Consumers across Asia are rushing to luxury stores to buy luxury items before an expected price hike. After Louis Vuitton raised prices last week - the third price hike in 2020, many consumers expect other brands like Chanel, Dior and Gucci will follow suit. Higher prices are one strategy to make up for losses caused by the COVID-19 pandemic, Jing Daily reports.
Across Asia, thanks to pent-up demand and the inability for shoppers to travel and buy luxury goods abroad, the luxury market has seen growing in-store traffic and sales.
In South Korea, ranked the 8th largest luxury consumer market in the world, customers who are eager to spend after the country relaxed its strict quarantine measures, people were lining up for hours in front of a Chanel store at the Seoul Lotte Department store yesterday, Reuters reports. Consumers were hoping to buy items before the price hike. At the same time, fears for a second wave of infections, in South Korea and other countries, and the possibility of returning to lockdown are pushing consumers to make purchasing decisions now rather than to wait.