The trend comes as a result of the luxury brands losing customers due to sharply rising prices in recent years, writes Bloomberg.
Between 2022 and the first half of 2024, the prices of luxury brands increased on average by 12 percent per year, according to the report.
An example they give of these more affordable accessories is the brand Loewe which has started selling a bag with a towelling slipper for 280 euro, equivalent to 3099 kronor.
Up to a quarter of the companies on the luxury market have adopted the strategy to attract more customers to their stores.
Bain & Company estimates that the luxury brand industry lost 50 million customers during 2023 and 2024.
