India is currently witnessing growth in its handbag market, International and Local merchants have embraced product endorsements through celebrities as part of their marketing tactics. Celebrity endorsements assist sellers in attracting clients and enhancing the appeal of their goods, which is anticipated to boost handbag sales among consumers nationwide. At the helm of the market stand prestigious global icons such as Gucci, Chanel, Burberry, and LVMH.
Between 2023 and 2027, the India - Handbags Market is expected to develop at a compound annual growth rate (CAGR) of 7.15%. It is anticipated that the market will advance by USD 4.85 billion.
Handbags Market In India
As per the India-Handbag Market trends, companies are using brand endorsement tactics more and more frequently. High-profile celebrities frequently sign multi-year endorsement deals with international and local merchants to increase the value of their brands thus propelling market development with a huge customer base.
The rising demand for sustainable and eco-friendly handbags owing to consumer interest in eco-friendly and sustainable handbag production along with the growing appeal of these items among Indian customers is anticipated to propel the India-Handbag Market growth as well.
Interestingly, Handbags crafted by prestigious global luxury labels like Gucci, Chanel, Burberry, LVMH, and Hermès emphasize top-tier raw materials, shaping the consumption landscape. These luxurious accessories epitomize the blend of economic growth and market dynamics, of production and popularity drive among consumers. Notable government investment and interest have also boosted this sector.
Prominent names Fossil Group Inc., Mauritz GBC AB, Hidesign, Intouch Leather House Pvt. Ltd., Lavie, and Miraggio Lifestyles Pvt. Ltd., are some of the leading brands when it comes to the India - Handbags Market.
The Indian handbag market growth analysis showcases promising growth, driven by evolving consumer preferences and the influx of international brands. Its current trajectory reflects rising demand for quality, diverse designs, and a blend of luxury.
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