Luxury Handbag Market Scope:
Market Research Future (MRFR) expects the luxury handbags market to be around USD 41 billion by 2027. From 2020 to 2027, the market should capture a CAGR of 7.21%, adds Market Research Future.
Luxury Handbag Market Major Boosters and Restraints:
Luxury handbags’ online sales have witnessed considerable growth over the years. The luxury segment has been garnering high momentum in line with the soaring number of high-net-worth consumers. The surging popularity among the youth that belong to the Gen Z and millennials generations, rising brand loyalty among consumers, and the mounting affinity for luxury brands among individuals act in favor of the global industry.
The constant advances in the technological landscape combined with the rising deployment of modern technologies like augmented reality (AR) by the fashion sector, backed by the surging prominence of digital channels will create way for lucrative opportunities in the following years.
Luxury Handbag Market Segmental Review:
The Types of Luxury Handbags Market in the global industry include clutches, tote bags, briefcases, satchels, hobo bags, crossbody bags, shoulder bags, and many others.
Various Material Types are leather material, cotton material, synthetic material, and others.
Consumer Groups that buy luxury handbags are women, unisex, and men.
The primary Distribution Channels are non-store-based as well as store-based. The types of store-based channels are specialty stores, convenience stores, supermarkets, hypermarkets, and many more.
Regional Insight:
Europe has been recognized as the biggest shareholder in the worldwide market, thanks to the rampant demand for different luxury goods, fashion products, couture and jewelry in France, Italy, and the United Kingdom. The European market’s share comes to a total of 34%, with significant contribution from the large number of highly affluent brands such as Burberry, Louis Vuitton and Gucci, and the extensive consumer bases in the region.
The second place belongs to Asia Pacific, where the demand for luxury handbags has mounted significantly over the years. The region could thrive at the fastest pace of 6% in subsequent years, on account of the heightened sales in emerging nations like China and India. Moreover, the burgeoning pool of reputed brands combined with their robust distribution networks present lucrative opportunities to the regional market. The significant business growth is also owing to the booming population and fast urbanization in the developing economies. Escalation in the consumers’ spending power bolsters the sales of luxury handbags as well. The penetration of boutique luxury brands, new consumer trends, and physical stores transitioning to digital stores trigger a huge market growth in the region.
North America is one of the top performers in the worldwide Luxury handbag Market, thanks to the rapidly surging demand for luxury handbags in countries such as Mexico, Canada, and the US. In addition, high disposable incomes of the mass and the thriving fashion sector in the region adds considerably to the business value. The strong industry gain can also be attributed to the fact that there is diversity in the region, in terms of language, culture, and ways of adapting to different environments. These differences are expressed through their fashion choices. A vast population in the region see luxury items as synonymous to exclusivity, rarity, and quality, and are increasingly preferring them to improve their style. The rising spending by the millennials and the emergence of online brands that further diversify the luxury products will also benefit the North American market.
Renowned Firms:
Michael Kors GmbH (Switzerland), Ralph Lauren Corporation (US), Burberry Group PLC (UK), Atelier (US), Dolce & Gabbana S.R.L. (Italy), Chanel S.A. (France), Tory Burch LLC (US), Valentino S.p.A. (Italy), Prada S.p.A (Italy), MCM Worldwide (Germany), Cartier International SNC (France), Louis Vuitton (France), PVH Corp. (US), Guccio Gucci S.p.A (Italy), Giorgio Armani S.p.A (Italy) are the major luxury handbag manufacturers highlighted in the extensive report.
The market has a huge number of tier-1 companies coupled with a few local vendors that boast of diverse product ranges. Companies like Prada, Dolce & Gabbana, and Chanel are reigning over the worldwide market, backed by strong brand reputation, financial stability, robust distribution network, as well as product differentiation.
Majority of the contenders are also focused on bringing down the environmental footprint while spending substantially on research and development activities. They also take up strategic initiatives such as collaborations, product launches, and acquisitions to further foster their business standing and capture a much bigger consumer base.
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