A luxury handbag is known for its premium quality and its size covers both medium and large-sized handbags. The Global Luxury Handbags Industry Segmentation has the potential to surpass the estimated valuation of USD 33.94 billion at a CAGR of 6.8% during the forecast period of 2019 to 2024. The category is mostly known for being a status symbol, which according to Market Research Future (MRFR), is expected to play a big role in the global market. The growing participation from several companies in building a more integrated market would assist the market in its growth in the coming years.
Luxury handbags are costlier than the conventional handbags mainly due to the material used in their making, finishing, and design. Luxury handbags make a style statement in the fashion world and are even custom-made to suit the needs of the buyer.
The market for global luxury handbags has its foundation in an in-depth study. The study relies on a segmentation based on material type, type, consumer group, and distribution channel.
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By type, the market for luxury handbags can be segmented into crossbody bags, clutches, satchels, shoulder bags, tote bags, hobo bags, briefcases, and others. These types have significant market traction as their clientele is quite huge.
By material, the market for luxury handbags includes several types like cotton, leather, synthetic, and others. The leather type has a substantial market coverage. The cotton type can also make notable market penetration.
By consumer group, the luxury handbags market can include men, women, and unisex.
By distribution channel,the market for luxury handbags can be segmented into store-based and non-store-based. Due to hike in e-commerce section the global non-stored based channel can witness significant growth. However, the store-based segment would also enjoy the presence of a number of clients who prefers to experience before buying.
Region-wise analysis in the report of the market for luxury handbags cover the inclusion of North America and Europe as strong revenue-generators. The Asia-Pacific (APAC) region has been named as a potential game-changer and the Rest of the World (RoW) would show a moderate growth.
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Europe is at the top of the global market and it shows immense potential to retain that position in the coming years as well. A number of companies are operating from the region, which gives the region an advantage owing to which the market would rise significantly in the coming years as well. This would be triggered by high per capita income and better inclusion of trendy products. The APAC region would gain much from growing disposable income and a massive population. The region would also make substantial profit from the e-commerce segment. At the same time, improvement in logistics to make sure that the online market grows at a rapid pace. China, Japan, India, and others are expected to become important markets.
The market for the luxury handbags is so alluring that a number of companies are taking various steps to launch their new line-up and seek advantage from the global market. These companies are investing much in the strategies that would cement their foothold, all the while maintaining a strong growth possibility for them. These companies are Atelier (US), Tory Burch LLC (US), Louis Vuitton (France), Chanel S.A. (France), Prada S.p.A (Italy), Dolce & Gabbana S.R.L. (Italy), Valentino S.p.A. (Italy), Burberry Group PLC (UK), Cartier International SNC (France), Giorgio Armani S.p.A (Italy), Guccio Gucci S.p.A (Italy), MCM Worldwide (Germany), Michael Kors GmbH (Switzerland), Ralph Lauren Corporation (US), and PVH Corp. (US). MRFR has noted these companies and their moves to make sure that they have a good grip over the market in the coming years.