A new market research study by Technavio on the global
luxury handbags market projects the market to grow at a
CAGR more than 7% during the period 2019-2023. This research report
provides an in-depth analysis of the market in terms of revenue, top
drivers, and emerging market trends. It also includes detailed insights
and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global luxury handbags market from 2019-2023. (Graphic: Business Wire)
High influence of celebrity endorsements on purchase decisions
The fashion industry has been witnessing rapid changes and advances over
the last two decades, mainly due to the growth in the number of
fashion-conscious consumers, especially in developing regions.
Endorsements and the use of fashion products by celebrities serve as
catalysts in propelling purchase decisions. Therefore, handbag
manufacturers are increasingly relying on celebrity endorsements to
build their brand image and trigger the sales of luxury handbags.
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Increasing demand for luxury handbags made of eco-friendly material
The handbags market is witnessing high demand for luxury handbags made
of eco-friendly materials such as organic leather products. Moreover,
governments and various animal protection agencies have raised concerns
against the hunting of animals, which has restricted the supply of
leather. The US Department of Agriculture (USDA) and National Organic
Program ensure the use of leather obtained from animals raised on
organic feed and that their skin is tanned in certified organic
tanneries wherein plant-based smoke is used. Thus, the increased demand
for and use of organic leather is expected to propel the need for and
the supply of organic leather luxury handbags during the forecast period.
According to a senior analyst at Technavio, “Apart from the increased
demand for luxury handbags made of eco-friendly material, other factors
such as the personalization and customization of luxury handbags, along
with the development of convertible handbags will positively impact the
growth of the luxury handbags market size during the forecast period.”
Stringent regulations for procuring raw material such as leather
Leather is one of the premium raw materials in the luxury handbags
market. However, the leather industry faces strict government
regulations. Vendors operating in the tanning industry need to adhere to
various regulations for the production of leather, which include waste
disposal, use of chemicals, environmental protection, and recycling.
These regulations imposed on the leather industry and luxury handbags
increase the costs borne by vendors and also slow down the production
process. However, vendors are leveraging the high demand for handbags
made of eco-friendly materials, which will drive the growth of the
luxury handbags market size during the forecast period.
Top players in the global luxury handbags market:
- Hermès
- Kering
- LVMH
- Prada
- Tapestry
Some of the key topics covered in the global
luxury handbags market include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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