Published on : Aug 16, 2016
ALBANY, New York, August 16, 2016: ResearchMoz.us has added a new report on the global handbags market to its vast repository of market reports. As per the report, the global handbags market is expected to expand considerably due to the rising use of various kinds of handbags, the growing demand from the youth demographic, and the rise in the female workforce. Changing fashion trends are also projected to propel the global market for handbags, state the analysts, as bags and handbags have become a fashion investment. Accordingly, the trend in handbag design has changed from classic purses to multi-color stylish handbags with a variety of features.
The report, titled ‘Global Handbags Market: Industry Analysis & Outlook (2016-2020),’ highlights the key factors affecting the global market. Primarily, the global handbags market is expected to benefit from the rise in HNWI wealth and the growing youth population. However, declining store presence, decreasing worldwide GDP growth, and high import duties are some of the factors expected to hamper the growth of the global handbags market. The analysts predict that the shift from big-size tote bags to smaller bags and the rising preference for multicolor handbags will benefit the global demand for handbags.
The demand for graphic handbags, circle bags, clutches, bucket bags, satchels, athletic bags, hobo bags, baguette bags, and tote bags is expected to increase in developed regions in the coming years. Changing fashion trends, growing sales, and changing buying patterns of people are some of the factors responsible for the growth of the global handbags market. The use of high-quality materials has made it possible for key manufacturers to come up with new designs and types of handbags.
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The emergence of social media and online retail platforms has helped handbag manufacturers to advertise their products effectively. The sale of all kinds of consumer goods has increased in recent years due to the availability of online shopping stores, and handbags are no exception. The easy availability of handbags of all types at various stores, shopping malls, and supermarkets has further benefited the global handbags market. Even though the global handbags market is experiencing rapid growth, the availability of local products at reasonable prices is expected to affect the sales of branded products.
Key manufacturers are currently focusing on introducing new handbags for fashion-conscious customers at reasonable prices. This is expected to assist key players in maintaining their dominance in the global market. LVMH, Michael Kors, Coach, and Kate Spade are some of the key organizations listed in the report. As per the findings of the research, key players are concentrating on increasing the sale of specific types of handbags by targeting specific regions, as per the buying capacity of the region’s population. For an accurate analysis of the sales of handbags, the global market is regionally divided into Asia Pacific, North America, Europe, and Rest of the World.
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