Global Luxury Handbag Market Report 2021: Growing Influence of Social Media and Increasing Numbers of Digital Buyers Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Luxury Handbag Market: Size & Forecast with Impact Analysis of COVID-19 (2021-2025)" report has been added to ResearchAndMarkets.com's offering.

The global luxury handbag market has increased significantly in 2020 and projections are made that the market would rise in the next four years i.e. 2021-2025 tremendously.

The luxury handbag market is expected to increase due to escalating influence of social media, growing number of digital buyers, soaring urban population, increasing female population, dominating luxury consumption by millennial and Gen Z generations, etc. Yet the market faces some challenges such as availability of counterfeit products, presence of lower-priced premium brands, etc.

Luxury handbags are expensive bags, made from high-quality materials by experienced designers. Luxury handbags are considered an investment piece and confer status. A wide range of materials are used to manufacture luxury bags, such as leather, denim, vinyl, etc.

There are many factors to select different luxury bags. A few of them are: shape, color, leather type, size capacity, handle length and budget. The major benefits of choosing a good quality designer handbag include make a statement, high quality, durable, repairing of accidental damage, great customer service, and uniqueness.

The luxury handbag market can be segmented on the basis of type (Shoulder bags, Clutches, Sling Bags, Tote Bags, Briefcases, and Others); material (Leather, Cotton, Synthetic, and Nylon), and distribution channel (Online and Offline).

The global luxury handbag market is fragmented with many major market players operating worldwide. The key players of the luxury handbag market are Kering S.A. (Gucci), Capri Holdings Limited (Michael Kors), Prada S.p.A., and Giorgio Armani S.p.A. are also profiled with their financial information and respective business strategies.

This report provides an in depth analysis of the global luxury handbag market by value, by type, by material, by distribution channel, by region, etc. The report provides a regional analysis of the luxury handbag market, including the following regions: Europe, Asia Pacific, North America (The US and Rest of North America), Middle East & Africa, and Latin America. The report also offers a detailed analysis of the COVID-19 impact on the luxury handbag market.

The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global luxury handbag market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

Company Coverage

• Kering S.A. (Gucci)
• Capri Holdings Limited (Michael Kors)
• Prada S.p.A.
• Giorgio Armani S.p.A.

Market Dynamics

Growth Drivers

• Escalating Influence of Social Media
• Growing Number of Digital Buyers
• Soaring Urban Population
• Increasing Female Population
• Dominating Luxury Consumption by Millennial and Gen Z Generations

Challenges

• Availability of Counterfeit Products
• Presence of Lower-priced Premium Brands

Market Trends

• Rising Need for Personalization
• Upgrading the In-Store Experience
• Increasing Demand for Convertible Handbags
• New Eco-friendly Luxury Handbags

For more information about this report visit https://www.researchandmarkets.com/r/jxigh8

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