New York, US, March 16, 2023 (GLOBE NEWSWIRE) -- Luxury Handbags Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Luxury Handbags Market Information By Type, Material Type, Consumer Group, Distribution Channel, And Region - Forecast till 2030"; the market will reach USD 53,802.99 million by 2030 at a 7.20% CAGR.
Market Synopsis
Luxurious handbags are made by skilled artisans and are valued as investments and status symbols. Luxurious handbags are easily accessible through both offline and online distribution channels. Luxury handbag producers have begun to pay attention to the emerging customer class, which is on the increase right now and is projected to grow more and more significantly in the coming years in an era of rapidly shifting fashion trends. Also, businesses are pledging to spend a substantial amount of money to pique the attention of the younger demographic, including millennials and Gen Z, also known as the market's future clients. Handbags have recently become popular among the most coveted personal items worldwide. Many handbags have gained significant notoriety and popularity due to their accessibility, visibility, and desirability.
Handbags are utilized by everyone for various functions in their daily lives and are made from various materials, including straw, canvas, mesh, leather, nylon, vegan leather, and jute. For instance, individuals typically favor canvas handbags for shopping; professionals in the corporate world typically favor leather bags; conversely, women typically prefer clutches or wristlets for events or a night away. The rise in income per capita of the target market and ongoing attempts by luxury handbag makers to evolve their product offerings are some of the major factors driving the expansion of the world market for luxury handbags. Significant market development potential is also created by consumers' increased demand for luxury handbags made sustainably and with minimal environmental impact.
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/7922
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 53,802.99 million |
| CAGR | 7.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Material Type, Consumer Group, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising female employment rate |
| increasing inclination towards fashion products |
Market Competitive Landscape:
The illustrious contenders in the luxury handbags market are:
- Atelier (US)
- Louis Vuitton (France)
- Burberry Group PLC (UK)
- Chanel S.A. (France)
- Dolce & Gabbana S.R.L. (Italy)
- Prada S.p.A. (Italy)
- Michael Kors GmbH (Switzerland)
- Ralph Lauren Corporation (US)
- Cartier International SNC (France)
- PVH Corp. (US)
- MCM Worldwide (Germany)
- Guccio Gucci S.p.A. (Italy)
- Giorgio Armani S.p.A. (Italy)
- Valentino S.p.A. (Italy)
- Tory Burch LLC (US),
Market U.S.P. Covered:
Market Drivers:
Premiumization has persisted as a trend across numerous industries, including food, clothing, cosmetics, and others. Manufacturers use this approach to highlight a product's exceptional quality and exclusivity to increase consumer attractiveness. Because the bulk of the target market's per capita income has increased, they emphasize the product's quality more than its price. Global demand and supply are rising as people become more aware of the various brands. The increasing availability of raw materials used to make handbags is causing a healthy market growth rate. This continuing trend has significantly boosted the value of the worldwide handbag market overall.
Although the "new" tech-savvy generation seeks a personalized, flawless brand association, luxury handbag companies are investing globally in digital marketing and using social networks to communicate with customers more and more. The market has more room to grow due to increased social media bloggers and increased use of social media platforms. In other words, increasing consumer awareness of the newest styles and patterns due to endorsements from bloggers and celebrities, combined with the desire to wear the newest styles, directly impacts market growth. Also, the development and growth of the consumer goods sector directly affect the market expansion rate. Companies are also reevaluating the importance of brand history and heritage to their customers. Also, luxury businesses have begun to communicate with customers by capitalizing on social networking sites due to the increase in internet usage and the importance of social media.
Browse In-depth Market Research Report (90 Pages) on Luxury Handbags:
https://www.marketresearchfuture.com/reports/luxury-handbags-market-7922
Market Restraints:
The elevated cost of research and development, the lack of adequate infrastructure, the unevenly excessive cost of the products, and the detrimental effects of COVID-19 on the supply chain, on the other hand, are anticipated to restrain market expansion. Also, the market is expected to face challenges from high import taxes, increasing import levies, a supply of fake goods, and insufficient infrastructure in middle-income and low-income nations during the forecast period.
COVID-19 Analysis
The market was negatively impacted by COVID-19. This was brought on by closing the factories and plants due to the lockdown and limitations. Most of the world's population was forced to stay home due to lockdown regulations and travel bans brought on by the COVID-19 epidemic. Most customers reported cutting back on their purchases of trendy clothing and accessories, ascribed to factors like restrictions on imports and exports in addition to tourism and travel. The need for handbags is predominantly fueled by increased female employment across all industries and rising brand awareness among consumers globally. Disruptions in the transportation and supply chains added to the market's challenges. In other words, the value chain disruptions—which included job losses, changes in the raw material supply, trade, logistics, and uncertain customer demand—led to a backlash in the market.
Market Segmentation
By material type, the market includes leather, synthetic, and cotton. By type, the market includes tote bags, clutches, shoulder bags, satchels, crossbody bags, hobo bags, and briefcases. By distribution channel, the market includes store-based and non-store-based. By consumer group, the market includes men, women, and unisex.
Buy Now: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=7922
Regional Analysis
Europe dominates the market for luxury handbags worldwide because countries like France, the UK, Germany, and others have several important value-added companies that have been getting more traction with target consumers. The market for luxury handbags is expected to be significantly influenced by the increase in the number of working women in Europe. Also, an increase in assets in Eastern Europe is anticipated to affect market expansion positively. Also, the rise in millionaires due to the prosperity of the Asia-Pacific region fuels the expansion of the luxury handbag market. Because that consumers in North America have a high discretionary income, the fashion industry's growing influence over a larger audience is predicted to increase interest in handbags in the region. International providers in the North American industry experience increased sales during these occasions.
Discover more research Reports on Consumer and Retail Industry, by Market Research Future:
Luxury Furniture Market Research Report: Information by Product Type (RTA and Non-RTA), Material Type (Wood, Melamine, Glass, Steel, Wrapped Panels, Finished Foils, Laminates and Lacquered Panels), Furniture Type (Chairs, Sofas, Tables, Beds, Cabinets and Others), End-Use (Commercial and Household) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
Luxury Fashion Market: Information by Product Type (Clothing & Apparel, Footwear, and Accessories), by End User (Men, Women, and Unisex), by Distribution Channel (Store-Based and Non-Store Based), and Region (North America, Europe,Asia-Pacific, Rest of the World)—Forecast till 2028
Luxury Jewelry Market Research Report Information By Type (Necklace, Ring, Bracelet, Earrings, and Others), By Material (Gold, Silver, Platinum, and Others), By End-Users (Men and Women), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
