New search for EDITED – a leading data company that works with brands and retailers around the world – showed the average price of luxury goods hit a four-year high. Research shows that prices in this category have increased by 7% since the average rate in the 2020s and by 25% since 2019.
Overall, the most expensive category in the luxury world is women’s outerwear with an average price of $3,395.12, while men’s outerwear averages $3,305.94 and have grown 20% over the past four years. The same trend can be seen in other categories as well, with EDITED’s research showing a 10% price increase for men’s luxury sneakers since 2019 and a 55% increase for men’s t-shirts.
Price increases in luxury have been driven by more than just heightened hype, with the effects of world events still being felt. The impacts of the Russian invasion of Ukraine and rising oil prices show no signs of abating, meaning the steady rise in prices could continue for some time to come. Despite this, research conducted by EDITED Retail Intelligence Platform also says prices aren’t putting off customers, with sales of luxury items up 21% since 2019.
In other fashion news, Our Legacy WORK SHOP and Slam Jam recently announced their joint “Dream Market” concept.
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