Company wide, inventory is much greater than pre-pandemic. Even at the individual store level, I feel like inventory is definitely increasing. A year or so ago, it would be hard to even get just about any shoe. Now, it feels like any time I have gone to different stores, they have had every shoe that I requested ex orans, oasis, etc… (though I am not asking for those Chypre sandals). Even rodeo and similarly demanded bag charms seem to be readily available. When I was visiting a new boutique, after not buying anything, the SA kindly offered me an array of rodeos to decorate my bag. I kindly declined as I like my bags without any thing on them. Even bag-wise, it is also clear that there are many more being offered, which makes sense with more leather factories running now compared to pre-pandemic.
My own opinion is that Hermes to a certain degree creates the illusion that items are scarcer than they are (whether that is by selectively choosing who to sell to or by not producing the maximum they can) in order to drive up sales in harder to sell categories. Yet, this does not explain everything as the demand has most definitely increased significantly since before the pandemic partly due to there being many more boutiques now compared to before.