The global handbag market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has released a new market research report on the global handbag market for the period 2019-2023. (Graphic: Business Wire)
Owing to consumers' busy schedules and rapid internet penetration, manufacturers are offering product information on company websites and across social media. This helps manufacturers achieve brand awareness and product information which will help to drive the growth of the global handbag market. The adoption of digital products such as tablets, smartphones, and laptops have further boosted the growth of the handbag market as they enable brand promotion through social media and facilitate sales through easy access to online retail channels.
As per Technavio, the adoption of omnichannel retailing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This globalhandbag market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global handbag market: Adoption of omnichannel retailing
Omnichannel retailing is an emerging mode of distribution which is gaining traction with the development of digital technologies and e-commerce markets. Omnichannel retailing helps luxury and non-luxury handbag brands to bridge the gap between customer experiences across the world. Another advantage of omnichannel retailing is that handbag vendors can accept e-commerce returns from different regions, as well as place orders and manage directly using inventory information in every country with an Order Management System (OMS). It also provides a seamless and consistent shopping experience, irrespective of the touchpoint used. Thus, omnichannel retailing establishes better inventory visibility, available-to-promise (ATP) capabilities, and enterprise resource planning (ERP) by canalizing wholesale reorders, store transactions, online orders, and inventory count at one place. Therefore, the use of omnichannel retailing provides convenience to consumers as well as vendors.
"With the increase in per capita income and the rise in sophisticated consumers, there has been a significant demand for handbags and accessories. Millennials are also taking a keen interest in trying new products and services such as personalization services and customized handbag designs. Such new products and services will contribute to the growth of the global handbag market," says a senior analyst at Technavio.
Global handbag market: Segmentation analysis
This market research report segments the global handbag market by distribution channel (online and offline) and geographical regions (APAC, North America, Europe, MEA, South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. During the forecast period, the APAC region is expected to dominate the market and register the highest incremental growth due to the emerging middle class and increasing demand for fashion products.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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