The rapid Internet penetration helps manufacturers offer product information to consumers in a convenient manner, thereby making purchases easy and driving the growth of the global handbag market. Owing to their busy schedules, consumers prefer shopping online. The adoption of digital products such as tablets, smartphones, and laptops have further boosted the online sales of handbags. Social media also plays a pivotal role in increasing product awareness. Consumer engagement through social networking sites and blogs has increased. Therefore, vendors prefer to use social media to increase awareness and promote products. Our analysts have predicted that the handbag market will register a CAGR of close to 5% by 2023.
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Rise in product launches by renowned brands
New product development, improved design and style, and high levels of marketing support will increase the demand for handbags. The availability of new and improved handbag models encourages customers to update their collection. This will support the growth of the global handbag market during the forecast period.
Long product replacement cycles
Major handbag manufacturers give warranty and guaranty for their products, which further increases the life span of the product. This purchase behavior of consumers in the market discourages repeat purchases, thereby lowering the revenue of the market. Thus, the long replacement cycle of handbags restricts sales, thereby hampering market growth.
For the detailed list of factors that will drive and challenge the growth of the handbag market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the markets competitive landscape and offering information on the products offered by companies.
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
– 2.1 Preface
– 2.2 Preface
– 2.3 Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
– Market ecosystem
– Market characteristics
– Market segmentation analysis
PART 04: MARKET SIZING
– Market definition
– Market sizing 2018
– Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
– Bargaining power of buyers
– Bargaining power of suppliers
– Threat of new entrants
– Threat of substitutes
– Threat of rivalry
– Market condition
PART 06: MARKET SEGMENTATION BY DISTRIBUTION CHANNEL
– Market segmentation by distribution channel
– Comparison by distribution channel
– Offline – Market size and forecast 2018-2023
– Online – Market size and forecast 2018-2023
– Market opportunity by distribution channel
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