It is becoming as regular as the Super Bowl. It’s that time of year for the annual Hermes price increase. Interesting that a Hermes handbag may be one of the few things more expensive than a ticket to the Super Bowl.
After months of rumors and speculation the French house is expected to implement their worldwide price increase. In fact it appears they have already begun. There are reports that Hermes has already increased prices on some items and in some areas of Europe and Asia.
The heavier price tags are expected to reach the United States by the end of January, meaning virtually any day. Prices in the U.S. are expected to go up from 7% to 10%. If there is any good news in the price increase it is that, as usual, the increase will occur over several weeks and be implemented through product line.
It is likely the more sought after pieces like scarves and handbags will see the increases first. The price increases are expected to be fully implemented in the U.S. by Mid-February.
While 7%-10% may not seem excessive, it will amount to about a grand ($1000) price increase on their higher end exotic and leather bags. Hermes of course is emboldened by strong sales and the fact that Birkins and Kellys don’t sit around waiting for buyers. In fact most of their bags find a home rather quickly. The appear intent on finding the threshold of pain for consumers, where their items are gobbled up quite so quickly.
With an apparently improving economy and a segment of shoppers who are mostly isolated from price increase worries, that may not be likely to happen anytime soon. The world’s priciest handbags are about to get a bit pricier. If you’re concerned, you may have a few days to save. – unless you’re buying pre owned. Our sister boutique Sell Your Handbag will always sell authentic pre owned Hermes purses for less than retail.
Raymond Z for Raymond Lee Jewelers, South Florida’s premiere source for buying and selling luxury watches and designer jewelry.