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.
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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.
- 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.
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