Luxury Handbag Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Luxury Handbag Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : June, 2020 | Consumer Goods | PPT format

Report Digest

Luxury Handbag Market: Overview

Rising women workforce and brand awareness among them are few significant factors driving demand for luxury handbags. Use of handbags is one of the key trends observed among working class women over years.

To keep up with the demand of customers, the manufacturers are introducing wide variety of luxury bags. These bags aim to serve multiple purposes. Best quality of raw materials is used in the manufacturing of luxury handbags, providing higher durability and enhancing their aesthetics. As a result, demand for luxury handbag is rising. Registering the demand of end-users, the manufacturing companies are also expanding portfolio of the products. This, in turn, is likely to drive the growth of the luxury handbags market in coming years.

Rising disposable income and easy availability of high-end designer bags are significant factors likely to boost the growth rate of luxury handbag market. Growing demand for luxury products has driven the market for high-end designer bags across the world. Producers in the industry are also expanding the product portfolio by introducing innovative products in different varieties to meet the requirement of the consumers. However, high import duty in this industry may affect the market growth in the near future.

The upcoming report on luxury handbags market provides comprehensive details about the luxury handbag market. It focuses on various segments and restraining factors that are likely to impact (both positively and negatively) the market growth in coming years. Moreover, the market report emphasizes on trends and drivers which are likely to boost the market growth during the forecast period (2019-2029). In addition, the global market is divided on the basis of several regions, and the contribution of every region is discussed thoroughly.

Luxury Handbag Market: Notable Developments

For people, luxury handbags is a sort of investment. It is also seen that few handbags get auctioned. Even if these bags turn old, they are sold as a classic product.

Bags of Louis Vuitton are basically fireproof and water proof. Hence, nothing could damage such bags. Thus, women around the globe prefer to invest in such luxury handbags.

Some of the leading players in luxury handbags market are-

  • LVMH Moët Hennessy - Louis Vuitton SE
  • Prada S.p.A.
  • Gucci
  • Chanel S.A.
  • Burberry Group PLC
  • Fossil Group
  • Michael Kors

Luxury Handbag Market: Key Trends

To enhance popularity of the product, various luxury handbags manufactures are using online portals for advertising purpose.  They are adopting omni-channel strategies to mark their presence in the business. As a result, there is marked presence of luxury handbags in developing economies such as India and China.

In recent years, exclusive retail stores have helped luxury handbags in gaining popularity among women. This has also helped in strengthening their presence in developed nation.

Further, online distribution channel is anticipated to account for promising contribution to the growth of luxury handbag market. The number of online shoppers has increased remarkably, due to introduction of smartphones in the market. Hence, leading players have also started online shipping with the changing preference of its consumers.

Luxury Handbag Market: Regional Analysis

In recent years, North America was one of the leading regions in the luxury handbag market. Owing to high per capita income, luxury handbag market is likely to dominate during forecast period as well. High demand for quality handbag is one of the main factors boosting growth of luxury handbags market in coming years.

Asia Pacific is likely to follow the growth trajectory of North America during given forecast period. Manufacturers have been undertaking various strategies to strengthen their presence in the region. Further, to meet the growing demand of customers, the manufacturers are using various distribution channels.

Increasing disposable income in developing economies is expected to drive demand for luxury handbags in coming years. China is one of the prominent markets of the region, and has witnessed significant rise in import of the product in last few years.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.