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Pandemic's effect on luxury

It's no secret the pandemic has had devastating effects across the board, on both human life and economically. But with many sectors taking a hit from forced closures and mass unemployment, the luxury market division is no stranger to taking one of the biggest hits during a crisis like this. 

I know i for one, find that when my wage gets cut, or my hours scaled back my mode of thinking changes dramatically. Caring about purchasing anything that isn't deemed a necessity is suddenly pushed back until i have more sufficient funds or a stabler job prospective. Unfortunately, as much as i love to buy new designer bags, clothes and shoes the reality is they take a backseat to buying groceries, heating and mortgage repayments. 

In the past, to combat this luxury brands have lowered their price to accomodate for the cut wages, job losses and all round shrinkage of the economy. They are lowered to the point where they are still expensive but less expensive than previous months. They have frequent sales that are really generous and they offer better customer basis. Because they too are a business that needs to survive just as much as a Myer or David Jones, and by keeping exorbitantly high prices only drives away people who can still afford but not prioritise luxury goods.  

However, during this pandemic i have noticed that many brands Hermes, Prada and Chanel just to name a few have actually INCREASED their price. Im not going to lie i am completely shocked by this revelation. Watching a luxury brand, which to most is already something unattainable  lift their prices further implies that the market they want to service has just gotten even smaller and only the real elite of society can afford to purchase from them. A simple Twilly scarf, which pre-pandemic was only $270 is now increased by 7.4% in price to $290. I know this may seem like a slight increase in price, but this is only one item and the cheapest item at Hermes might i add. Each of these designer brands have increased certain things by different amounts with Chanel increasing the price on some of its bags by as much as 14%. 


The whole idea of the retail sector is to get people to buy, and with this pandemic showing no real end date, and more and more closures occurring there is a true unrest growing amongst the growing population. When will scientists find a cure or at the very least a measure to stop the spread? What will the future look like? Is life ever going to return to normal or is there a new normal we will have to get accustomed to? 

These questions are scary for a lot of people. And i feel that luxury brands lifting prices are not only really tone deaf to the current situation at hand, but they also add to the current panic that is felt is waves across the human population. 

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