In terms of revenue, the worldwide luxury handbag market is expected to grow at a CAGR of more than 5.9% during the forecast period, owing to a variety of variables for which TMR provides comprehensive insights and projections in the global luxury handbag market research.
TMR expects that increased consumer awareness of new goods and luxury brands would be a factor encouraging the growth of the luxury handbag market in this market analysis. The market has benefited from the availability of several purchasing choices for customers. The rise of the Internet and social media platforms such as Facebook and Instagram has aided shoppers in understanding items and purchasing methods.
Furthermore, multi-brand retail shops contribute to infrastructural investment and economic growth. They also assist small businesses in selling their goods to larger shops. The rising number of working women has increased demand for premium handbags. Luxury handbag makers are creating novel designs of women's purses that are more useful and infused with laptop sleeves, key holders, cellphone holders, and other features that provide a luxurious feel without sacrificing quality.
Factors Influencing the Growth of the Luxury Handbag Market Rising per capita income, changing lifestyles, increased knowledge of various premium brands, and a strong retailing culture are all expected to boost the luxury handbag industry. Fashion handbags have become an important aspect of couture, and they are widely marketed during fashion shows, runway walks, and fashion exhibits.
As a result, spending in the advertising of luxury handbags has expanded significantly. Furthermore, some celebrities have adopted luxury handbag manufacturers in order to create a stir in the worldwide market. This is projected to drive the luxury handbag industry. The usage of luxury handbags by males is a significant element driving the growth of the global luxury handbag industry. The market is no longer limited to women, and numerous new handbag designs for men have emerged in recent years. Backpacks are among the most popular bags among guys of all ages. In addition, the usage of backpacks and knapsacks by travellers has expanded in recent years. These are some of the elements driving the global luxury handbag industry.
As new goods get greater customer traction, they are critical to the expansion of the luxury handbag market. Consumers' increasing reliance on new luxury items is expected to drive demand for luxury handbags in the coming years. The rising emphasis on smart technology and R&D is expected to open up considerable prospects in the luxury handbag sector.
The luxury handbag market has been segmented into product, material, end-user, and distribution channel segments. The market may be divided into handbag, backpack, wallet, and other categories based on product. Because there are different sorts and styles of handbags accessible, such as tote bags, hobo bags, and sling bags, the handbag category accounted for a significant market share in 2020.
The leather category is projected to dominate the luxury handbag industry in the near future in terms of material. A buyer will notice stylish leather purses right away. Due to increased desire for customisable and distinctive designs, which are more commonly utilised by women than men, leather is likely to be followed by the synthetic category.
Women dominate the market in terms of end-user, and the sector is predicted to grow steadily as the luxury handbag industry generates the majority of its income from the women's segment. However, due to rising demand for male luxury goods, the men's category is expected to increase at a greater rate in the future years. Men have begun to spend more money on expensive bags. The offline channel now dominates the market in terms of distribution route. However, sales through online channels are expected to increase rapidly in the near future, owing to the expanding number of eCommerce platforms like as Amazon, Myntra, and eBay. Small manufacturers may sell their handbags on these platforms without having to invest in a physical store.
