LONDON--(BUSINESS WIRE)--The global clutch bag market is expected to post a CAGR of almost 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Countries such as the US, China, France, the UK, and Italy have witnessed significant growth in the sale of luxury handbags. This is due to the rising spending power of consumers and increasing celebrity endorsement of luxury brands. In addition, the increased spending on personal luxury products by baby boomers has increased the demand for luxury clutch bags. These factors are encouraging prominent vendors to implement latest technologies such as AI to offer more personalized and timely customer services and attract customers through targeted marketing. The rising demand for luxury clutch bags is expected to drive the growth of the market during the forecast period.
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As per Technavio, the use of vegan leather and eco-friendly materials in clutch bags 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 2020-2024.
Global Clutch Bag Market: Vegan Leather and Eco-Friendly Materials in Clutch Bags
Governments and various agencies across the world has put restrictions on hunting animals, affecting the supply of leather. In addition, the growing consumer demand for cruelty-free products has also compelled several market vendors to increase the use of non-animal alternatives and recycled materials. This has led to the emergence of vegan leather-based, eco-friendly clutch bags made of materials such as grain-based leather and pineapple leaf fibers. This trend is expected to have a positive impact on the growth of the global clutch bag market during the forecast period.
“The advent of customized clutch bags and increasing spending on personal goods will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Clutch Bag Market: Segmentation Analysis
This market report segments the global clutch bag market by geography (APAC, Europe, MEA, North America, and South America) and distribution channels (offline and online).
The APAC region led the market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to several factors such as increased spending by millennials on personal goods, rising disposable income, growing demand for luxury and premium leather products and the increase in working women population in the region.
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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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