Handbags and accessories are among the fastest growing segments of 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. However, history reveals the facts that use of handbags or pouches started in very early ages where man used it to carry coins. But because of the large options of functions, patterns, sizes and colors it offers to women, it has made a very important place in the life of woman. Today, fashion industry provides products designed especially for men, to cater the varying needs of this gender too.
The global handbags market is incessantly growing since recession and is further expected to be a highly profitable market for the next couple of years. 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.
Inclination towards the handbags market worldwide can be observed as a result of aggressive presence on social media and fashion shows, various ways of marketing the product. 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, growing number of youth, increasing working women population, rising internet penetration and improvement in global economic growth. However, the growth of handbag industry is hindered by factors such as the radically shifting customer base and presence of counterfeit products.
The market for handbags is highly competitive with several players operating both at global and regional level. 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, both at global and regional level. 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.