The latest report on “Luxury Handbag Market (Type – Handbag, Backpack, Wallet, and Other Types; Material – Cotton, Leather, Nylon, and Synthetic; Gender – Men, and Women; Distribution Channel – Retailer, Department Stores, and Online Channels): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global luxury handbag market is projected to grow at a CAGR of 7.2% over the forecast period of 2019-2025.
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Rapid changes and advances are taking place in the fashion industry. The changing lifestyle of the young generation is promoting changes in the fashion industry. The leading players in the luxury handbag market are focusing on new product launches, mergers and acquisitions to expand their market share. For instance, Michael Kors Holdings Limited acquired Versace fashion house. The acquisition of Versace has made Michael Kors Holdings Limited a leading global fashion luxury group in the world.
Availability of Handbags in Attractive Shapes and Sizes Drive the Growth of the Luxury Handbag Market
The changing taste and preferences are contributing to changes in the fashion industry. The availability of handbags in attractive shapes and sizes drive the growth of the luxury handbag market. The new innovative and trendy bags are contributing to the growth of the luxury handbag market. The increasing number of working women and rising disposable income boosts the growth of the luxury handbag market.
In addition, the growing demand for multipurpose bags stimulates the growth of the luxury handbag market. On the other hand, the availability of duplicate premium luxury bags hinders the growth of the luxury handbag market. Moreover, new developments in luxury handbags such as tech-handbags that combine technology with fashion to form handbags create opportunities for the growth of the luxury handbag market. The new high-tech handbags have facilities such as phone chargers and tracking devices.
Europe is Anticipated to Have a Dominant Share in the Luxury Handbag Market
Geographically, the global luxury handbag market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. Europe is anticipated to have a dominant share in the luxury handbag market. The easy availability of premium handbags and rising disposable income contribute to the growth of the luxury handbag market in Europe. Asia-Pacific region is expected to grow in the luxury handbag market. The changing fashion trends in the Asia-Pacific region propel the growth of the luxury handbag market in the Asia-Pacific region. North America is also expected to have a significant growth in the luxury handbag market over the forecast period.
The report on global luxury handbag market covers segments such as type, material, gender, and distribution channel. On the basis of type, the sub-markets include handbag, backpack, wallet, and other types. On the basis of material, the sub-markets include cotton, leather, nylon, and synthetic. On the basis of gender, the sub-markets include men, and women. On the basis of distribution channel, the sub-markets include retailer, department stores, and online channels.
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The report provides profiles of the companies in the market such as Wan Lima, Macy’s, Inc., Michael Kors Holdings Limited, Phillip Lim, ProenzaSchouler, Derek Alexander, Stella McCartney, Rebecca Minkoff, PVH Corp., Gucci, and Other companies.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the luxury handbag.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.