LONDON--(BUSINESS WIRE)--A new market research study by Technavio on the global handbag market projects the market to grow at a CAGR of close to 5% 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.
Increase in e-commerce penetration
The global Internet penetration rate is growing at a rapid pace, encouraging handbag manufacturers to leverage e-commerce platforms to offer products conveniently. Moreover, consumers across the world are increasingly shifting to online shopping owing to their busy schedules. The growing adoption of digital products such as smartphones, tablets, and laptops is further boosting the online sales of handbags. Thus, the increase in e-commerce penetration will significantly drive the handbag market growth during the forecast period.
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Growing adoption of omnichannel retailing
With the constant development of digital technologies and e-commerce market, omnichannel retailing has emerged as a new mode of product distribution. Omnichannel retailing provides shoppers an integrated experience across online and offline channels. It provides a seamless and consistent shopping experience, irrespective of the touchpoint used. This form of retailing helps handbag manufacturers leverage the available inventory as omnichannel requires them to have a centralized system to provide instant information about the available products. Hence, the growing adoption of omnichannel retailing will boost the growth of the handbag market size during the forecast period.
According to a senior analyst at Technavio, “Apart from the growing adoption of omnichannel retailing, other factors such as the rise in product launches by renowned brands and the increase in strategic alliances will have a significant impact on the growth of the handbag market size during the forecast period.”
Long product replacement cycles
The purchase decision of consumers is highly dependent on the quality of the products and branding. Hence, various established handbag manufacturers are focusing on using superior quality raw materials to manufacture highly durable and efficient products that do not require frequent replacement. Although a good quality handbag has a longer replacement cycle, the growing rise in per capita income and fashion consciousness of young millennial consumers will propel the global handbags market during the forecast period.
Top players in the global handbag market:
- Tapestry, Inc.
Some of the key topics covered in the global handbag 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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