Global Luxury Handbag Market to Accrue Substantial Growth During 2020-2025

July 08, 2020

According to the research report titled ‘Global Luxury Handbag Market - Analysis By Type, Sales Channel (Online, Offline), Pricing Analysis: Market Insight, Opportunities and Forecast (2020-2025)’, available with Market Study Report LLC, global luxury handbag market was valued at USD 59352.05 million in the year 2019 and is expected to accrue significant growth during 2020-2025.

The luxury handbag manufacturers are constantly innovating products in terms of color shades, weight, and shapes to satisfy the ever changing needs of the buyers. Also, the famous handbag manufacturers in various regions are carrying out research and development of the product with rise in availability of bags is driving the market growth. Furthermore, increasing self-individualism is expected to contribute to the market growth over the forecast period.

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Based on the findings of the study, countries like China, Brazil, Mexico, and Japan are anticipated to experience high demand of premium handbags during 2020-2025. Europe, followed by North America, is the largest market for premium products. Luxury items that are made in Italy are progressively admired by the people who are true-luxury purchasers, and rapidly gaining attention among millennials and Chinese purchasers due to the availability of eminent products. Besides these factors, rapid product innovation in the handbag sector, changing lifestyle, and inclination towards individualism is further driving industry expansion.

Speaking of the regional contribution, Europe is expected to hold the largest market share due to the increase in internet penetration. Furthermore, number of well-informed buyers have spurred the demand for innovative designs of bags. Also, rise in penetration of online sales and increasing expenditure on high end items are amplifying the market share in North America.

Based on type, the market is segmented into concentrated tote bag, briefcase, shoulder bag, and others. With regards to the sales channel, the market is segmented into online sales and offline sales.

The key players operating in the global luxury handbag market are Prada, Chanel, MANU Atelier, Louis Vuitton Moet Hennessy (LVMH), Coach, GUCCI, HERMES, Capri Holdings Limited, Burberry, and Tory Burch LLC among others.

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