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Global Luxury Handbags Market 2019-2023| 7% CAGR Projection over the Next Five Years| Technavio

October 11, 2019
Global Luxury Handbags Market 2019-2023| 7% CAGR Projection over the Next Five Years| Technavio
Global Luxury Handbags Market 2019-2023| 7% CAGR Projection over the Next Five Years| Technavio

LONDON--(BUSINESS WIRE)--Oct 11, 2019--

The luxury handbags market size is expected to post a CAGR over 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global luxury handbags market 2019-2023. (Graphic: Business Wire)

The high influence of celebrity endorsements on purchase decisions is one of the major factors driving the luxury handbags market growth. With increasing number of fashion-conscious consumers, the fashion industry has been experiencing rapid changes and advances over the last two decades. Endorsements and the use of fashion products such as luxury handbags by celebrities serve as a catalyst in propelling the purchase decisions of consumers. Currently, manufacturers of handbag and personal luxury goods are adopting different marketing campaigns and strategies to expand their consumer base and build their brand image to trigger the sales of luxury handbags. Online advertising is also an essential part of marketing strategies, wherein, vendors often sign multi-year endorsement agreements with high-profile celebrities to enhance their brand value and propel the demand for luxury handbags.

To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR30766

As per Technavio, the increasing demand for convertible handbags will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Luxury Handbags Market: Increasing Demand for Convertible Handbags

The demand for multipurpose bags that can be used on different occasions is increasing as the price of luxury handbags is quite high, and consumers prefer products that can be used for multiple occasions. Therefore, several luxury brands have also introduced convertible handbags with several conversion features in the luxury segment that can be used as a handbag or a shoulder bag or a backpack. Rapidly evolving consumer demands have influenced manufacturers to introduce convertible handbags. These products are sold through online and offline channels. Thus, the increase in the demand for convertible handbags is expected to increase the demand for luxury handbags globally during the forecast period.

“Vendors are consistently introducing new designs and patterns owing to growing competition and customer demand arising from rapid changes in the fashion industry. Vendors are expanding their product lines to meet the evolving needs of customers seeking luxury handbags for formal and casual purposes,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 (online and offline) and geographical regions (Europe, North America, APAC, South America, MEA).

The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in spending on personal luxury goods by millennials.

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

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About 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 10,000 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.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191011005139/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: FASHION RETAIL ENTERTAINMENT CELEBRITY

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 10/11/2019 04:30 AM/DISC: 10/11/2019 04:30 AM

http://www.businesswire.com/news/home/20191011005139/en