[Louis Vuitton X Karl Lagerfeld Punching Bag]
I read a very interested article on Washingtonpost.com this morning about Louis Vuitton and Gucci’s nightmares coming true and shoppers rejecting the once-coveted monograms on designer bags. Here is a link to that article.
The piece was very well written by Sarah Halzack and touches on the new “less is more” trend. While shoppers once sweated it out on waiting lists for limited edition bags from Louis Vuitton and Gucci, shoppers seem to be opting for less logo and more individualism when it comes to handbags. The big question I have for luxury fashion lines such as Louis Vuitton, Prada and Gucci is why are the prices of handbags the equivalent of a decent down payment on a car?
About 10 years ago, a Louis Vuitton Pouchette bag was $145. This was the first Louis Vuitton bag I ever bought. This very same bag is $500 now. In 2002, one could still purchase a leather epi Louis Vuitton bag for $700. I thought this was a lot of money back then but honestly, this seems like a bargain now. I’ve watched the prices of these handbags soar into the $1,500 range and then the $2,500 range. And anything limited edition is typically $4,500 and up.
I don’t think the issue is that people don’t want to carry labels anymore. I think many people are choosing to travel with that money and spend it on experiences rather than carrying it on their arm. In fact, according to a survey conducted by Harris Poll on behalf of, Eventbrite, millennials would rather spend money on experiences than things. This poll, which appeared on Digitalmusicnews.com within an article, also stated that “Millennials live for the moment. They don’t care about flaunting wealth. Fancy cars aren’t as important as reliable ones. Or even having one at all.”
The article also stated this:
“Because of the Great Recession of 2008 and the subsequent Occupy Wall Street movement of 2011, millennials aren’t gravitating towards professions focused around greed. Unlike their parents, they understand that nothing is for certain. There’s no such thing as a secure job anymore. Facebook and Twitter have brought a worldwide interconnectedness that was never truly felt or understood by generations past. Millennials care more about humanity than personal wealth.”
This new generation of shoppers is clearly more tech savvy than ever. And this year, the millennials are projected to overtake the Baby Boomers according to Pewresearch.org.
While I still enjoy the European designer bags I purchased in the past, I too, have moved on. I’d rather carry a Kate Spade bag and get the iWatch now. I want the latest MacBook instead of a pair of Manolo Blahnik shoes that will kill my feet and my wallet. As a recovering shopaholic and now a more fiscally responsible mother to a 9-month-old, when it comes to shelling out thousands on a handbag, the thrill is gone.