If you have ever dreamed of owning a Chanel handbag, you might want to sit down. The iconic medium Classic Flap that cost $5,800 (£4,300) in 2019 now demands $11,300 (£8,380), according to Bloomberg. That staggering 95% price surge in just six years captures exactly why younger consumers are turning their backs on Europe's most storied fashion houses.
The numbers tell a brutal story. According to Bain & Company, the personal luxury goods market haemorrhaged around 50 million customers between 2022 and 2024, dropping from 400M to 350M globally. Gucci's revenue has plummeted 26%, Burberry has shed 17%, and Versace is down more than 21%. For the first time in over two decades, the titans of luxury are watching their empires crack.
