“Latest Market Overview for Handbags Market Research Report 2018-2023 with CAGR 4.6%
Global Handbags Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Handbags market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Burberry Group Plc
- Chanel S.A.
- Compagnie Financière Richemont SA
- Fossil Group
- Gucci America
- Hermès International S.A.
- LVMH Moët Hennessy Louis Vuitton S.E
- Michael Kors
- Nine West Holdings
- Prada S.p.A.
- Ted Baker plc
- Tory Burch LLC.
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Description of Handbags Market: Handbags Market Insight
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.
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.
Asia-Pacific to witness significant growth the Handbags Market Growth
In North America, the demand for handbags is growing in the US with the rising demand for affordable luxury handbags along with the presence of top brands in the country. The arrival of numerous handbags brands and their easy availability through offline and online retail stores augmented the demand for handbags among consumers in the US. In developed economies, the replacement cycle of luxury handbags is high compared to the developing countries which is driving the market growth in North America and Europe region. Availability of affordable high quality handbags and demand for durable shoulder bags and purses are supporting the market growth in the Asia-Pacific region. In Asia-Pacific region, China holds largest amount of each category which is derived from leather and fabric raw material. Key players in Asia-Pacific region are focusing on Bangladesh leather market, seeking to draw investors and to increase the market share in leather handbags market.
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.
Competitive Landscape of Handbags Market
Reasons to Purchase this Handbags Market Research Report
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The Global demand for Handbags Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Handbags Market Report:
- A wide summarization of the Global Handbags Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Handbags Market.
- Analysis of company profiles of Top major players functioning in the market.
Handbags Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Handbags Market players in detail. Handbags Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Handbags Market report 2023?
- Key Market Dynamics: The Global Handbags Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Handbags Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Browse Detailed TOC, Tables, Figures, Charts, and Companies Mentioned in this Market Research Report @ https://360researchreports.com/Handbags-13104373
The growth of this market worldwide is subjected to various factors; including consumer world-class Handbags Market of many Handbags Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.