The global luxury handbags market is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global luxury handbags market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the high influence of celebrity endorsements on purchase decisions. With increasing number of fashion-conscious consumers, the fashion industry has been experiencing rapid changes and advances over the last two decades. Endorsements and the use of fashion products such as luxury handbags by celebrities serve as catalysts in propelling purchase decisions. Currently, manufacturers of handbag and personal luxury goods are adopting different marketing campaigns and strategies to expand their consumer base, brand image to trigger the sales of luxury handbags. Online advertising is also an essential part of marketing strategies, wherein, vendors often sign multiyear endorsement agreements with high-profile celebrities to enhance their brand value and propel the demand for luxury handbags.
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As per Technavio, the increasing demand for convertible handbags, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect the market growth over 2019-2023.
Global Luxury Handbags Market: Increasing Demand for Convertible Handbags
The demand for multipurpose bags that can be used on different occasions is increasing as price of luxury handbags is quite high, and consumers prefer products that can be used for multiple occasions. Therefore, several luxury brands have also introduced convertible handbags with several conversion features in the luxury segment that can be used as a handbag or a shoulder bag or a backpack. Rapidly evolving consumer demands have influenced manufacturers to introduce convertible handbags. These products are sold through online and offline channels. Thus, the increase in the demand for convertible handbags is expected to increase the demand for luxury handbags globally during the forecast period.
"Vendors are consistently introducing new designs and patterns owing to growing competition and customer demand arising from rapid changes in the fashion industry. Vendors are expanding their product lines to meet the evolving needs of customers seeking luxury handbags for formal and casual purposes," says a senior analyst at Technavio.
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Global luxury handbags market: Segmentation analysis
This market research report segments the global luxury handbags market by distribution channel (online and offline) and geographical regions (Europe, North America, APAC, South America, MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in spending on personal luxury goods by millennials.
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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
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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