Published on : Dec 13, 2018
ALBANY, New York, Dec 13, 2018: The demand for global luxury handbag market is increasing on account of rising number of buying options for consumers. As per the report, the luxury handbag market is witnessing vast expansion based on valuation and size majorly due to the growth in the retail e-commerce industry. The competitive landscape of this market is intense on account of numerous key players prevailing in the market. Few of the major key players operating in the luxury handbag global market include Loeffler Randall, PVH Corporation (Calvin Klein), Rebecca Minkoff, Macy’s Inc., Michael Kors Holdings Limited, MAUS Freres SA (The Lacoste Group), MILLY NY, Vera Bradley Sales, LLC., Giorgio Armani S.p.A. (Armani), GANNI A/S, and Louis Vuitton SE (Marc Jacobs Int. LLC).
The luxury handbag market is geographically divided into various regions. As per revenue, Europe is estimated to account for the majority of market share in the forecast period. Also, Asia Pacific is expected to grow at the highest rate within the forecast period. Increasing disposable income, changing fashion trends, and rising consumer spending are some of the factors responsible for the growth of this region. As per type, synthetic and leather segment is estimated to dominate the market in the forecast period.
The competitive trends and situation prevalent in the luxury handbag market have been expansively elaborated in the publication. In the same section, it has placed importance on expansion, mergers and acquisitions, product launches, and market shares of key players along with their market concentration rate. It has also analyzed the vendor competition in the market depending on the various segments, viz. product type, revenue, production, sales area, manufacturing base distribution, and market shares between 2018 and 2026.
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Key drivers, trends, and opportunities are highlighted in the luxury handbag report. The report also talks about some of the challenges faced by the market in this publication. The report is prepared with the collation of primary and secondary data. Primary data is evaluated after interviewing some of the well-known faces in this industry. Secondary data is fetched and analyzed from various legit sources which include journals, publications, and press releases.
The luxury handbag market is primarily driven by rising preference for superior and branded products, and increasing disposable income among consumers. This market is significantly growing with a significant trend of using logos and new logo styles globally. The sales of luxury handbags are boosting as the brand recognition gains momentum worldwide. Also, this market is expanding in various developed and developing countries such as Russia, United States, India, and South Korea. Rising awareness among consumers in online buying methods, especially on Instagram and Facebook are also impacting the growth of the luxury handbag market.
However, the availability of alternatives is the primary factor restraining the growth of the luxury handbag market. Local vendors copy the original product and sell them at a premium price. Nonetheless, growing working women population and changing preference towards using handbags in men are expected to uplift the market in the forecast period.
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