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. In the luxury handbag market, customization is a burgeoning trend among consumers. This trend extends beyond traditional leather handbags to include high-end products made of materials such as gold, silver, and precious stones. Over the past five years, customized luxury goods, including handbags, have gained significant traction in developed markets like the Americas and Europe. Emerging economies, including India and China, are also witnessing a surge in demand for customized luxury handbags. Leading market players in the luxury segment cater to this trend by offering bespoke products that elevate the visual appeal of their 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 handbag market encompasses a variety of high-end materials, including Italian and French leather, as well as exotic skins such as crocodile, python, and ostrich. Saddle leather and full-grain leather are also popular choices. Top-handle bags and chain strap bags are classic designs, while bucket bags, mini bags, and statement pieces offer trendy styles. Artisan craftsmanship and handmade bags are valued, with luxury retail stores, department stores, online marketplaces, auction houses, consignment shops, and resale platforms as key sales channels. Vegan leather and personalized engraving are emerging trends, as are limited edition collaborations, exclusive capsule collections, and luxury brand partnerships. Social media influencers and brand loyalty drive community building, while luxury events, private showings, and exclusive access offer unique experiences. Handbag care and insurance, as well as the vintage handbag market and authenticity verification, complete the luxury handbag experience.

Market Research Overview

The luxury handbags market is a significant segment of the broader global apparel, accessories, and luxury goods industry. This market encompasses companies specializing in the design, manufacturing, and marketing of high-end leather goods, specifically shoulder bags and crossbody bags. The parent market, which covers textiles, apparel, footwear, accessories, and luxury goods, is expected to grow due to the expanding working population and subsequent increase in disposable income. This demographic trend will boost consumer spending on luxury handbags, driving market expansion. The global apparel, accessories, and luxury goods market size is calculated based on the combined revenues of textiles, apparel, footwear, accessories, and luxury goods manufacturers and marketers. The market excludes shoe manufacturers. Other growth drivers include the rising trend of conspicuous consumption, increasing global tourism, and the growing popularity of e-commerce platforms.. 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/