LONDON--(BUSINESS WIRE)--The global tote bags market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global tote bags market is the increased consumer fashion consciousness and spending on personal goods. Consumers are becoming more fashion conscious than ever with desires to purchase unique designs, styles, and colors in tote bags that can provide an aesthetic and modern look. This coupled with the rise in consumer spending power, increased smartphone penetration, and modern lifestyles are positively impacting the demand for tote bags. As a result, vendors operating in the personal goods segment are introducing an assortment of tote bags that play a vital role in helping customers choose the desired product.
As per Technavio, the increased demand at airport retail stores will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global tote bags market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global tote bags market: Increased demand at airport retail stores
Airport retail outlets are witnessing high demand for handbags, including tote bags as travelers prefer to buy luxury and premium products from duty-free stores at airports. This is mainly because these stores offer products at lower prices than local retail stores. This rising popularity of airport retailing has led several airports to dedicate large areas for retail stores and shopping centers. Other factors such as checking in two hours prior to the departure time, delayed flights, and last-minute shopping also contributes to the market growth through this channel.
“The fashion industry has been experiencing rapid changes and advances over the last two decades, mostly due to the growth in the number of fashion-conscious consumers, especially in developing regions. This has encouraged vendors to endorse tote bags through celebrities in order to propel the purchase decisions of consumers. In addition, vendors use various methods including the use of social media platforms such as Facebook, Twitter, Pinterest, and Google+ to enhance brand equity and promote their products,” says a senior research analyst at Technavio.
Global tote bags market: Segmentation analysis
This market research report segments the global tote bags market by distribution channel (offline and online) and geographic regions (North America, Europe, APAC, South America, and MEA).
The offline segment held the largest tote bags market share in 2018. The growth of this segment is driven by the constant efforts of vendors to expand their stores in local and regional markets, and the introduction of new product and retail strategies.
The Europe region led the market in 2018, followed by APAC, North America, MEA, and South America, respectively. The market growth in Europe can be attributed to the significant availability of fashion products and the increase in demand for luxury and premium tote bags in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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