LONDON--(BUSINESS WIRE)--The global clutch bag market size is poised to grow by USD 4.92 billion during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growing demand for luxury clutch bags will be a significant factor in driving the growth of the clutch bag market. With the rising spending power of consumers, the need for luxury products, including luxury clutch bags, has also increased. The demand for luxury clutch bags is expected to be particularly high among the baby boomer population segment in countries, such as the US, the UK, China, France, and Italy. Several luxury brands are using AI-powered technologies and adopting targeted marketing, personalization, and timely automation strategies to attract more customers and increase their sales of luxury clutch bags. Moreover, the rising popularity of celebrity-endorsed luxury brands will influence the spending behavior of consumers and boost the sales of luxury clutch bags.
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- The major clutch bag market growth came from the offline distribution channel segment. Offline retail stores allow consumers to choose from a wide range of clutch bags of various brands and categories based on their budget and requirement. The convenience offered by the offline distribution channel will boost the sales of clutch bags through various new retail formats, including signature stores, factory outlets, malls, and shopping centers.
- APAC was the largest market for clutch bags in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increased spending by millennials on personal goods, rising disposable income, growing demand for luxury and premium leather products, and increasing population of working women are some of the significant factors contributing to clutch bag market growth in this region.
- The global clutch bag market is fragmented. Burberry Group Plc, Capri Holdings Ltd., CHANEL Ltd., Dolce & Gabbana Srl, Global Brands Group Holding Ltd., Hermès International, Kering SA, LVMH Moët Hennessy - Louis Vuitton, Ralph Lauren Corp., and Tapestry Inc. are some of the major market participants. To help clients improve their market position, this clutch bag market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the clutch bag market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/clutch-bag-market-industry-analysis
Use of Vegan Leather and Eco-Friendly Materials for Clutch Bags will be a Key Market Trend
The demand for cruelty-free products is increasing among consumers. The restriction on the hunting of animals due to concerns raised by governments and various animal protection agencies has limited the supply of leather. The rising demand for vegan leather-based and eco-friendly products, which is one of the critical clutch bag market trends, has driven market vendors to use vegan leather made from plant materials to manufacture handbags, including clutch bags. Several prominent clutch bag vendors are using 100% recycled plastic bottles to make the lining within clutch bags. CHANEL has gone cruelty-free and stopped using fur and animal skin for its products, including clutch bags.
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Clutch Bag Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist clutch bag market growth during the next five years
- Estimation of the clutch bag market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the clutch bag market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of clutch bag market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market size and forecast 2019-2024
- Market outlook
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY DISTRIBUTION CHANNEL
- Market segmentation by distribution channel
- Comparison by distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by distribution channel
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Customized clutch bags
- Vegan leather and eco-friendly materials for clutch bags
- Increasing fashion sense of customers and spending on personal goods
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Burberry Group Plc
- Capri Holdings Ltd.
- CHANEL Ltd.
- Dolce & Gabbana Srl
- Global Brands Group Holding Ltd.
- Hermès International
- Kering SA
- LVMH Moët Hennessy - Louis Vuitton
- Ralph Lauren Corp.
- Tapestry Inc.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.