not. This can be an issue on innovation. Cucci got in trouble in 2018-19 as they were told their ranges were boring and they had been including stuff from the other brands under the same mantle, using the archives to sell old ideas. This crossover was thought to be sad as it showed little brand identity, and made the overpriced items a sort of hoodwink for those that did not really know. I think gen z are not going to buy into it, they don’t have a reason to. Older generations had aspirational reasons, this current trend is not really aspirational. If they do have a pay for something, it will be a mobile phone that can make videos. Something that will be aspirational on a video. As to Louie Vuitton with this resurgent collaboration, some signs are showing that it will not bring in the buyers it’s looking for, not even for resale.

[@jenniferelyse5134]

Yep. I only look at the quality of an item and whether it fits my needs. If it happens to be of a certain brand, that’s ok, but it’s not part of the criteria for what I choose to buy. There isn’t a single brand out there that I am so loyal to that their name means more than the quality. I am also happy to support smaller businesses.

[@Newbounderies24]

The only luxury I store I shop is Dover Street market. They have brands that give quality and unique designs I look for. Yes the items maybe hard to wear for the average customer but I love some of the brands. I don’t by Dior Gucci, ysl etc… these are no longer luxury brands for me. I worked in the luxury sector for 20 years and it’s all the name. When something cost 68 dollars to make and sell for 995 it is not worth it. It’s all greed. I rather support smaller brands that give me substantially and quality.

[@katemiller7874]

My gen z’s do not want logo’s they want homes.

[@lisakrav4681]

homes and nice portfolio with stocks and crypto

[@Skyebright1]

Definitely smart of them ;)

[@DeloresRoberts-s4c]

You see these kids getting excited over a Fake Walmart Birkin 🤦‍♀️💆‍♀️😩😂😂😂😂😂😂😂This last generation is just not invested in luxury.

[@emnewmark2106]

In 2018 my mini p from the boutique was $330….. now $760+ I mean that’s crazy! I can’t name one LV item that’s worth the price anymore. Not one! I’m glad I shopped n had my fill from 2017-2023. I just no longer care to spend in a way that causes me stress. I’m so much happier working out, caring for my chickens, gardening, swimming, camping, brining my kids places….who needs an over priced bag 🤮

[@NottheotherAmber]

Yup! If I can find a bag preloved, that’s the ticket. Spending my extra funds on 1) experiences and 2) non-branded jewelry I can pass to my daughter and granddaughter. Would love Bulgari and Tiffany it they don’t want my little coins.

[@travollic7762]

Isn't it a good news when luxury brands struggle to make profit? It means consumers are getting smarter on spending. Just my honest opinion

[@Skyebright1]

I think Gen Z going through Covid and not able to travel anywhere, wanting experiences over material items is definitely the smart way to think. Those memories are more important.

[@NottheotherAmber]

Yup! If I can find a bag preloved, that’s the ticket. But in 2025, I’m spending my extra funds on 1) experiences and 2) non-branded jewelry I can pass to my daughter and granddaughter. Would love Bulgari and Tiffany if they don’t want my little coins.

[@theresatumidajski5219]

Watch what happens to luxury makeup brands. Same thing going to happen. 70 bucks us for a lipstick a 100 bucks or more if u include a lip liner. I've gone back to Revlon and am very happy. What was I thinking? And I had a drawer full when I think about it I think oh u stupid girl.

[@Skyebright1]

Yeah I think everyone’s waking up to the fact of if these items are actually worth the price they’re sold at. Is the quality or difference between cheaper brands actually there?

[@susanfabcheung]

Hi Sophie, Well said and I totally agree with you ! ❤

[@marygem]

It will still be a while for everyone in the luxury item sales to starve, except, of course, the actual artisans, who receive the least from their painstaking work.

[@aokiQ]

Chanel used to have price increase on Nov. every year, but they were pretty quiet last Nov.

[@taliajournee212]

LOL yesss everyone is skiing/horseback riding (especially in the UK). I knew this time would come, I think as the economy has gone down and global conflict (because let's be honest - nothing reminds you of how unimportant fashion is like war and death) has made people think about what really matters. The prices will go down when their sales stall, they don't have a choice. You can only expect so many people to spend X on a purse, it's just not flying right now. I'm hoping the designers will be inspired to get more creative in design and not just rolling out new colors of the exact same bag.

[@uyalison]

I don’t see how gen z can afford lv murakami collection! I think Chanel and lv are successfully in make them exclusive! Not many can afford to buy new from the store!

[@Skyebright1]

I think the Murakami collection is more popular amongst those in their 30s/40s who couldn’t afford the collection the first time around but now have the money to. A kind of weird nostalgia

[@kimberlyclever5049]

I’ve been buying good quality long lasting clothing. I spend money on luxury bags, shoes and accessories almost exclusively from preloved sites. It scratches an itch without breaking the bank.

[@Skyebright1]

Definitely agree

[@teaandtiffanys]

Prehaps that is why Louis Vuitton relaunch one it its most popular collaborations with MURAKAMI with a pop up cafe in London to reignite spending. They are opening up a Louis Vuitton hotel in 2026 .

[@krishna13554]

Event UNIQLO in my country, they adjusted some of their prices on certain items

[@cclibre3832]

Just like housing in the past, products will soon sit on shelves. Probably a good time to analyze high spending and only buy what is really worth it. Many brands (Hermes, Rolex, VCA...) need the client to spend tens of thousands just to get the chance to buy the real item they desire. We should rethink that as well. Unless you have Superb client relationship, loyalty will Cost more than its worth.

[@hannah50353]

My eyes have been opened to the price vs the value/quality. If the quality is not apparent then neither is my money.

[@followmearound123]

The Luxury Industry formed a massive bubble and the deflation was long overdue. Greed and shady tactics are not welcome any more. I'm very very happy it's happening, as I don't see why this ugly practice should have a continuation.

[@smartminimalist]

Gen Z, if they do logos or brands they buy secondhand. Love them for it. 💜

[@Skyebright1]

Definitely, they’re smart enough to realise the bags will turn up on preloved websites a view months later for much cheaper

[@RichPoorFashion]

I feel like this video should've opened with 🎶Karma, karma, karma, karma, karma chameleon/You come and go, you come and goooooo🎶

[@Kate.g.]

The price of everything rise more than our income, this affect everyone, some person never had to make choices…. but now they need. When we made choices more easy to cut luxury things and you realize the value, the price of … wow with this bag I can have a lot of things 😅 After that when the economy become better, you don’t forget the value of the money…

[@kittana911]

You are ahead of the curve and so on the mark

[@janetwilliams7705]

Thank you for your insight.

[@nealanderson7475]

The prices are ridiculous and we are fools to pay it.

[@jillmartin8255]

Hi Sophie!!!!!! Love your fluffy cuffed jumper!!!! Hugs xxx

[@llkoolbean4935]

Alot of people are boycotting LVMH

[@CoviLarxe]

Great video 👍🏻

[@Karalolcowlaw]

If you rent luxury isn’t for you, if you don’t have at least a year’s pay in the bank luxury isn’t for you, if your superannuation isn’t on track luxury isn’t for you. People refuse to accept this truth.

[@katherinekim4303]

It's like driving a luxury car but renting a basic box apartment. Not financially smart at all.

[@kendrabee100]

Jesus saves l spend 🫠

[@zaadiacolon6689]

They buy replicas

[@hunterphan5506]

I’m not sure rent vs own is a good indication. I have a friend who is a multi millionaire with liquidity that could support them for next 50 or 60 years, never owns a home. I absolutely agree with at least a year worth of income in the bank. That would be smart.

[@seagreen2034]

So, because I can’t afford an $800,000 house , I shouldn’t own a luxury bag? 🤨

[@morganei6060]

Everyone is waking up to the fad that is “luxury”

[@Cabbrjaojc]

I do not care about luxury clothes or handbags. I do like jewelry, watches and shoes.

[@starz0120]

I just spend my money on clothes and shoes these days. I'm enjoying spending my money that way. No luxury brand clothes. New Winter coats, jackets, jeans, boots, sweaters, sweater dresses and skirts, winter hats, nightgowns, and other things. I get more for my money spent. For handbags, I just buy mid range price American brand like Coach and Dooney & Bourke, . Not anymore high end luxury brand. It's getting so expensive.

[@SusanD101]

This slump may be a post post-Covid slump. IMO the cruising companies may also be going through a slump this year. I get these pamphlets from cruise companies although I never go on cruises.

[@mjgreenidge]

They seriously have the nerve to report this! What did they expect?! 80% of growth from price rises but not due to innovation or improving quality, few businesses can thrive without being competitive.

[@Skyebright1]

Definitely agree

[@juneyan]

Interestingly Luisaviaroma doesn't stock Gucci or Saint Laurent anymore...

[@Skyebright1]

Definitely, on Farfetch they can go on sale

[@caluxy]

I’ve always been curious at how far Chanel will go with their flap prices. And how far preloved will go with their Chanel flap prices. Bc it’s still very popular so the resale price on preloved is still expensive for smaller sizes & trendier popular pieces. So what is the limit when noticing, that their own prices for the flaps are getting too high?

[@Skyebright1]

I guess people stop buying them, but the price on Hermes bags can go massively high, so I don’t know if resellers will change prices if there’s still massive interest in certain items

[@JayChoyceTibbitts]

I think it’s also important to remember that the mass growth over the last few years was not at ALL normal. Of course by comparison it’s going to see a huge dip once the market recalibrates and the definition of luxury comes back into play… luxury by definition is not supposed to be accessible to all. To prioritize growth big company strategies tried to “democratize” the sector to bring more people in and now they are cutting back. More importantly I think these brands need to find their value proposition again, and that has to come from building true desire around the brands rather than just putting out commodities.

[@Skyebright1]

I guess I think of luxury as “the use and enjoyment of the best and most costly things that offer the most physical comfort and satisfaction” if the products aren’t the best especially in quality, then they aren’t necessarily luxury, they’re overpriced tat

[@farsta8]

Ive always dreamt of getting a chanel flap bag. But now, i cant get myself to do it because the price would be the same as the price a getting a small car / putting a down payment. It just doesnt make sense. Then i think how much this money can be used to help needy. I just cant justify the purchase.

[@leslieloong1842]

Don’t forget Burberry chimed in on the xinjiang forced-labour cotton propaganda, so sales drop is expected from the Chinese consumers.

[@MsLS8]

People have short memory and I think it’s better for the brand to bring their prices down than worry about how they will be perceived

[@j____397]

They are doing this not just with luxury fashion but also with cars .. selling less but for way higher prices, so only the top top earners can afford them. Mercedes for example.

[@sheilacarlislepyreneesmom]

Great video❤

[@rebeccamullan922]

Hi sophie, Im back properly! Finally, I have a house with wifi again 😊

[@jillmartin8255]

You beat me lol!!!!

[@CogMarks]

Luxury goods were always overpriced, but the items seemed to have better quality, and they weren’t owned by every teenager. I don’t see the value in most of the goods anymore. They are just overpriced. Most of my favorite lux KZbinrs have quit, so I also don’t have them to watch to give me FOMO.

[@4Clover128]

Funny they’re relying on the Chinese. People got other things to spend their good money on than low quality low value bags.

[@Skyebright1]

Definitely people got bored and lonely and spent time online looking at shopping websites

[@vjk4170]

Gorgeous setting ❤

[@elisabethak9502]

Mid range brands have become way more popular cause they’re a lot more interesting. The traditional luxury brands are quite frankly boring. It’s basically the same thing over and over. LV and Murakami for example make a big deal out of an old story hoping to catch a younger crowd. In reality it’s the same old, lame old.

[@Skyebright1]

Yeah the collection is much more popular amongst those in their 30s/40s who couldn’t afford the collection when it first came out but now have the funds to buy it. Kind of a weird nostalgia thing.

[@sams3015]

Looks like a a great video Sophie

[@NEZABUDNIHESLO]

Here just to say that this color looks bomb on you! Its really nice near your face and hair

[@stephaniesnider4840]

I think it’s Gen Alpha that is the LV demographic ,,, imho

[@Skyebright1]

They’re 14 now though at the eldest, unless they have very wealthy parents they’re not a market that LV can promote to right now

[@karinphua9415]

Coach outlets have been releasing alternatives to lv neverfull, to go, etc and their leather have really improved😂. Buy 10 coach city instead of wearing the neverful to death😂.