Luxury brands have been around forever- so what makes their prices so high? We can't know for sure but there are a few reasons brands provide for their lofty price points. I have researched 5 different brands including Louis Vuitton, Prada, Hermes, Schiaparelli, and Gucci to find out what people say about why their prices are above average- here are my findings.
The number one reason for high prices in luxury is a promise of superior quality. They often refer to a ‘scientific’ method of selecting the best fabrics and materials suited to the product, and the expert care that goes into making them. Luxury brands tend to say they prioritise customer experience and want to make sure their clientele is satisfied with a product that can last through use. Others may argue this is not true, citing the difference in standards for products shipped to China and Japan versus the western clientele in regards to their attention to detail in finishings, sending the ‘others’ to countries where clients are less likely to care.
A similar reason provided is the materials used and the craftsmanship that go into the creation of luxury goods is superior and therefore make the clothes more expensive. Take for example Hermes- their bags are made by rigorously trained specialists who work with very high-quality leather, and the bags are individually quality controlled to ensure each bag is identical and correctly assembled- there are more factors to their price but these things alone justify many of their customers purchases. However, this can't be said for all items sold by luxury brands. In this case, some people argue that certain luxury brands make customers pay for the brand name (which is largely because of the commercialisation of luxury goods).
The final reason I am exploring is the exclusivity of couture and the price of design. The Merriam Webster definition of couture reads ‘the business of designing, making, and selling fashionable custom-made clothing’. Brands such as Schiaparelli make the bulk of their fortune in couture collections designed by the brand’s creative director. The expertise that goes into garment creation is a priceless amalgamation of knowledge on its own, so the prices reflect the working rate of the designer and assistants. It seems the client also pays for the exclusivity being the sole owner of a piece, with prices usually being kept private until the works are brought into the media.
Quality, craftsmanship and exclusivity are some of the most prominent factors used by luxury brands and researchers to explain the prices they provide clothes at, but does that make the prices justified if not every factor can be verified? These are some of the many things people should consider when purchasing clothing whether from luxury of commercial brands.
