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. —
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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.
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.
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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.
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, recent developments, SWOT analysis, and strategies employed by the major market players
•3-month analyst supports, along with the Market Estimates sheet in excel
Customization of the Handbags Market Research Report
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