Following Louis Vuitton raising prices for its products for the third time this year many consumers across Asia rushed to luxury brand stores to get time to buy luxury goods before the expected price increase, says the Diamond Loupe.
Many consumers expect other brands such as Chanel, Dior and Gucci to follow Louis Vuitton’s example.
Image credit: StockSnap (Pixabay)
Higher prices are one of the strategies to make up for financial losses caused by the COVID-19 pandemic.
Across Asia, due to unmet demand and the inability for buyers to travel and buy luxury goods abroad, the luxury market has seen growing in-store traffic and sales, says the agency.
This is confirmed by recent reports of record one-day sales at the Guangzhou Hermès flagship store, a 50 percent increase in sales from LVMH in mainland China, and a 40 percent increase in luxury cruise bookings compared to 2019 as well as in South Korea, which ranked the 8th largest luxury consumer market in the world.
At the same time, people are afraid of the second wave of the pandemic in South Korea and other countries and opt to make their purchases now rather than later.
Alex Shishlo, Editor of the Rough&Polished European Bureau
