Global Handbags Market (2018 – 2023) research report is expected to register a CAGR of 4.6% over a five years forecast period. Additionally, Handbags market report also examines the market by discussing market dynamics such as opportunities, threats, challenges, drivers, restrictions, and other trends of market. The growing adoption of multi-factor techniques is expected to aid the growth to Handbags market, during the forecast period.
List of Key players operating in the Global Handbags Market are –
- Burberry Group Plc
- Chanel S.A.
- Compagnie Financière Richemont SA
- Fossil Group
- Gucci America
- Hermès International S.A.
- LVMH Moët Hennessy Louis Vuitton S.E
- Michael Kors
- Nine West Holdings
- Prada S.p.A.
- Ted Baker plc
- Tory Burch LLC.
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Handbags Market Insight
The global handbags market is projected to grow at the rate of 4.6% during the forecast period 2018 to 2023. Growing demand of high quality handbags products which are stylish, crack proof, and better durability which is expected to increase growth of handbags market. Moreover, continuous improvement in bucket bags, satchel, and clutch handbags products is influencing growth of handbags market from last few years. For instance, Mark Cross launched wicker bags which have leather frames and gold-plated brass hardware, while Gucci has a striped raffia beach tote which gained popularity among female consumers. Increasing popularity of vegan leather handbags among consumers owning to affordable price and growing preference for veganism arelikely to change the market dynamics in the upcoming years.
Growing Demand of Leather Handbags to drive the market growth
Growing innovation in handbags design with new features is driving the market growth of various handbags products including satchel, bucket bag, clutch etc. Growing popularity of leather products due to its durability, dustproof, fireproof, and crack-proof properties is influencing the sales of leather handbags across the globe. Rise in expenditure on luxury lifestyle products including handbags, wallet, shoes, belt etc. is playing key role to drive the market growth. Growing consumer preference for branded handbags and improvement in distribution network by key players is supporting the growth of handbags market. Consumers are aware of the latest fashion trends due to growing internet penetration and rising adoption of social media platforms which is expected to increase consumer inclination towards branded handbags. This factor is likely to drive revenue growth of the organized handbags market during the forecast period. Moreover, growing fashion industry around the globe has promoted the growth of various handbags products and it is expected to play key role in handbags market growth during the forecast period.
Leather material Segment to Witness Fastest Growth Rate during the Forecast Period
Handbags made with the help of leather is expected to holds significant market share due to rising consumer preference for high quality and durable handbags products. Gaining popularity of exclusive retail stores among female and strong distribution network of major handbags manufacturers is supporting the market growth especially in developed economies. For instance, according to the Travel Goods Association, in 2016, American women bought almost two handbags, on average, in the United States over the age of 14. Moreover, changing fashion trends influencing consumers to prefer handbags which have attractive in design. This also encouraging leading market players to introduce trendy and innovative designs for handbags products. Additionally, growing demand for trendy premium hand bags, is boosting growth of HANDBAGS market. However, decreasing raw material supply, growing popularity of replica products by unorganized market is restraining growth of handbags market at some extent.
Asia-Pacific to witness significant growth the Handbags Market Growth
In North America, the demand for handbags is growing in the US with the rising demand for affordable luxury handbags along with the presence of top brands in the country. The arrival of numerous handbags brands and their easy availability through offline and online retail stores augmented the demand for handbags among consumers in the US. In developed economies, the replacement cycle of luxury handbags is high compared to the developing countries which is driving the market growth in North America and Europe region. Availability of affordable high quality handbags and demand for durable shoulder bags and purses are supporting the market growth in the Asia-Pacific region. In Asia-Pacific region, China holds largest amount of each category which is derived from leather and fabric raw material. Key players in Asia-Pacific region are focusing on Bangladesh leather market, seeking to draw investors and to increase the market share in leather handbags market.
Key Developments in the Handbags Market
July 2018 – Patrice Morgan launched a new line of handbags named Fennel, after finding success with her Bermuda Born brand. The Fennel is made of leather and comes in neutral and darker shades. The style bags are also more diverse than Bermuda Born, which consists of more pinks, blues and brighter colors.
August 2018 – Burberry launches two handbags including Qixi bags just for China on first Wechat Mini-Program. The WeChat mini-program allows the customer to experience brand in a seamless and engaging way.
Competitive Landscape of Handbags Market
Handbags Market Major Key Players – Burberry Group Plc, Chanel S.A., Compagnie Financière Richemont SA , Fossil Group, Inc., Gucci America, Inc., Hermès International S.A., LVMH Moët Hennessy Louis Vuitton S.E, Michael Kors , Nine West Holdings, Inc., Prada S.p.A., Tapestry, Inc., Ted Baker plc, and Tory Burch LLC., among others.
Reasons to Purchase this Handbags Market Research Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information,
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Key Answers Catch in Analysis are:
– Which geographical region would have more demand for Handbags product/services?
– What are the business strategies accepted by leading players in the Handbags region-wise market?
– Which country would see the precipitous rise in CAGR & annual Handbags growth?
– What is the ongoing & estimated Handbags market size in the upcoming years?
– What is the Handbags market possibility for long-term investment?
– What type of opportunity would the country provide for current and Handbags market new players?
– What are the risk and challenges involved in Handbags suppliers?
– What are the factors which would propel the demand for the Handbags product in coming years?
– What is the impact study of numerous factors in the growth of the Global Handbags market?
– What are the latest trends in the regional Handbags market and how prosperous they are?
Reasons to Purchase Handbags Market Report:
- The report analyses how stringent emission control norms will drive the global Handbags market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Handbags market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Handbags Market Report TOC Includes:
- Overview of Handbags market, scope of report and include research phases
- Handbags market insight based on industry analysis and forecast analysis
- Covers market drivers, restraints and opportunity faced by market
- Market segmentation and analysis by product types and applications
- Regional market analysis based on market size, growth rate and forecast year
- Competitive analysis based on mergers and joint ventures
- Share recent development and strategies of current Handbags market
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