LONDON--(BUSINESS WIRE)--The handbag market size is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The global Internet penetration rate is growing at a rapid pace, which is encouraging handbag manufacturers to leverage e-commerce platforms to offer a wider range of products and cater to customers demand for comfort and convenience while shopping. Consumers across the world are increasingly shifting to online shopping platforms owing to their busy schedules. The growing adoption of digital products such as smartphones, tablets, and laptops is further boosting the online sale of handbags. Thus, the increase in e-commerce penetration will significantly drive the handbag market growth during the forecast period.
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As per Technavio, the growing adoption of omnichannel retailing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Handbag Market: Growing Adoption of Omnichannel Retailing
With the constant development of digital technologies and the e-commerce market, omnichannel retailing has emerged as a new mode of product distribution. Omnichannel retailing provides shoppers with 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.
“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,” says a senior analyst at Technavio.
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Handbag Market: Segmentation Analysis
This market research report segments the handbag market by distribution channel (offline and online) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. The growth of the handbag market share in APAC can be attributed to several factors such as the emerging middle-class population, increasing demand for fashion products and rising disposable income.
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Some of the key topics covered in the report 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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