Latest News- Luxury Handbags Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Luxury Handbags Market is being driven by Design and material innovation leading to product premiumization

The Luxury Handbags Market is expected to grow at a CAGR of 6.34% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 24.73 billion. The customization of luxury handbags is a burgeoning trend in the high-end market, extending to handbags crafted from various materials such as precious metals, like gold and silver, and valuable stones, such as diamonds. Over the past five years, there has been a surge in demand for customized luxury goods, including handbags, in developed regions like the Americas and Europe. Emerging economies, including India and China, are also experiencing a growing interest in customized luxury items. In the luxury handbag sector, key players provide customization options that elevate the visual allure of their product offerings. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Type
  • Handbag
  • Backpack
  • Wallet
  • Others
• Geography
  • Europe
    • France
    • Italy
  • North America
    • US
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Design and material innovation leading to product premiumization
• High influence of celebrity endorsements on purchase decision
• Increased expenses by international tourists

However, the market also witnesses some limitations, which are as follows:

• Presence of counterfeit products
• Rising labor cost and fluctuating raw material prices
• Stringent government regulations

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Market Scope in Luxury Handbags Market Research Report

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Research Analysis Overview

The luxury handbags market is a thriving segment of the consumer goods industry, known for bespoke designs, customized engraving, and limited-edition handbags that offer a sense of exclusivity and personalization. Consumers can now choose from click-and-collect options, virtual try-on experiences, and personalized recommendations, making the purchasing process more convenient than ever. High-end fashion brands are embracing innovation, with bio-fabricated solutions, organic textiles, and recycled leather becoming popular choices. However, the market is not without challenges, including the prevalence of counterfeit products, taxation, and import duties. E-commerce platforms have revolutionized the way we buy handbags, making them accessible to a wider audience. Social media bloggers and celebrity endorsements have also played a significant role in shaping consumer preferences. The working women population continues to drive demand for satchel bags, tote bags, hobo bags, shoulder bags, crossbody bags, and clutches. As consumers seek financial freedom and express their individuality, the market for luxury handbags is expected to grow, with a focus on craftsmanship and sustainability.

Market Research Overview

The global apparel, accessories, and luxury goods market encompasses businesses involved in the production and distribution of textiles, apparel, accessories, and luxury goods. This market segment, a subset of the larger global textiles, apparel, and luxury goods industry, also accommodates companies offering rental services for apparel and accessories. Notably, footwear manufacturers are excluded from this market. According to Technavio's market analysis, the market size is determined by the consolidated revenues generated by textiles, apparel, footwear, accessories, and luxury goods manufacturers and marketers. Factors propelling the expansion of this market include the growing working women population, which is boosting disposable income and consumer spending on fashion and luxury items.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/