LONDON--(BUSINESS WIRE)--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.
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. Manufacturers of handbag and personal luxury goods are adopting different marketing campaigns and strategies to expand their consumer base. 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.
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 global luxury handbags market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global luxury handbags market: Increasing demand for convertible handbags
The need for multipurpose bags that can be used on different occasions is increasing consumers prefer to invest in luxury products that can be used for multiple occasions. Therefore, several luxury brands have introduced convertible handbags with several conversion features. These bags can be used as a handbag or a shoulder bag or a backpack. 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 continuously designing and introducing new designs and patterns owing to growing competition and customer demand arising from rapid changes in the fashion industry. Customers seek luxury handbags for both formal and casual occasions. Vendors are expanding their product lines to meet evolving customer needs,” says a senior analyst at Technavio.
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 increased spending by millennials on personal luxury goods.
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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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