Being one of the top 10 luxury handbag brands, Chanel regularly increases their prices. We have finally received updated 2024 prices for the most popular Chanel bags, so let's discuss yet another Chanel price increase in this article.
After COVID, the French company's C-level management emphasized that one of the cornerstones of the brand's new pricing strategy would be increasing prices two times a year “to account for currency fluctuations and inflation.”
Despite citing inflation and the continuous rise in both material and labor costs as reasons, Chanel's steep price increases have consistently attracted criticism from both fans and analysts. Nonetheless, the brand persists with its annual price adjustments, aiming to stand out and solidify its position at the apex of the top luxury bag brands alongside Hermès.
What Happened?
In the past 5 years, the cost of Chanel's well-loved Classic Flap bag has dramatically gone up. Originally priced at $5,800, this elegant bag now costs a staggering $10,800, marking a price jump of 86%. This has many people asking: Are these bags really worth more now?
As Chanel gets ready to show off its new Fall/Winter 2024 collection, it's trying to convince everyone that buying a Classic Flap bag is like making a smart investment. The brand even brought in famous actors Penelope Cruz and Brad Pitt to help show how timeless and valuable these bags are. Also, Chanel changed the name of the Medium Flap to the 11.12, as a way to honor its original design by Coco Chanel.
Bruno Pavlovsky, President of Fashion at Chanel, talked about how important it is for the price increases to match improvements in quality:
“Price increases can become an issue when the quality doesn’t match the cost.”
However, not everyone is convinced. Some of Chanel's longtime fans feel that these price increases are too much, especially when they see issues with the quality. Because of this, more people are getting interested in finding and buying older, vintage Chanel bags instead.
When we look at this year's price increase for Chanel bags, it's clear that all bags are getting more expensive. However, the increase is smaller than before, only 6.7% for their classic bags. This is a big change from the previous years when prices went up by 16% on average. Many are hoping this new approach by Chanel might encourage other luxury brands to think twice before raising their prices too much.
Classic Flap Line 2024 Prices
Price adjustments have been observed across all regions. Let's explore which area faced the most significant price hike.
United States (USD)
Overall, the signature bag line saw an increase of around 5%. It doesn't seem like a big deal unless you remember that the cheapest bag of this collection retails for $5,000.
It's worth noting that 10 years ago this Classic Flap handbag retail price for the medium size was $4,800, whereas nowadays it's $10,800, a 125% increase in 10 years. On a timeframe of 14 years, this iconic item has see a whopping increase of 225%.
| Chanel Bag Model | 2024 price | 2023 Price | % Increase |
|---|---|---|---|
| Chanel Classic Mini Square Flap Bag | $5,000 | $4,700 | 6.4% |
| Chanel Classic Mini Rectangular Flap Bag | $5,200 | $4,900 | 6.1% |
| Chanel Classic Small Flap Bag | $10,400 | $9,600 | 8.3% |
| Chanel Classic Medium 11.12 Flap Bag | $10,800 | $10,200 | 5.9% |
| Chanel Classic Jumbo Flap Bag | $11,700 | $11,000 | 6.4% |
| Chanel Classic Maxi Flap Bag | $12,300 | $11,500 | 7.0% |
The Maxi Classic Flap now retails for a whooping $12,300, priced right in the same ballpark as a 30cm Hermès Togo Birkin.
European Union
Interestingly, the price increase for Chanel bags in Europe was notably steeper, with the Chanel Jumbo Flap Bag experiencing a significant double-digit increase of 11%. On average, the rate of price increase across Chanel's lineup in Europe for 2024 hovered around 7%.
| Chanel Bag Model | 2024 Price EUR | 2023 Price EUR | % Increase |
|---|---|---|---|
| Chanel Classic Square Mini Flap Bag | 4 750 € | 4 500 € | 5.56% |
| Chanel Classic Rectangular Mini Flap Bag | 4 950 € | 4 700 € | 5.32% |
| Chanel Classic Small Flap Bag | 9 900 € | 9 300 € | 6.45% |
| Chanel Classic Medium Flap Bag | 10 300 € | 9 700 € | 6.19% |
| Chanel Classic Jumbo Flap Bag | 11 100 € | 10 000 € | 11.00% |
| Chanel Classic Maxi Flap Bag | 11 700 € | 10 700 € | 9.35% |
Chanel Reissue 2.55 Bag 2024 Prices
Chanel 2.55 bag is the second iconic bag silhouette from Chanel. Created in 1955, this purse is the epitome's of Chanel's legacy. Despite the fact that it might be less popular than its newer counterpart, the 11.12, the prices and increases are equal to the Classic Flap Line.
United States (USD)
| Chanel Bag Model | 2023 Price | 2024 Price | Increase % |
|---|---|---|---|
| Chanel Reissue 224 Bag (Mini) | $5,200 (USD) | $4,900 | 6.1% |
| Chanel Reissue 225 Bag (Regular) | $10,800 (USD) | $10,200 | 5.9% |
| Chanel Reissue 226 Bag (Large) | $11,700 (USD) | $11,000 | 6.4% |
European Union (EUR)
| Chanel Bag Model | 2024 Price EUR | 2023 Price EUR | % Increase |
|---|---|---|---|
| Chanel Reissue 224 Bag (Mini) | 4 950 € | 4 700 € | 5.32% |
| Chanel Reissue 225 Bag (Regular) | 10 300 € | 9 700 € | 6.19% |
| Chanel Reissue 226 Bag (Large) | 11 100 € | 10 000 € | 11.00% |
Chanel Boy Bag 2024 Prices
Here are the new prices for Chanel Boy bags, compared with the previous ones.
United States (USD)
| Chanel Boy Bags | New Price | Old Price | % Increase |
|---|---|---|---|
| Chanel Small Boy Flap Bag | $6,400 | $6,100 | 4.9% |
| Chanel Medium Boy Flap Bag | $6,900 | $6,600 | 4.5% |
| Chanel Large Boy Flap Bag | $7,300 | $7,000 | 4.3% |
The Boy bags increased by slightly less than 5%. Why this increase? It's simple: the US’s 2023 inflation rate was 4.1%. Chanel is just adjusting to the new reality.
European Union (EU)
All European countries are less lucky, as the price increase for Chanel Boy bags on average was 6.5%.
| Chanel Boy Bags | New Price | Old Price | % Increase |
|---|---|---|---|
| Chanel Small Boy Flap Bag | €6 100 | €5 750 | 6.1% |
| Chanel Medium Boy Flap Bag | €6 750 | €6 200 | 8.9% |
| Chanel Large Boy Flap Bag | €7 100 | €6 700 | 6.0% |
Chanel 19 Bag 2024 Prices
All Chanel 19 faced an adjustment in their prices. The cheapest Chanel 19 is now $6,600. The Maxi version is
| Chanel Bag Model | New Price | Old Price | % Increase |
|---|---|---|---|
| Chanel 19 Small Bag | $6,600 | $6,400 | 3.1% |
| Chanel 19 Large Bag | $7,300 | $6,800 | 7.4% |
| Chanel 19 Maxi Bag | $7,900 | $7,500 | 5.3% |
Chanel 22 Bag Line 2024 Prices
Th only good news about this price increase was that there were no price increase at all for Chanel 22 bags. As this bag was recently introduced, inflation adjustments are probably already included in the price.
| Chanel Bag Model | New Price | Old Price | % Increase |
|---|---|---|---|
| Chanel 22 Mini Bag | $5,000 | $5,000 | – |
| Chanel 22 Small Bag | $5,500 | $5,500 | – |
| Chanel 22 Bag | $5,800 | $5,800 | – |
| Chanel 22 Large Bag | $6,300 | $6,300 | – |
| Chanel 22 Large Backpack | $5,800 | $5,800 | – |
What Does a New Price Increase Mean?
In 2023, Chanel reported the revenue of $19.7 billion and operating profit of $6,407 million, an increase of 10.9% compared to 2022.
Leena Nair, Global Chief Executive Officer, emphasized that the 2023 financial results "underline sustained investment in building the desirability of our brand, creating the ultimate luxury experience for our clients and supporting our people to grow and develop."
It seems that Chanel will proceed with building the desirability of their brand, which for us means that we'll continue to pay a hefty price tag on these purses.
That's why as Chanel addicts, from the bottom of our Bagaholic hearts we recommend you to keep any Chanel bags you have in your collection. In 2010, the Maxi Flab used to retail for $3,600. In 2014, it's $12,300. So keeping it in your collection is a wise decision.
Need to Authenticate a Chanel Bag?
55% of Chanel handbags we authenticated last year turned to be replicas.
If you think about it, it means 2 things.
First, over 50% of sellers who claim their item to be authentic, are actually selling a fake Chanel item, consciously or unconsciously.
Second, for a luxury purse lover there's over a 50% chance that instead of investing in a Chanel purse, a buyer may end up with wasting a big pile of money on a replica.
Don't give away your hard-earned money to counterfeiters.
If you need to authenticate a Chanel bag or another item, you can use our 25+years of experience with preloved luxury items and Chanel bag brand in particular.
Choose one of the three types of authentication:
- good when you need to know whether the bag is real or fake for yourself (e.g. when you are buying an item)
Certificate of Authenticity $40
- good when you need a certificate for any reason, either to sell the bag with the peace of mind or to return a fake bag to the seller if you purchased a fake
- includes a permanent QR code-protected certificate on lvbagaholic.com
Certificate of Authenticity with a thorough explanation $75
- good when you need a certificate and you need to know why the bag is authentic/not authentic for any reason, either to sell the bag with the peace of mind or return a fake bag to the seller if you purchased a fake.
- includes a permanent QR code-protected certificate on lvbagaholic.com
- includes an explanation of why the item is fake (detailed pictures and comparisons with an authentic bag, more than 10 pics included)
PLEASE CHOOSE ONE OF THE OPTIONS BELOW
