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.
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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.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: FASHION RETAIL ENTERTAINMENT CELEBRITY
SOURCE: Technavio Research
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PUB: 10/11/2019 04:30 AM/DISC: 10/11/2019 04:30 AM