WILMINGTON, DE / ACCESSWIRE / March 31, 2023 / Transparency Market Research Inc. - According to TMR research, the global luxury handbag industry is expected to expand at a CAGR of 6.1% during the forecast period from 2023 to 2031.
The extensive market survey conducted by the expert team throws light on the growth trajectory of the luxury handbag market. Various parameters such as growth drivers, competitive landscape, company profile, market segmentation, and regional dynamics are included in the report. Insights into the industry assist players to formulate growth strategies and take appropriate business decisions.
Luxury handbags are popular among millennials and Gen-Z due to their fashion craze. Luxury bands are more expensive than the local brands due to their uniqueness and style quotient. Rise in consciousness about dressing has led to surge in demand for luxury fashion accessories such as handbags. These factors are expected to propel the global luxury handbag market.
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Luxury Handbag Market: Key Growth Drivers
Increase in Awareness about Beauty and Fashion: Increase in population of working women has led to an inclination toward luxury items to look presentable and classy. Trending luxury brands have penetrated the fashion industry and gained popularity among the working class. Furthermore, rise in disposable income of individuals in developing countries is fueling global business.
Social Media Influence to Boost Sales of Luxury Handbags: Social media platforms has created a fascination among the youth to make purchases as posted by influencers. The race to adopt luxury products as showcased by the celebrities on social media has opened new avenues for the luxury handbag market. Moreover, the need to look stylish and elegant by flaunting luxury brands is projected to augment the global industry.
Key Findings of Luxury Handbag Market
Handbags and Backpacks Anticipated to Gain Popularity: Handbags have become popular among women due to their classy appearance. Availability of handbags in a range of varieties such as satchel, slings, totes, hobos, and duffle is likely to drive sales. In addition, men and women prefer backpacks, wallets, laptop bags, and other luxury handbag products.
Leather Bags Segment to Witness Exponential Growth: Leather bags reflect style and luxury. Leather is never out of fashion and is apt for various purposes. Thus, demand for leather bags is high, especially in urban areas. Cotton, nylon, and synthetic bags are mostly used for regular purposes.
Online Distribution Channel to Witness Robust Growth: Online sales have gained momentum owing to the availability of a range of luxury bags on company websites. Since the COVID-19 pandemic, online sales have increased as consumers can have a look at various brands online. Concurrently, discounts and offers grab consumer attention and ultimately increase sales.
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Luxury Handbag Market: Regional Dynamics
The market in North America is expected to experience robust growth during the forecast period. This is ascribed to wide availability of manufacturing capacities in the region. North America is home to various brands, which has augmented business growth. Furthermore, leading players are involved in producing novel products with added style quotient according to the current trends. The efforts to increase the online and offline sales of luxury handbags has created lucrative growth opportunities in the global market.
The market in Asia Pacific is also expected to witness significant expansion due to rise in working women population in countries such as China and India. Additionally, extensive digital exposure has led to significant market growth.
Luxury Handbag Market: Competitive Landscape
Major participants are keen on expanding product portfolio to stand out in the market. Research and development activities conducted by key manufacturers has led to emergence of novel brands and products, which have captured the attention of the fashion industry. Consequently, the concept of launching products suitable for particular seasons in alignment with the fashion trends has gained traction. Online promotions and marketing strategies adopted by the companies play an important role in creating product awareness. Innovative colors, shapes, and sizes of style accessories has acquired consumer attention, which in turn is likely to propel the luxury handbag market.
Key Points from TOC:
Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.3. Key Trends Analysis
5.3.1. Demand Side Analysis
5.3.2. Supply Side Analysis
5.4. Standards & Regulations
5.5. Technical Overview
5.6. Key Market Indicators
5.7. Raw Material Analysis
5.8. Porter's Five Forces Analysis
5.9. Industry SWOT Analysis
5.10. Value Chain Analysis
5.11. Regulatory Framework
5.12. Global Luxury Handbag Market Analysis and Forecast, 2017 - 2031
5.12.1. Market Value Projections (US$ Bn)
5.12.2. Market Volume Projections (Thousand Units)
TOC Continued……
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Some of the renowned players active in the global market are:
- Tapestry, Inc, (Coach, Inc.)
- Furla S.p.A
- Loeffler Randall
- Michael Kors Holdings Ltd.
- Macy's Inc
- GANNI A/S
- MILLY NY
- Giorgio Armani S.p.A (Armani)
- PVH Corp. (Calvin Klein)
- LVMH Moet Hennessy Louis Vuitton SE
- MAUS Freres SA (The Lacoste Group)
Luxury Handbag Market: Segmentation
Product
- Handbags
- Shoulder Bags
- Satchel Bags
- Handheld Bags
- Sling Bags
- Tote Bags
- Hobo Bags
- Others (duffle bags, fanny/waist packs, etc.)
Material
- Cotton Leather
- Nylon
- Synthetic
End-user
- Men
- Women
Distribution Channel
- Online
- Company owned Websites
- E-commerce Websites
- Offline
- Supermarket/Hypermarkets
- Specialty Stores
- Others (small retailers, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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