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

[@LeahL9559]

I think people finally starting to understand what true luxury means - freedom, owning your time, being debt free, living a healthy a life, and prioritizing experiences over material possessions.

[@tuuts_]

Yeah that is true luxury.

[@susanmayell5707]

The reboot has begun

[@newzade1]

❤

[@SYt-z6t]

My mom always said that beauty has nothing to do with price. *regbags* The existence of this made me believe that true luxury is the expression of one's own style, not the price tag. Here I found the best explanation of this saying

[@ruralangwin]

Not owning 20K handbags.

[@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

[@thejasminelee]

did not expect to see FR in Sophie's comments but i love it

[@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

[@tuttuttut7758]

Im quite disappointed by the poor quality of the more expensive stuff these days. I have some vintage items that keep holding up and we’re a fraction of todays prices. The quality just isn’t there. It turned me off of it really.

[@4lb280]

@@tuttuttut7758 Agreed. I just returned a Louis Vuitton neverfull mm in the epi leather. They can't even use real suede in the interior. It's microfiber! It was pretty, but not at all worth $2400, in my opinion. $600 maybe....

[@ikkelimburg3552]

👏 I did the capsule thing back in 2018 and never looked back. It saves me a shitload of money, closet space, time (the shopping and getting dressed in the morning), I look way more ‘put together’ and every piece of clothing fits exactly right, is of high quality and durable.

[@josie4827]

Honestly, I’m glad luxury market is struggling. Just greedy greedy greedy! 😂

[@0003-t6x]

Exactly! Greedy with bad quality and they steal from smaller designers

[@LiliCsill]

Agree

[@azadmajors2098]

Very true..

[@hdhdhhehe6709]

May they all line up at the food pantry and eat expired spam.

[@Kortneylove-1]

Two major reasons for me. 1. More people are realizing that the quality and price are not proportional. 2. Times are harder now and you would be better off investing that money in something else. Early last year, I wanted to get a Hermes bag for almost 25k, was convinced by a friend to get a decent F.A and invest it instead and now it's almost double. Somebody like me is almost certainly not going back lol

[@EmersonFranklin65]

💯💯

[@LilyBlack-bs7hq]

nice. this makes a lot of sense. been considering going into this investing thing for some time now. heard its a nice way to make good money bts. how can I get a good f.a? and how expensive are they?

[@Kortneylove-1]

Well, you should start by looking out for those from credible firms and good track records. Also, make sure the person is licensed. Personally, I use Michael, Allen Eckrich. He's good and you could also look him up too. And they're usually way cheaper than you would expect.

[@_king_james_23]

It's a small world! I recently met him at a conference my office organized just some days back... What are the odds I'd be scrolling through a video so out of the ordinary for me and come across this thread.. Really small world...

[@BrownEsther-i8n]

There is nothing wrong with fake fashion products as long as they are not perfume and are sold for much less than the manufacturer's actual product. *regbags* are great. They are all around $150 and are of guaranteed quality

[@sarin216]

I use to regularly buy luxury items, but 3 things have turned me off. Poor quality, random steep price increases. And the biggest being influencers making everything feeling basic so fast. Even Hermes Birkin bags seem like basic a bag and over saturated

[@fuupuppy]

Companies think consumers don't notice the degradation of quality.

[@user-kg5lq6nd7q]

The influencers usually have poor taste / individual style is rare

[@ErikaBardere]

I saw 2 Birkins in the last 24hr in my small city & I very rarely see people here with flashy bags. There's a lot of wealth in my area, but it's always been low-key. You're more likely to see a nice car, usually vintage, before you see anyone with a steep-priced bag unless you're at a very exclusive event... Yesterday I saw a multi-colored exotic Birkin at my favorite local coffee shop & today I was at the "surf club" (aka waterpark) restaurant & saw a man holding his wife's multi-colored Birkin

[@MrEmy85]

You spend too much time on social media, that's the problem. Go in the stores, trying things and you'll find lots of good stuff. And luxury is about YOU, not social media and what other people think of you.

[@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.

[@fotimatukhtaeva754]

oh yeah, their $5K purse became a 10K purse overnight without any explanation or improvement in quality.

[@sararichardson737]

Probably because she already has many Chanels,’ bought years ago when the quality was truly exceptional, ie real luxury.

[@sararichardson737]

@ that’s gross!

[@victorcraraujo]

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

[@sararichardson737]

It’s the quickening. Life has sped up exponentially. It’ll be Christmas again soon!

[@hms1609]

@@sararichardson737 Haha! I just said this couple of days ago to my friend: "You know, soon it's Christmas again". Glad to know I'm not the only one who thinks that time goes so fast.

[@SettonMoenius]

I know wealthy women who carry replicas. The main reason they gave is that they just understand the value of money and don't want to spend too much money on bags... so more people choose fashionable*jklux* bags. However, they do spend a lot of money on fine jewelry and other things.

[@mollymo6229]

I think it’s good not to forget it to be honest! We all suffered physically for some, and mentally for most!

[@mollymo6229]

@@sararichardson737true

[@alyahamzah1952]

As a doctor who works 90-100 hours a week to earn my money, there is no way that I am going to spends thousands of dollars on designer bags, shoes, clothes or bags. It is so insulting to waste away my hard earned money on engineered luxury that cost probably just 1/10th of the price to make. Forevermore I will only buy goods that are well made and worth the price. True luxury is having good health and being able to afford good healthcare when you need it.

[@janetchang1527]

Absolutely ~ the prices for luxury bags these days are ridiculous. Much better to spend that same amount of money buying healthy food to eat, and investing for financial security. I’m using a few second hand vintage bags that are high quality and suit my needs and give me joy. No interest in buying any more bags at all… esp with the current quality on bags that are not even that good… not what I call luxury

[@MrEmy85]

First of all that's your choice, second of all, any luxury item being it cars, watches or clothing is in the same concept: low volumes means HIGH prices. High volume garbage means LOW prices.

[@DrIstoris]

Luxury items are worth it if they are made with high quality materials and craftsmanship, but majority of these brands like LV, Gucci are posers, bad quality items sold for premium prices

[@MrEmy85]

@@DrIstoris Actually majority of the brands have high quality and premium materials. Mind you many women think of brands but they mean handbags. Most of these brands make a loooooot more than just few bags

[@DrIstoris]

@ believe me, most things they sell are shit quality. You can check plenty of deconstruction videos of shoes, leather goods like bags and etc…

[@David-xb4yy]

You forgot to mention about the Dior / Armani scandal in Italy truly showing how customers are coned into buying bags made in sweatshops for 57$

[@annaz6911]

That was vastly overstated and the conclusions people have drawn from that are way off base. That was ONE model of bag.

[@MrEmy85]

Not really, that's what social media fakefluencer made you to believe. IF you READ the report and not what fakefluencers said you'll understand that number is not the cost to "make" the bag at all (no material costs, no hardware, some parts came pre-assembled at said factory etc) and it was a relatively cheap bag.

[@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

[@CocoB22]

You could always trick yourself into saying it was master craftsmen making the item. Until it’s not - so why?

[@SettonMoenius]

For a long time, as the price of Chanel increased, I no longer thought I could afford it. I think I'll be happy that I have the*jklux* as my travel bag that I don't have to take care of. By the way, I'm sure no one will have a hard time telling the difference. Thanks for the comparison.

[@ashleylala4293]

It is deeply, insulting. I won’t support their greed.

[@kevinhsu8184]

The problem with these luxury brand is they have become fast fashion. It used to be spring/ summer, fall/ winter, and a cruise collection. But now it’s pre-spring, pre- fall, special mini collab, pre-summer, etc etc. New collections come out every few weeks that will make your head spin. No one needs that many shirts and bags. There is no closet space for so many collections. I have stopped buying so much stuff even during Covid. I simply ran out of space and desire. Those influencers honestly no longer influence me anymore. They did for awhile. But that time had come and gone. These luxury brands need to pare down their monthly collections and go back to spring/summer, fall/winter formula. Instead of forcing designers come up with gazillion designs every month, have them take their time and come up with great designs that people actually want to buy. Stop relying on China for your explosive growth. That juice had ran dry for now. Go back to slow growth model. Take a page out of Goyard for example.

[@Skyebright1]

@@kevinhsu8184 agree Hermes not doing collections helps them, they can put out new items but not dozens constantly

[@barbthegreat586]

I'd completely agree but I say they've become almost like fast fashion in quality as well. The quality is only slightly better and it's simply not worth it to but something 800% more expensive for something that's maybe 30% better. As to China, many Chinese claim they no longer buy Western brands because they're too poor quality (even when they're made in China, as most are,) and the choice isn't great (which I agree, the choice of creativity is very limited). Plus, the Chinese are increasingly culturally confident and increasingly appreciate their own designers and brands.

[@MrEmy85]

They are just giving what consumers want, they didn't wake up one day. You spend so much time on social media and want something new so they are feeding the brainless. That being said, if you know what to look and where you'll find fantastic pieces.

[@bracedgod4505]

Its like Garfield with meals lmao.

[@hzlcory]

I think people these days would rather buy second hand luxury items than a new one. For example, there is no way in hell that a Chanel flap bag almost costs £10k especially for the quality! They are literally scamming people at this point.

[@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.

[@JimmyHardly]

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[@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

[@MrEmy85]

struggle? hahaahahahaha

[@Robbie_LeMeow]

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

[@MrEmy85]

Hm, aside from Kering brands i.e. Gucci and Burberry, no one is really crying.

[@joycenelson2101]

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

[@fuupuppy]

The oldest trick in the book of using price as a perception of quality is not working for them anymore.

[@_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

[@JimmyHardly]

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[@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

[@mariecurie7491]

Me too. I used to buy Bottega Veneta and Loro Piana. No more

[@MrEmy85]

you won't be missed, don't worry :)

[@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.

[@Cloudburst2000]

And even many elite customers don’t want to pay that kind of money for mediocre quality. My friend who loved Chanel stopped buying them years ago because of decreasing quality. She started having her made by an artisan so that they are impeccable quality.

[@MrEmy85]

data doesn't support this view, as much as you'd like to be it true. You are just brain fed by social media fakefluencers.

[@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

[@ogjalena]

Luxury went up 80%…. But so did products and necessities in other industries too. We have to pick and choose what we purchase, doesn’t leave much for a large purchase when there’s better or same quality looking items for better prices.

[@MrEmy85]

Yeah, these people are talking as inflation can't impact luxury goods because reasons.

[@smc5200]

I spoke to an SA, who noted that sales in the US and Europe have noticeably weakened. However, a major contributing factor is the dramatic downturn in Chinese consumer spending. To put it into perspective, sales in just one city in China once surpassed the combined sales of New York, Milan, and London.

[@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

[@Julie-thestocktrader]

yep they are making record sales in Asia

[@mollymo6229]

Really? Wow

[@tthomas2923]

I love coach. I still have my bags from the early 90s. Best bags ever.

[@joe718gt4]

Fortunately or unfortunately being seen with luxury goods over there does much more for social status than in the west.

[@nildapabon-kraft2402]

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

[@trishnguyen8098]

Better yet, travel internationally with designer bags. That’s what we Asians are doing

[@MrEmy85]

Why choose 🤣

[@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 ❤

[@vanessabogaert2104]

Same. I bought wisely years ago. My bags that are 10+ years old are better made than what’s selling now. And were a fraction of current prices!

[@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.

[@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 .

[@MrEmy85]

Only? Hahahahaha

[@fotimatukhtaeva754]

I can only speak for the North eastern America, but here the customer service went to hell in a hand basket among the luxury industry: Chanel, LV and even Hermes. There were dozens of times when I went into luxury shops where the sales associate did not care at all about proper decorum. Because so much sale was happening and so much commission was being made, these checkout associates did not care about their behavior at work any more. I stopped going into luxury shops in NYC. I still spend money but not at these pretentious stores any more.

[@barbthegreat586]

I went to several luxury stores in NYC with a rich friend. Shop assistants with greasy and overgrown hair, others intoxicated ... I thought they're probably scamming them off commissions (or not paying all the money, low commissions) and/ or they were on minimum/ low wages. No luxury store should allow their shop assistants such lack of basic grooming. The companies complain all the time about workforce shortage. The thing is, they just don't want to pay their employees enough.

[@purpurina5663]

@@barbthegreat586these brands are so up their bottoms on their luxury status, but they are in the same grind as cheap, mass-market products. It's ultimately all about shareholders' profit. If materials, rent, marketing, etc are all pretty much fixed costs, then what can be squished for shareholders profit? That's right, salaries. Personally, I like that this is happening because these makers just basically churned stuff for people to signal their wealth. Worse even when they became increasingly tacky and celebrity driven. Bye, Felicia.

[@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

[@scarlettrhett1575]

@ you make zero sense 🫨

[@MrEmy85]

No, quiet luxury is just a momentarily trend. They come and go.

[@scarlettrhett1575]

@@MrEmy85 nope

[@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

[@robertrotterdam9]

Loro Piana is owned by LVMH, which means they have become part of the Marketing Bulldozer of LVMH. And that implies very high prices in a ruthless business model which is about creating hypes. High prices, low cost base...and Arnault gets richer. They do it with all their brands and I do not think that highest quality is on top of their list. But they are very good at creating hypes so people just WANT it. I was surprised by reading that some people have the same idea about Hermes and its quality. I thought that that company was true to its high quality ethos, but obviously they caved in too! Very interesting to read about the experiences of people!

[@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

[@MrEmy85]

Precisely the reason.

[@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.

[@JimmyHardly]

Hi, Just a quick off-topic question: I received USDT on OKX wallet, I have the some phrase (purchase pet beef artwork wedding page tray shrimp addict modify spoon notice) How do I convert them into Bitcoin?

[@sofypi7493]

At one point they became popular with a certain demographic that is not what a luxury brand would want so they removed the iconic print and outpriced these people out in an attempt to not loose the luxury clientele

[@MrEmy85]

Why ? Because everyone else did the same and they thought they could get away with it, but they didn't.

[@ScreechyOwl]

A huge part of all of this is that the quality has gone way down, the ubiquity of birkins, chanels flap bags, etc is way up, so luuuuuxery has lost a lot of its luster. But most of all, these luxury houses are now held by publicly traded parent companies, they are beholden to shareholders, and profit. The "art" of the thing is tertiary at best. It's overpriced mass produced fashion. Additionally gen zed et al is more educated about company practices. Even Loro Piano was called out for the GARBAGE wages and treatment of their workers. What is luxury about underpaying the employees that raise the wool/cashmere and manufacture your product? It's gross.

[@nirui467]

Hermes does not feel so exclusive as so many KZbinrs seem to have them

[@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

[@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.

[@szesze-bw8fz]

This madness is fuelled by the "luxury community" too! They kept pushing those exorbitantly priced luxury goods and their ridiculous theory of "investment pieces" whilst those were merely consumable goods. 🙄🤷

[@myluxuryreview3785]

I remember before Covid when I use to just walk in designer stores, now that u have to line up and wait for a SA, it’s unbelievable at how long you have to wait in line, that has completely turned me off. So now I have turned to clone replicas. Not supporting a company that rejects me and tells me to stand in line to spend thousands when they should be paying me to wait. Make it make sense. If they want to get ppl to wait in line, hire more staff to get the lines flowing quicker but they ain’t, they rather profit. Bye felicia

[@fuupuppy]

I think the lineups are all part of the smoke and mirrors to look 'desirable'. I think people know more now and aren't easily tricked anymore of looking at price as an indication of quality.

[@MrEmy85]

But you are supporting theft. Well, congratulations, you surely showed them.

[@myluxuryreview3785]

@@MrEmy85 Have you ever asked yourself where Bernard Arnaults money is going. Thought so.

[@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 🤮

[@user-kg5lq6nd7q]

LV looks cheap too

[@MrEmy85]

You do know that LV is a HUGE brand and they make stuff than just bags. So there are plenty worth the money.

[@MrEmy85]

@@user-kg5lq6nd7q hahaha, I guess never walked into LV before.

[@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!

[@Kristina_152]

During Covid I stopped most of my luxury shopping. I was working from home and going nowhere so what was the point of it? After the return to office and travel etc, I saw the sky high prices on my fave brands and now I refuse to purchase from them (Gucci, LV, YSL etc). It’s the principle of the thing. I’m now carrying well made Coach bags and I’ll likely not go back.

[@wendypierce5621]

The prices went sky high and the quality plummeted. I’m willing to pay for something that will last but it is so hard to find right now. Fashion houses need to be thoughtful about what they release, and hopefully new offerings will be at more appropriate prices.

[@fuupuppy]

They're still holding on to the idea that people are still buying into the illusion of price as an indicator of quality. Selling crap at high prices is like gas lighting.

[@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?

[@daenytargaryen8929]

Sephora owns by lvmh

[@mellissabluxury]

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

[@matildamatilda1836w]

Good! Drives me bonkers when prices go up and quality down!

[@joerudnik9290]

Absolutely!!! Apparently HERMES wouldn’t let you buy a birkin, unless you bought all kinds of other merchandise, first. Ridiculous, false scarcity!!!

[@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.

[@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.

[@emilymalek1046]

If you check online you will find stores in Turkey that sell lady Dior for less than 100euros,

[@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.

[@MrEmy85]

yeah, clearly you have no clue what you are talking about. The only thing about gen Z that is different, is the brain rot from social media, where you think you got the real info and truth and blindly believe with no check.

[@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.

[@purpurina5663]

Yes, chic and not conspicuous. Mansur Gavriel in right there for me (on sale).

[@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 ;)

[@adastra5214]

It would be really interesting if you do a video on the following detail. This is just a point I would like to add, certainly not the main reason why luxury brands are going down the drain, but certainly part of it. I have a problem with brands that spend their publicity and marketing budget on celebrities for their ads. Holywood movie and media crowd are not humans that we admire or look up to any longer, finally the world is showing that we as consumers are fed up with celebrities. LV could spend their marketing money on something beautiful to look at, or creative and interesting, instead, they put some movie person on it. Personaly they could pay real models which is their job, and spend the extra money they pay to celebrities on improving the quality of their products. The same goes to luxury cosmetic and beauty products, prices rised in an unjustified and crazy way, and a lot of brands are using celebritites as well for their ads, to which surely they pay a fortune for. For me its absurd and I don't want to give them my hard earned money.

[@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

[@queenelina5296]

I think the best thing for certain brands would be to take their prices down. It will showcase respect and understanding towards their clientele. Especially Chanel who has risen its prices over 100% in the past decade, and therefore allienated its core (middle class) clientele has to do it. I don't its viable otherwise. They have really squeezed the consumer with the price risings all the time, and the deteriorating quality, so price reductions are necessary if they want to survive. Also, a lot of articles are appearing in the press again mentioning the relations between Coco Chanel and the Nazis, which I think are targeting younger generations, because the majority of millenials who are into fashion and the brand know all about it. But generally, I don't know how Chanel is going to survive this crisis in luxury, if they don't pivot. They can keep their classic flap at almost 11 000 euros, but they should produce seasonal bags at or under the 5 000 euros mark to start being appealing again. In the last six months I've noticed that their stores aren't as busy as they used to be a year or two ago. I guess its time to pay for their ubsurd prices

[@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.

[@lisaandrews7125]

Hi Sophie! Interesting topic! I think you are spot on, but that you may have left out two additional causes. The first would be all of the scandals regarding unfair labor practices, as well as the Balenciaga type scandal all of that, having tainted the luxury sector as a whole. The second is our personal safety in carrying luxury. I haven’t bought any luxury for a couple of years because I don’t really use what I have. I am hesitant to go out wearing Louis Vuitton or Chanel. I’m mostly using my Coach, Tory Burch, Dooney & Bourke, and other mid range brand bags, so it’s made me more reluctant to spend that amount of money on luxury goods, when I have to be careful about when and where I use them.

[@natashahayat4395]

Just dont buy that shit

[@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

[@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.

[@gawill2327]

You will own nothing and you will be happy! WEF

[@lisalouis8]

💯

[@kaunas88]

Covid policies created a bubble and a mania for buying these very expensive items; the brands foolishly began to believe that this would last forever and that they could just jack up prices forever while often weakening quality. In fact the more overpriced then the higher the prestige...but reality has reasserted itself and there just simply is not the money or even the desire to maintain these price increases, so they have to come back down.

[@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

[@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.

[@Monika-kc8vv]

Hi Sophie, great vlog and so true regarding greedy price rises from the luxury Houses. Well, at the moment I’m skiing and on a wonderful holiday. I prefer to make memories with friends and family, eat well have fun, rather than have a expensive bag on my arm which might get ripped off my arm by robbers. I sold my fancy expensive bags, I’m free of having to be afraid of robbery and I’m having the best of times. No more designer stupid bags for me. Your vlogs are so right at the moment. So true and down to earth with reality as it is. Thank you and have a good week ⛷🎿⛸

[@KennethKent-m3p]

If you can get regular brands to go with higher quality, why buy outright luxury? There was a YSL tote that made me drool, and it was a ridiculous $3,600, but I was unimpressed when I saw it in the store window. Same with the Loewe Puzzle totes. I get that I’m paying for the marketing, the high rent, the fancy store…but if the item isn’t that great, or the service sucks, there’s no reason to bother with “luxury.” I’m selling most of my Hermes, Tiffany and Cartier, and those were the only brands I really bothered with over the decades.

[@amirahdaher5296]

Hi Sophie. All the points you mentioned I agree with. However I also think it reached a point that everyone was wearing the same bags,jewelery, and even clothes. I personally want to stand out and not look like everyone else.

[@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

[@matildamatilda1836w]

Yes

[@LiliCsill]

They are not luxury anymore, just very expensive. There is no real value there.

[@renarettinger8523]

delightful and informative as always

[@glennbond8266]

Very good. Your comments are right on. Accurate. I agree. To me, I have pulled back because of other things that are now more expensive that I have to pay for plus I am finding that the quality levels in many of these luxury brands is going DOWN. One of my favorite designers to buy from is Tom Ford. But lately since Estée Lauder bought him out their quality has been dropping. A bit. Even their fragrances. The last few including the latest new ones aren’t as good as the ones when Tom was still really there. In charge. His company. They think they can fool us. Still charging their high prices but we do notice. Are aware. At least I am.

[@gbohol]

I used to love designer items but now I love growing my money more. Compounding interest is more satisfying than a bag that I get tired of in a few days.

[@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.

[@jotjotzzz5357]

Luxury brands think they can continue to raise prices!! When everyone out here coping with inflation on food and needs!! How ridiculous. They need to wake tf up that luxury goods are wants NOT needs!!

[@myluxuryreview3785]

Since I’m subscribed to almost every fashion brand including online stores that sell high end designers, I have seen a massive move in the last year that they are going on sale more frequently. It just shows that no one’s buying anymore.

[@chelseabradshaw3634]

I'm at a point in my life where I enjoy luxury goods and can afford them but sweet christ the prices just don't make any sense to me. Like super plain bags are $3500+? Chanel & Hermes aren't my style but $10k for a Chanel bag? And some of the RTW is equally as wild. Add in the oversaturation coming from social media and it feels less special generally - almost like it's an expectation that everyone has a designer bag - it's just not been sitting well with me. Not to mention the line-ups to get into stores. Am I really waiting in a queue to spend $4k on a bag? Wouldn't be me.

[@natashamann5455]

This brings me great joy. Way to go Gen Z!!!!!

[@dianay6691]

A long time ago, it's normal for wealthy people to make bespoke clothes over buying them off the shelf. These days the designers are just copying each other and repeating silhouettes anyway. Soooo boring.

[@tanjagratza]

Thank you for this insightful video. Let me add one point here: Luxury brands do not only increase their prices to improve profit, but also to claim exclusivity. And they definitely got this back with their actions 🙂 Its a very interesting dynamic and I'm surprised if we will see more price decreases like Burberry and YSL.

[@LovelyJordy]

Real luxury is freedom of time. Not things. I hope people continue to move toward saving their resources for more important things. Especially since prices are increasing and quality is decreasing.

[@missraeray]

I always knew luxury goods were a scam but I would still buy bc I love fashion. During the pandemic, I realized the only thing I didn’t regret spending on was travel.

[@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.

[@katerinazamba663]

I have been off line for so long, came across you, Sophie today. What can I say, I love your selfless honesty. Bless you, you make me so happy. I wish you only good things in life ❤

[@SophieShohetOfficial]

@@katerinazamba663 You’re so lovely 🙏🩷 thank you for the kind comment my friend, and have a lovely week 🥰xx

[@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

[@Kathleen_Gig]

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…

[@Soso1234w]

The younger generations are investing their money to retire early. And don’t care about overpriced items that are not made well... Some of the luxury brands use synthetic fibers. $1000 for a shirt made out of plastic. Outrageous. Plus, they prices are getting ridiculous-$10,000 for a Chanel bag that’s you might get followed to get robbed or mugged. Even some of the other brands $5,000.

[@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

[@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

[@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.

[@ingridseifermann5082]

For me the biggest dissapointment is the low quality of many luxury products. 😭

[@DeylorOrgulloso]

*xbagy* I love you so much and watching your videos makes my day brighter

[@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.

[@aokiQ]

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

[@twhynn716]

Hello Sophie, great video. I just wanted to tell, but you may already know, I know you love Hello Kitty, well Kate Spade has a collection going on but only at her outlet stores, I have seen a couple of bags online am tempted to check out instore. Happy New Year to you & your bunnies 🎉😍🥰

[@literallyheather]

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

[@daviddd_edgar]

We choose to ignore luxury brands because they have become totally unattainable to us due to price increases. We don't even care about quality at this point, even if LV was handstitched by the pope, $5-6k for a bag is sadly delusional to most of us (no offence to anyone who can afford luxury brands). Also salaries (in Canada) for genz are much lower for our generation and housing is over 3x more expensive, we simply can't afford anything even with a masters degree… like honestly we rather ignore ignore these luxury brands because its depressing to think about.

[@siamesebb]

It's pretty clear a big reason is that the prices have gone up way too much since the pandemic, while quality continues to decline. These are just not worth the cost anymore. I haven't bought a new bag myself in 3 years, and if I start buying again I will almost certainly go pre-owned. These luxury brands grew too quickly in the last few decades. It's gonna be a rude awakening for them when the China market crashes further and the young generation goes for bespoke products/experiences instead.

[@llkoolbean4935]

Alot of people are boycotting LVMH

[@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

[@hh4375]

И заодно унижать клиента за его же деньги

[@jennn9637]

I havent purchased a bag over $1k for a few years now and i have no intention of in my near future. I happy with my MJ longchamp songmont bags, they are quality and cute.

[@Cabbrjaojc]

Tory Burch have a bag I recently bought and I am IN LOVE!!!! It’s called Eleanor Satchel

[@0003-t6x]

Gen z here: Most of us don’t have money and we’re flooded with cheap fast fashion and Luxury brands that are also bad quality and polyester. Higher price no longer means good quality so any Gen z that does have money to buy luxury fashion items, probably thinks hard about what they buy and are more likely to buy vintage designer that is good quality. These luxury businesses will probably have to rely on their makeup, perfumes to make profit. A most of us Gen z are still willing to spend on those things.

[@kaunas88]

What the industry has ignored is that beyond a certain price point the number of customers out there who can afford an item starts to decrease dramatically. That is why there are more Toyotas on the road than Mercedes which are more numerous than Roll Royces. These "luxury" brands thought that they could go from Mercedes to Roll-Royce prices without losing customers. Not true.

[@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