LONDON--(BUSINESS WIRE)--The leather handbags market size is expected to post a CAGR of about 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing competition and customer demand arising from rapid changes in the fashion industry are prompting market vendors to introduce new designs and patterns. Vendors are expanding their product lines by offering handbags for formal and casual purposes. Handbag manufacturers are catering to the demand from high-end and premium customers by using exotic leather for manufacturing. Market players are also designing personalized and customized leather goods to attract consumers to spend more on exclusive products.
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As per Technavio, the 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 significant trends and market drivers that will affect market growth over 2019-2023.
Leather Handbags Market: Adoption of Omnichannel Retailing
Appropriate channels of distribution, effective advertising, and aggressive pricing strategies are essential in promoting products among end-users. Rapid Internet penetration is helping manufacturers to easily disseminate product information to consumers, thereby increasing brand awareness and demand for the product. Moreover, vendors are leveraging the increased adoption of digital products, such as tablets, smartphones, and laptops, to sell products through the online channel. Thus, the growing adoption of omnichannel retailing is a key trend that will boost the leather handbags market growth during the forecast period.
“Factors such as the increasing demand for eco or organic leather and the preference for affordable luxury leather handbags will have a significant impact on the growth of the leather handbags market value during the forecast period,” says a senior analyst at Technavio.
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Leather Handbags Market: Segmentation Analysis
This market research report segments the leather handbags market by distribution channel (offline and online) and geography (the Americas, APAC, and EMEA).
The Americas led the market in 2018, followed by APAC and EMEA, respectively. However, the APAC region is expected to register the highest incremental growth during the forecast period, due to factors such as the emerging middle-class population, rising disposable incomes, and increasing demand for fashion products.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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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