LONDON--(BUSINESS WIRE)--A new market research study by Technavio on the global luxury handbags market projects the market to grow at a CAGR more than 7% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers, and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
High influence of celebrity endorsements on purchase decisions
The fashion industry has been witnessing rapid changes and advances over the last two decades, mainly due to the growth in the number of fashion-conscious consumers, especially in developing regions. Endorsements and the use of fashion products by celebrities serve as catalysts in propelling purchase decisions. Therefore, handbag manufacturers are increasingly relying on celebrity endorsements to build their brand image and trigger the sales of luxury handbags.
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Increasing demand for luxury handbags made of eco-friendly material
The handbags market is witnessing high demand for luxury handbags made of eco-friendly materials such as organic leather products. Moreover, governments and various animal protection agencies have raised concerns against the hunting of animals, which has restricted the supply of leather. The US Department of Agriculture (USDA) and National Organic Program ensure the use of leather obtained from animals raised on organic feed and that their skin is tanned in certified organic tanneries wherein plant-based smoke is used. Thus, the increased demand for and use of organic leather is expected to propel the need for and the supply of organic leather luxury handbags during the forecast period.
According to a senior analyst at Technavio, “Apart from the increased demand for luxury handbags made of eco-friendly material, other factors such as the personalization and customization of luxury handbags, along with the development of convertible handbags will positively impact the growth of the luxury handbags market size during the forecast period.”
Stringent regulations for procuring raw material such as leather
Leather is one of the premium raw materials in the luxury handbags market. However, the leather industry faces strict government regulations. Vendors operating in the tanning industry need to adhere to various regulations for the production of leather, which include waste disposal, use of chemicals, environmental protection, and recycling. These regulations imposed on the leather industry and luxury handbags increase the costs borne by vendors and also slow down the production process. However, vendors are leveraging the high demand for handbags made of eco-friendly materials, which will drive the growth of the luxury handbags market size during the forecast period.
Top players in the global luxury handbags market:
Some of the key topics covered in the global luxury handbags market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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