The Reality Check for Luxury 'Greedflation'
The luxury fashion sector is experiencing a severe reality check, with analysts identifying a worrying trend of 'greedflation'. According to data from the online designer outlet Boinclo, clothing prices skyrocketed by more than 50 per cent between 2019 and 2023. This surge was particularly aggressive in the aftermath of the pandemic, with iconic houses like Dior and Chanel increasing their prices by an astonishing around 60 per cent during the post-Covid spending spree.
Absurdity Versus Investment: What Your Money Could Really Buy
While some purchases are framed as investments, the line between style and absurdity has become dangerously blurred. Let's compare the cost of six top designer items with more tangible alternatives. For the price of a plain navy jumper from Balenciaga, you could instead own a pretty fridge, a choice the author suggests is a clear winner. The Hermès Birkin bag, long considered fashion's yardstick for inflation, has broken its own measure. One specific orange alligator-skin iteration now carries a price tag equivalent to the average house deposit in the Southeast of England. If property isn't your goal, that same sum could get you a brand new VW Multivan with plenty of change left over.
The Row, an arbiter of stealth wealth, built its reputation on a logo-less, quiet-luxury aesthetic. However, its huge, soft scarf now costs as much as a Rangemaster dual-fuel cooker. The practical choice here seems to be the cooker, alongside a trusty unbranded cashmere stole. Then there are four Louis Vuitton monogrammed boxes—without handles or wheels—priced at a staggering £15,200. At a time when many have reached peak 'stuff', this purchase seems particularly excessive. For the same money, you could install an insulated 15 sq m 'garden room' with sliding aluminium windows, doors, and a covered terrace from quick-garden.co.uk, creating a perfect space for work or relaxation.
From Snake Bangles to Solar Panels: The Practical Alternative
The extravagance continues with an eye-catching 18-carat rose-gold snake bangle, set with rubellite eyes and diamonds, costing almost £15,000. For residents of Hull, this sum could cover an annual season train ticket from Yorkshire to London for unlimited travel, plus leave £100 for coffees and snacks. Finally, a tobacco-toned double-breasted lambskin coat might be how the one per cent are keeping warm, but for just £300 more, you could invest in a set of 14 7kW solar panels with a battery package, effectively heating your entire home or business for the next two decades. This alternative not only helps your bills but also benefits the planet, offering a truly luxurious sense of security and sustainability.
