A new report, analyzing the market trends and factor along with competitiveness for the industry participants in the handbags and accessories industry has been recently added to the report offerings of Market Research Hub (MRH). This study majorly focuses on the U.S. market, therefore titled as “Handbags and Accessories- U.S. – April 2017”. This industry report covers key industry statistics, market trends, growth and profit forecasts for coming few years.
According to the study findings, handbags and accessories are among the fastest growing segments in the overall luxury goods industry. Also, the global market for handbags and accessories is continually rising since the recession and is further expected to be a highly growing and profitable market for the next couple of years. On the other hand, in the U.S. the premium handbags and accessories market continues to grow, mainly driven by some key factors which are briefly discussed in the study. With the increasing demand for affordable luxury handbags together with the onset of brands such as Michael Kors, Kate Spade, Marc Jacobs, Ralph Lauren, Coach and Tory Burch, the demand for handbags is rising in the U.S.
Initially, the report starts by presenting the market snapshot of handbags and accessories along with the issues and opportunities for the market leading players. In the U.S., one major trend emerging is the increasing disposable income among consumers. With the rise in disposable income, consumers are spending more on affordable luxury products than on premium luxury products. At present, consumers remain cautious when it comes to spending their discretionary income, and for most, handbags and accessories aren’t at the top of the priority list. In fact, consumers are buying fewer accessory items and shifting toward more reasonable options instead of designer labels. In this market, new channels like E-Commerce or online shopping have become popular mainly driven by consumers looking for good bargains. This can be a major drawback for the leading brands.
Moreover, the research highlights the key factors present in the U.S. market. As per the report, young, urban and upscale consumers represent the primary target opportunity. Economic conditions create an opportunistic market and strong US dollar effects the luxury segment also. By looking to factors, key players have also observed that affordable accessorizing is now more than just a trend for the U.S. customers. Currently, the trending accessories leading in the U.S. market are Socks and Hosiery, Jewelry, Belts, Gloves, Wallets, Hats, Scarves, Watches and Ties.
Furthermore, the report also provides insights into the restraining factors, upcoming strategies, consumer’s perspective towards handbags and accessories. The report also states that competition is strong in the luxury handbags industry, with a number of players operating in this segment.
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