The luxury handbags market is expected to post a decremental growth of USD 0.17 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Luxury Handbags Market 2020-2024 (Graphic: Business Wire)
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Growing competition and rapid changes in the fashion industry are compelling vendors to continuously introduce new designs and patterns to attract customers. There has also been a shift in customer preference for premium and luxury handbags. Hence, to cater to the growing demand from high-end customers, vendors are expanding their product portfolios with premium and luxury handbags made from crocodile skin, snakeskin, and lambskin. For instance, Hermès offers Lindy 30 bag made of Niloticus alligator leather. It is also equipped with gold-plated hardware. Many such developments among vendors are driving the growth of the global luxury handbags market.
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As per Technavio, the high influence of celebrity endorsements on purchase decisions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Luxury Handbags Market: High Influence of Celebrity Endorsements on Purchase Decision
The fashion industry has undergone significant changes over the past two decades mainly due to the rise in the number of fashion-conscious consumers. These consumers tend to follow the fashion trends of their favorite celebrities. Hence, luxury handbag manufacturers often sign brand endorsement agreements with high-profile celebrities to expand their customer base and increase revenue. The adoption of such marketing initiatives is expected to boost the growth of the global luxury handbags market during the forecast period.
"Rising demand for convertible handbags and increased expenses by international tourists will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Luxury Handbags Market: Segmentation Analysis
This market research report segments the luxury handbags market by distribution channel (Offline and Online) and geography (Europe, North America, APAC, MEA, and South America).
The European region led the luxury handbags market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased spending by millennials on personal luxury goods.
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Some of the key topics covered in the report include:
Market positioning of vendors
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