Luxury Handbags Market Analysis 2021-2025: Europe to Dominate Market Growth
The luxury handbags market share will post an incremental growth of USD 16.90 billion, progressing at a CAGR of 5.60% during the forecast period. The design and material innovation leading to product premiumization will offer immense growth opportunities to market vendors. The luxury handbag market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Luxury Handbags Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The luxury handbags market is segmented by distribution channel (offline and online) and geography (Europe, North America, APAC, South America, and MEA).
Based on the market segmentation by distribution channel, the growth of the luxury handbags market size in the offline segment will be significant during the forecast period. Based on geography, design and material innovation leading to product premiumization will increase the luxury handbags market growth in Europe. 32% of the market's growth will originate from Europe during the forecast period. The UK is the key market for the luxury handbags market in Europe.
The design and material innovation leading to product premiumization will directly influence the sales of luxury handbags. In addition, the personalization and customization of luxury handbags is one of the major luxury handbag market trends that will positively impact the market growth. However, the presence of counterfeit products will hamper the luxury handbag market growth.
The market is fragmented due to the presence of several players. Some of the major luxury handbag market vendors are Burberry Group Plc, CHANEL Ltd., Compagnie Financiere Richemont SA, Dolce & Gabbana Srl, Hermes International, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, PRADA Group, Ralph Lauren Corp., and Tapestry Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
Download the Free PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the growth of the market.
Precise market size estimation during the forecast period 2021-2025.
CAGR of the luxury handbags market forecast during 2021-2025.
Market-level data on units, average selling prices, and values of the luxury handbags market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the luxury handbags market.
Luxury handbags industry growth across Europe, North America, APAC, South America, and MEA.
