Is the Chanel Classic Flap Still Worth It in 2024?

Is the Chanel Classic Flap Bag Still Worth It In 2024?

Wondering if the Chanel Classic Flap is still worth it in 2024? Well, if yes, you are not alone. With the retail price tag of the medium Chanel Classic Flap surpassing $10,000 in 2023, quite a lot of people are starting to question its worth. But when you think about it, it’s really no wonder, as in a mere 10-year period, the bag has gone up in price by over 100 percent! That’s right, back in 2014, the Medium Classic Flap could be yours for $4,900 plus tax (or $2,850 in 2010 and $1,650 in 2005). Yep. I know. It’s crazy.

But let’s not be so quick with our judgment. After all, the handbag is not just its price, but also other things, which in the case of the Classic Flap are its history, design and investment potential. In fact, once you put all of those things together, the Chanel Classic Flap may as well turn out as very worth the price tag for you. Keep scrolling to see what I mean.

Is the Chanel Classic Flap Still Worth It in 2024?
Media Credit: Instagram @thestylishfreelancer

History of the Chanel Classic Flap Bag

The history of the Chanel Classic Flap is a fascinating tale that dates back to the early 1980s when the late Karl Lagerfeld became the new creative director of Chanel. Lagerfeld, being the eternal visionary and creative, decided to redesign the original 2.55 bag by Coco Chanel to give it a more modern and streamlined appearance.

Chanel 2.55 Reissue Bag 226 Flap
The 2.55 Bag by Coco Chanel. Media Credit: Fashionphile

In particular, he decided to swap out the original Mademoiselle lock on the 2.55 for the double C turn-lock, as well as add a leather woven chain, which would make the bag more comfortable to carry. And as you may have already guessed, the bag was an instant success. Not even to mention that the CC turn-lock and the interwoven chain have gone on to become two of the most recognizable features of a Chanel bag.

Chanel Medium Classic Flap Black Caviar Leather
The Chanel Classic Flap by Karl Lagerfeld. Media Credit: Fashionphile

But back to the Classic Flap. The design of the bag has remained virtually unchanged since Karl Lagerfeld introduced it in the 1980s. However, the range has since evolved into an array of sizes, incl. smaller and larger options, as well as numerous materials, incl. the durable caviar leather. Furthermore, in spring 2021, Chanel officially renamed the bag to 11.12, which was in honor of the original style code of the Medium Classic Flap – A01112. We still call it the Classic Flap though!

Reasons to invest in a Chanel Classic Flap

1. Ever-growing prices

The most compelling reason to invest into the Chanel Classic Flap? Undoubtedly, its ever-growing price tag. Since the early 1990s, the bag (in the medium size) has gone up in price by nearly a 1000 percent, increasing from $1,150 in 1990 to $10,200 in 2023. See the full price history of the bag below:

Chanel Classic Flap Price History (1955-2023)
Courtesy of fifthavenuegirl.com

View the bag on Fashionphile.

Chanel likes to say that they are increasing their prices due to increased production costs and inflation. However, this is not necessarily true, as the increases on the Classic Flap have consistently outpaced (and by a lot) the rate of inflation, which between 1990 and 2024 averages at about 2.62 percent per year. I mean, the $1,150 price for the Medium Classic Flap in 1990 is equivalent to about $2,761 today, which is almost 3.5 times less than the bag’s current retail price tag.

The biggest annual price hike on the Classic Flap to date took place in 2021, when just in a span of one year the bag went up in price three times for a total of $2,000 or 35 percent. Actually, 2023’s singular price increase was also not minor with the bag going up between 12 and 17 percent across the sizes.

In fact, if retail prices for the Classic Flap continue to go up at the current pace, then by 2030, we’ll easily have the bag in the medium size selling for at least $15,000 (which is very probable according to my Chanel SA).

2. High resale value

Chanel Classic Flap is renowned for its strong resale value. This means that if you ever decide to part ways with your bag, you are likely to recoup a significant portion (if not all) of your initial investment. And I will tell you even more: given the recent rate of price hikes on the Classic Flap, a bag purchased even just a couple of years ago in a Chanel boutique in pristine condition is very likely worth a lot more now than when it was purchased. This is because prices on the resale market are rising alongside retail.

Vintage Chanel Classic Flap
Media Credit: Instagram @r_tiff2326

But don’t be discouraged if you are looking for a deal on a pre-loved Classic Flap – those can still be found. For example, a vintage Chanel Flap from the 90s (like this one here) can be yours for around $5,000, whereas newer bags in excellent condition currently resell for around $7-9,000, which is still below retail.

3. Timeless design

The timeless design of the Chanel Classic Flap is another good reason to own one. Seriously, come a few years, and you’ll appreciate having in your collection something that doesn’t date. Speaking from personal experience.

However, the Chanel Classic Flap is way more than just “a bag that doesn’t date”. It’s, first and foremost, a piece of fashion history, surrounded by decades of heritage and craftsmanship. Not even to mention that it’s one of the most recognizable handbags in the world.

Chanel Classic Flap Styled
Media Credit: Instagram @bagsionista

So, is the Chanel Classic Flap worth the investment in 2024?

For me, definitely yes. Though I must admit that I already have several Classic Flaps in my collection, with some purchased well over 10 years ago. Would I buy more at current prices? If they (Chanel) come out with the color that I really feel I must own, I definitely would! Also, if I haven’t owned a Classic Flap yet, I would definitely consider making the splurge now as retail prices for the bag only continue increasing.

How about you? Do you think Chanel Classic Flap is worth its price tag in 2024? Let’s talk in the comments below!

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