I have a crazy theory in my mind. I haven’t been shopping Hermes consistently for that long but does anyone have experience buying H during a recession (2008-2009) ? I’m wishfully thinking that the spend thresholds would be lower during this time period since less of the population would be luxury shopping. The elites will still shop but I’ve noticed since the new year that my home store hasn’t been busy, there are no crazy lines ups or wait times and I could get used to this
Yes to 2008-2009. There didn’t seem to be spend thresholds as such back then ( though my budget was far more limited, so this wasn’t really an issue for me). If I recall correctly, bags were more readily available for purchase. When I bought my first boutique B (it was for my cousin and my SA knew that). I was primarily a CSGM shopper and not a large spender. My SA said she couldn’t guarantee when the bag would come in, but it only took a couple of weeks. In 2023, my SA said that back then, it was a clients loyalty and love of the brand that counted; the implication being that it wasn’t necessary for huge spend.
During Covid was another time when there were also far more available stock of QBs (resale and boutique). I focused on acquiring heritage leather QBs at resale, and I got some amazing deals. For 2025, it’s my theory that Hermes is counting on its top 1% to continue to purchase globally during this rocky time. I read somewhere, post covid, the top 1% of clients accounted for 60% plus of revenue for Chanel, Hermes et al, and I think this will only increase.
ETA: With everything going on in the world, I haven’t been in the mood to shop. But, this year, many of my friends have continued, and I don’t think that will change.
ETA: Post Covid, with steeply rising prices, my Chanel SA told me that her clients still shop. Higher prices meant that they bought less, but the USD amounts that they spend didn’t decrease. I assume this is the same for Hermes clients with the added incentive of coveted QBs.