Press release

Global Luxury Handbags Market 2019-2023 | Increasing Demand for Eco-friendly Products to Boost the Market | Technavio

Sponsored by Businesswire

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.

This press release features multimedia. View the full release here:

Technavio has published a new market research report on the global luxury handbags market from 2019- ...

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.

Looking for more information on this market? Request
a free sample report

Technavio’s sample reports are free of charge and contain multiple
sections of the report, including the market size and forecast, drivers,
challenges, trends, and more.

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

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

About Technavio

is a leading global technology research and advisory company. It
provides detailed market research reports that provide clients with
actionable insights to help them identify market opportunities and
design effective strategies to optimize their market position.

With over 500 specialized analysts, Technavio boasts of an extensive
report library comprising of over 10,000 reports, covering 800
technologies, spanning across 50 countries. Their client base consists
of enterprises of all sizes, including more than a hundred 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. Technavio helps
companies to assess their competitive position within changing market

If you are interested in more information, please contact our media team