In 2019, it was priced at $5,800, but in 2025, they're selling it for $10,800.

2019 年，它的售價是 5800 美元，但到了 2025 年，他們的售價是 10800 美元。

That's an 86% increase.

增長了 86%。

Now, before we jump to the obvious, it's not just because of inflation.

現在，在我們跳到明顯之前，這不僅僅是因為通貨膨脹。

You think I brought you all the way to Fifth Avenue to talk about inflation?

你以為我大老遠把你帶到第五大道來就是為了談通貨膨脹嗎？

Uh-uh.

嗯

Luxury brands like Chanel, Kering, and LVMH used to have it all in the bag, raising prices annually and still seeing huge demand in sales.

香奈兒（Chanel）、開雲集團（Kering）和路威酩軒集團（LVMH）等奢侈品牌曾將一切收入囊中，每年提價，但仍有巨大的銷售需求。

But in 2025, they're clutching their pearls and feeling an emptiness in their designer wallets.

但到了 2025 年，他們會攥緊珍珠項鍊，感覺名牌錢包空空如也。

The luxury industry lost 50 million consumers in the past two years, and only one-third of the luxury goods industry is actually growing.

過去兩年，奢侈品行業流失了 5000 萬消費者，只有三分之一的奢侈品行業在真正增長。

But with at least 58 million households around the world making over $1 million in 2023, there are plenty of people who can afford these products.

但是，到 2023 年，全球至少有 5800 萬戶家庭的收入超過 100 萬美元，有能力購買這些產品的人大有人在。

So why aren't they buying?

那他們為什麼不買呢？

I sifted through years of luxury brand sales data and product price histories, researched the global luxury market, and spoke with a fashion industry expert to find out.

我翻閱了多年的奢侈品牌銷售數據和產品價格歷史記錄，研究了全球奢侈品市場，並與一位時尚行業專家進行了交談，以找出答案。

What I learned is that there's not a simple ironed-out answer, but there are a few reasons why these luxury brands are falling, most of which were completely avoidable.

我的體會是，答案並不簡單，但這些奢侈品牌的衰落有幾個原因，其中大部分是完全可以避免的。

Okay, we all know supply and demand, right?

好吧，我們都知道供求關係，對吧？

As supply goes up, demand goes down, and typically so do prices and vice versa.

供應增加，需求下降，價格通常也會下降，反之亦然。

That's all I got in my econ class.

這就是我在經濟學課上的全部內容。

But historically, luxury goods turn that equation on its head.

但從歷史上看，奢侈品顛覆了這一等式。

This is Thorstein Veblen, an American economist who invented what's known as the Veblen goods curve.

他是美國經濟學家索斯泰因-維布倫（Thorstein Veblen），發明了所謂的 "維布倫商品曲線"。

His curve shows that as prices increase, demand increases.

他的曲線顯示，隨著價格上漲，需求也會增加。

And that sounds delusional, but in the world of luxury handbags and fashion, it's right on the money.

這聽起來像是痴心妄想，但在奢侈手袋和時尚界，它卻是正確的。

See, Veblen goods consumers appreciate the high price.

瞧，維布倫商品的消費者欣賞高價。

Instead of a detraction, it's seen as a worthwhile premium to ensure that the goods are rare and high quality.

這非但不是一種貶損，反而被視為一種值得的溢價，以確保商品的稀有性和高品質。

That's what keeps them buying.

這就是他們購買的動力。

And luxury fashion sales, aka any wearable luxury goods, have been steadily increasing for the most part with just a few speed bumps that you might've heard of, the 2008 recession and COVID.

時尚奢侈品（又稱任何可穿戴的奢侈品）的銷售額在大多數情況下都在穩步增長，只是遇到了一些阻礙，你可能聽說過 2008 年的經濟衰退和 COVID。

But after that initial COVID slowdown, everything picked right back up.

但在 COVID 最初的放緩之後，一切又恢復了正常。

Analysts chalk this up to revenge spending, which usually happens after a major economic event.

分析人士將此歸結為報復性消費，這通常發生在重大經濟事件之後。

First, COVID happened and consumer spending declined.

首先，COVID 發生，消費者支出下降。

Then household savings went up over time.

然後，家庭儲蓄隨著時間的推移而增加。

And lastly, with the economy recovering and a whole lot of disposable income saved up, not to mention a whole lot of trauma and boredom, consumers were buying willy-nilly, aka revenge spending.

最後，隨著經濟的復甦，消費者積攢了大量的可支配收入，更不用說還有大量的創傷和無聊，他們會隨意購買，也就是報復性消費。

As a result of that spending, the demand for these goods rebounded in 2021 and then soared.

由於這些支出，對這些商品的需求在 2021 年出現反彈，隨後一路飆升。

There was that whole, nobody can leave their houses.

大家都不能離開自己的家。

And usually what people did was they bought stuff online.

人們通常會在網上買東西。

They bought a lot of stuff.

他們買了很多東西。

And this time luxury goods did behave like you'd expect on a typical supply and demand curve.

而這一次，奢侈品的表現確實如你在典型的供需曲線上所預期的那樣。

When demand shot up, retailers raised their prices.

當需求激增時，零售商就會提高價格。

But after demand stabilized in 2021, there was an unprecedented increase in the price of luxury fashion.

但在 2021 年需求趨於穩定後，奢侈時裝的價格出現了前所未有的上漲。

So being put off by this, consumers slowed their spending in the U.S.

受此影響，消費者放緩了在美國的消費。

and another essential luxury market, China.

以及另一個重要的奢侈品市場--中國。

There are several factors at play here, all of which help explain why the luxury brand market looks so torn up today.

這裡有幾個因素在起作用，所有這些因素都有助於解釋為什麼如今的奢侈品牌市場看起來如此混亂。

First, coming out of COVID, consumer spending habits changed.

首先，在 COVID 之後，消費者的消費習慣發生了變化。

In the U.S., young consumers led the charge in buying secondhand goods.

在美國，年輕消費者是購買二手商品的主力軍。

And that movement, although tough to attribute to just one thing, was likely a combo of a shift to sustainable fashion, cheaper clothes, and sometimes higher quality, aka vintage.

儘管很難將這一運動歸因於某一件事，但它很可能是向可持續時尚、廉價服裝以及有時更高品質（又稱古著）轉變的綜合產物。

You know, the kids love it.

你知道，孩子們很喜歡。

In 2023, the secondhand luxury market hit $47 billion, up 4% from 2022, largely thanks to Gen Z.

2023 年，二手奢侈品市場規模將達到 470 億美元，比 2022 年增長 4%，這主要歸功於 Z 世代。

Second, this generational shift is global, with Chinese consumers spending less on popular luxury brands.

其次，這種代際更替是全球性的，中國消費者對流行奢侈品牌的消費減少了。

As Business Insider reports, young Chinese consumers are opting for local, niche, and independent luxury firms that offer unique and authentic products.

據《商業內幕》報道，中國的年輕消費者正在選擇在地的、小眾的、獨立的奢侈品公司，這些公司提供獨一無二的正品。

And third, shifting cultural norms encouraged by the Chinese government stymied the luxury market.

第三，中國政府鼓勵的文化規範轉變阻礙了奢侈品市場的發展。

Luxury shaming is rampant in China as the government cracks down on flashy luxury billboard ads and bans luxury influencers from its social media platforms, all in an effort to steer the Chinese people back to a more communist, low-consumption society.

中國政府嚴厲打擊華而不實的奢侈品廣告牌廣告，並禁止奢侈品影響者進入其社交媒體平臺，所有這些都是為了引導中國人民迴歸共產主義低消費社會。

But all of this is a result of the biggest problem plaguing luxury brands today, and it's a problem that luxury brands created for themselves.

但所有這一切都源於當今困擾奢侈品牌的最大問題，而這個問題正是奢侈品牌自己造成的。

So we touched on this before, but just to add some gritty detail, luxury brands usually raise prices at double the rate of inflation annually.

我們之前提到過這一點，但為了補充一些細節，奢侈品牌每年的提價幅度通常是通脹率的兩倍。

So pre-pandemic, when inflation bounced around 2%, luxury brands increased their prices by about 5% to 7% every year.

是以，在大流行之前，當通脹率在 2% 左右徘徊時，奢侈品牌每年的提價幅度約為 5%-7%。

However, from 2019 to 2024, average prices of luxury goods increased by 61% in the US.

然而，從 2019 年到 2024 年，美國奢侈品的平均價格上漲了 61%。

Take this Canada Goose parka, right?

就拿這件加拿大鵝派克大衣來說吧？

In 2019, it sold for $995 in the US, but from then to 2024, it surged 66% to $1,650.

2019 年，它在美國的售價為 995 美元，但從那時起到 2024 年，它的售價飆升了 66%，達到 1650 美元。

Yeah, that'll keep you warm in the winter, earning your money.

是啊，這能讓你在冬天暖暖和和地賺錢。

In bag world, the cost of Prada's popular

在包袋世界裡，Prada 的流行款式

Galleria Saffiano bag increased 111%, and Chanel's medium 2.55 leather flat bag that I mentioned earlier went from about $5,800 to $10,800, an 86% increase.

Galleria Saffiano 手袋增長了 111%，而我之前提到的香奈兒中號 2.55 皮革平包則從約 5800 美元漲到了 10800 美元，漲幅高達 86%。

And usually, when you increase prices so dramatically, it has to do with, you know, innovation or boosted quality, neither of which happened for these brands.

而通常情況下，當你大幅提高價格時，你知道，這與創新或提高質量有關，但這些品牌都沒有做到這一點。

Let's take Louis Vuitton, for example.

以路易威登為例。

They've released many new products, but when you think of the brand, you probably think of that classic LV monogram design, you know, the brown with the LVs everywhere, you know the one.

他們發佈了很多新產品，但提到這個品牌，你可能會想到經典的 LV monogram 設計，你知道的，就是那種到處都是 LV 標記的棕色。

Here's the Noé bag released in 1932.

這是 1932 年發佈的 Noé 手袋。

Now here's the Neverfull bag from 2007, the Pochette Métis from 2013, the Multi-Pochette Accessoire from 2019, and an iPhone 16 Pro Max case from 2024.

這是 2007 年的 Neverfull 包、2013 年的 Pochette Métis、2019 年的 Multi-Pochette Accessoire 和 2024 年的 iPhone 16 Pro Max 保護套。

I can pronounce that one.

我可以念出那個字。

Yeah.

是啊

Same classic monogram art.

同樣經典的字母圖案藝術。

Iconic?

標誌性？

Sure.

當然。

The more you want to tell people that you have made it, the more likely you are to want to wear a logo somewhere that says, I have arrived.

你越想告訴人們你已經成功了，你就越有可能想在某個地方佩戴一個標誌，上面寫著 "我已經到了"。

And this isn't to say that LV didn't release other products outside their monogram line, but over time, that extreme logo loudness from Louis Vuitton and others likely brought on some, as Michael Kors called it during New York Fashion Week, brand fatigue.

但隨著時間的推移，路易威登和其他品牌極度張揚的標識可能會帶來一些品牌疲勞，正如邁克爾-科爾斯（Michael Kors）在紐約時裝週上所說的那樣。

Of course, the counterfeit market also didn't really help the situation.

當然，假冒偽劣市場也對情況沒有什麼幫助。

However, these brands putting out the same iconic designs for many years is one thing, but combining that with a dip in quality, well, that's a good way to tank your brand value.

然而，這些品牌多年來一直推出相同的標誌性設計是一回事，但如果再加上品質下降，那就很容易使品牌價值下降。

The flap wasn't even.

擋板不平。

The lining, stitching, they were not aligned.

內襯、縫線都沒有對齊。

This is definitely a quality control miss by Rolex.

這絕對是勞力士在品質控制方面的失誤。

The first glance, it's too much plastic finish on it.

第一眼看上去，塑膠感太強。

Chanel, Michael Kors, Louis Vuitton, these brands and more under-delivered on their promises of high quality, innovation, and craftsmanship.

Chanel、Michael Kors、Louis Vuitton，這些品牌和更多品牌都沒有兌現其高品質、創新和工藝的承諾。

And when Gen Z caught wind that innovation and quality were taking a faux leather backseat to insane price gouging, they looked elsewhere.

當 Z 世代發現創新和品質被瘋狂的價格壟斷擠到了次要位置時，他們把目光投向了其他地方。

Of course, they started going vintage.

當然，他們開始追求復古。

They also took their money to smaller, more boutique brands and stores.

他們還把錢帶到了更小、更精品的品牌和商店。

For example, Mercari, a Japan-based secondhand fashion seller app is in a seemingly never-ending growth pattern.

例如，Mercari 是日本的一款二手時裝銷售應用程序，其發展模式似乎永無止境。

In 2023, just under 70% of Mercari's around $6.4 billion of gross merchandise value came from the United States.

2023 年，Mercari 大約 64 億美元的商品總值中有不到 70% 來自美國。

But even some brands that sell new products are picking up steam.

但是，即使是一些銷售新產品的品牌也在逐漸壯大。

Take the Row, founded by Mary-Kate and Ashley Olsen.

就拿瑪麗-凱特和阿什利-奧爾森創辦的 Row 來說吧。

You know the ones, you heard that right, in 2008.

你知道的，你沒聽錯，是 2008 年。

According to Mean Boulevard, the Row's boom in popularity comes from its dedication to quality, practicality, and quiet fashion with no flashy logos and an emphasis on minimalism.

根據 Mean Boulevard 的說法，The Row 的流行源於其對品質、實用性和安靜時尚的執著追求，沒有華麗的標誌，強調極簡主義。

Prada also dipped into this small fashion business surge with its own sister brand called Miu Miu, which helped the company's sales grow 18% in Q3 of 2024.

普拉達（Prada）也憑藉自己的姐妹品牌 "Miu Miu "涉足了這一小型時裝業務激增的領域，幫助公司在 2024 年第三季度實現了 18% 的銷售增長。

Sales for Miu Miu also grew 105%.

Miu Miu 的銷售額也增長了 105%。

Right now, Miu Miu is doing very well.

現在，Miu Miu 的業績非常好。

If you have a Miu Miu, like it can be a basic cardigan, and if it's got the little Miu Miu logo, that has a lot of pull right now.

如果你有一件 Miu Miu，比如它可以是一件基本的開衫，如果它有 Miu Miu 的小標誌，那現在就很有吸引力。

But Gucci is doing very badly.

但 Gucci 做得很糟糕。

Miu Miu, founded in 1992, has always targeted younger consumers as a trendy and affordable Prada alternative.

Miu Miu 創立於 1992 年，一直以年輕消費者為目標，是時尚、實惠的普拉達（Prada）替代品。

But now, it's really paying off for Prada Group.

但現在，Prada 集團真正得到了回報。

And Miu Miu is just one of the brands revolutionizing the fashion industry.

Miu Miu 只是為時尚產業帶來變革的品牌之一。

For the rest, we've created a list of 10 small, high-grossing fashion brands that are stealing the market share away from the big players.

對於其他品牌，我們列出了 10 個小型、高利潤的時尚品牌，它們正在搶奪大品牌的市場份額。

In this list, you'll find out who these brands are and how they've built lucrative, cult-like followings without traditional luxury brand marketing tactics.

在這份名單中，你將瞭解到這些品牌是誰，以及它們是如何在不使用傳統奢侈品牌營銷策略的情況下，建立起利潤豐厚的追隨者群體的。

So, if you wanna know where the fashion industry is going and how these trendy brands are winning over customers, check out the link in our description.

是以，如果您想了解時尚產業的發展方向以及這些時尚品牌如何贏得消費者，請查看我們描述中的鏈接。

So yeah, smaller brands are cleaning up right now, but that doesn't mean all the luxury giants are down for the count.

是的，小品牌正在崛起，但這並不意味著所有奢侈品巨頭都倒下了。

Hermès' 2024 was very different from its competitors.

愛馬仕的 2024 與競爭對手截然不同。

The French company earned over $12 billion in the first three quarters of 2024, and that's up 14% from 2023.

這家法國公司在 2024 年前三個季度的收入超過 120 億美元，比 2023 年增長了 14%。

And they grew 7% in Asia, excluding Japan.

除日本外，亞洲的增長率為 7%。

The reason for this is simply because they don't sell a lot on purpose.

原因很簡單，因為他們故意不大量銷售。

This could be a whole video in of itself, but the company operates like its products are scarce.

這本身就可以製作成一個完整的視頻，但該公司的經營方式卻讓人覺得其產品十分稀缺。

They don't resign to usual trends or seasons, and they don't just wanna sell you a product.

他們不屈服於通常的潮流或季節，也不只是想向你推銷產品。

You have to work for it.

你必須努力爭取。

Please just take a look at this Reddit thread.

請看看 Reddit 上的這個主題。

Getting a Hermès Birkin bag has turned into a game, a game that you will never win, a game that I will never play.

獲得愛馬仕 Birkin 包變成了一場遊戲，一場你永遠贏不了的遊戲，一場我永遠不會玩的遊戲。

But aside from hunting down $60,000 handbags, the upper class has found other ways to indulge in the luxury market.

不過，除了追逐價值 6 萬美元的手袋，上流社會還找到了其他方式來沉迷於奢侈品市場。

A form of travel that's gained tons of traction recently is renting your own private island.

租用私人島嶼是最近大受歡迎的一種旅行方式。

The price ranges from $50,000 to $1 million per night and includes personal chefs and staff.

價格從每晚 5 萬美元到 100 萬美元不等，包括私人廚師和工作人員。

You will not be winning that on Wheel of Fortune anytime soon, let me tell you.

讓我告訴你，你很快就不會在 "幸運之輪 "上贏錢了。

And in Switzerland, this Glacier Express VIP train with scenic views of the Alps is consistently sold out at $540 a ticket.

而在瑞士，這列可以欣賞阿爾卑斯山美景的冰川快車 VIP 火車，每張票售價 540 美元，一直都是一票難求。

Luxury money is kind of like matter and energy.

奢侈品就像物質和能量。

It can't be created or destroyed.

它無法被創造或毀滅。

The true luxury consumers are just figuring out what they want to do with their a lot of money now.

現在，真正的奢侈品消費者才剛剛弄明白他們想用自己的大把鈔票做些什麼。

People got money, they got dough.

人們有了錢，他們有了錢。

They're just fed up with big luxury fashion brands.

他們只是厭倦了大型奢侈時尚品牌。

So yeah, there are some exceptions here, but most luxury brands are in trouble and probably panicking.

是以，是的，這裡有一些例外，但大多數奢侈品牌都遇到了麻煩，而且可能很恐慌。

But instead of toning things down for the very mindful, very demure Gen Z consumer, it seems that luxury brands are leaning into luxury experiences, all in hopes that they'll get shoppers back on the sales floor, break out into an evil laugh and say.

但是，奢侈品牌似乎並沒有為心思縝密、非常端莊的 Z 世代消費者降低等級，而是更傾向於奢華體驗，希望能讓購物者重新回到銷售現場，發出邪惡的笑聲，並說道："我不知道你在說什麼。

Everybody wants this, everybody wants to be us.

每個人都想這樣，每個人都想成為我們。

And if you want more stories about missteps major brands have made, check out this video on how one decision tanked Southwest Airlines.

如果您還想了解更多關於大品牌失誤的故事，請觀看這段視頻，瞭解西南航空公司是如何因為一個決定而一蹶不振的。

And if you can't get enough hustle, be with us every day by subscribing to the Hustle Daily newsletter and getting deep dives and updates like this.

如果你對喧囂還意猶未盡，那就訂閱《喧囂日報》時事通訊，每天與我們在一起，獲取深度報道和更新資訊。