Handbags and accessories are among the fastest growing segments in the overall luxury goods industry. Despite the fact that the handbags market caters to both male as well as female customers, it is predominantly seen as a women-oriented market because of the relatively larger options of patterns, sizes and colors it offers to women as compared to the products designed for men, which are clearly limited to a set of designs and patterns, particularly the pouch style. The global market for accessories, including handbags, is incessantly rising since recession and is further expected to be a highly growing and profitable market for the next couple of years. This growth is largely driven by rise in disposable income, expanding middle class, growing preference for branded products and rising number of wealthy consumers worldwide. Moreover, the handbag market encompasses dynamic players and an expanding consumer base, which is expected to flourish due to increasing demand from emerging markets and strong performances by the international luxury brands.
Escalation in the handbags market worldwide can be observed as a result of aggressive presence on social media and fashion shows. Other principal trends of the respective market include enhancing demand for small and medium silhouette handbags and cross bodies, brand strengthening efforts by majority of leading companies and insurance of handbags.
The key factors driving growth of the global handbags industry include rising number of high net worth individuals, increasing working women population, accelerating online sales trend, improvement in global economic growth, and increasing potential of emerging markets. However, the growth of handbag industry is hindered by the risk of counterfeiting and strict regulatory issues on premium handbags.
The market for handbags is highly competitive with several players operating both at a global and regional level. Fashion, price and diversities are the key factors responsible for driving competition in the market. The leading players include Channel, Gucci, Louis Vuitton, Hèrmes, Prada, Burberry and Michael Kors, among others.
The report “Global Handbags Market” analyzes the development of this market, with focus on women’s accessories and handbag industry. The major trends, growth drivers as well as issues being faced by the industry are discussed in detail in this report. The four major players in the industry, Coach, Louis Vuitton, Burberry and Michael Kors, are being profiled along with their key financials and strategies for growth. The report contains a comprehensive analysis of the global handbag industry along with the study of regional markets.