Designer brands are now regarded by some luxury lovers as a “fast fashion” quality brand. They are pumping out bags in record numbers these days. Brands like Chanel are seemingly promoting their bags in a not so subtle fashion. Experts speculate that these brands are declining in revenue, but Chanel has allegedly made another price increase.
Tatler states, while defining luxury remains enigmatic, it’s often overshadowed by safer terms like “premium.” Despite astronomical prices associated with iconic brands like Hermès and Ferrari, equating luxury solely with high costs fails to capture its essence.
Moreover, the debate extends to brand logos and narratives, highlighting the need for extreme value creation rooted in emotional and psychological dimensions. Without a compelling brand story, many luxury brands face extinction. Experts speculate that most of these brands may be “extinct” by 2030.
Potential revival of mid-range “luxury” brands?
X users discuss how people tend to look down on others who would use a Michael Kors or Coach bag. However, the prices of these items are not as cheap as one would think. Users discuss that even brands like Chanel are declining in quality to the point where Coach items could possibly be better made.
Luxury is not a necessity, but a luxury
Recently, a Malaysian influencer went viral for buying a Chanel bag for RM26,550. He states that most Malaysians would need to take two years of hard work in order to purchase this bag. But it seems that most people may not even opt to purchase such products as a RM2,000 Coach bag or even an RM5 bundle bag would have the same function.
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