The size of the global handbag market will increase by over $41 billion between 2018-2023, accelerating at a CAGR of almost 5% during this forecast period. Handbags continue to be an important accessory in the fashion world and is a constant force driving industry revenue. The rising disposable income in emerging economies and a growing preference for high-end luxury branded goods, is driving the premium and luxury handbags market. The use of logos and new logo styles is one of the major trends that will make a comeback in the luxury handbag market. The power of brand recognition and strength in luxury logos is boosting sales. The luxury handbag market is growing in numerous countries across the globe like the United States, Russia, and in many APAC nations such as South Korea and India. The coming years will also see an increase in the demand for luxury leather goods such as bags, footwear, and accessories.
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The handbag market in the US is currently witnessing steady growth owing to the growing demand for affordable luxury handbags. The arrival of numerous brands and their easy availability through retail stores and online retail channels is also contributing to the market's growth. While the market premium handbags and accessories market in the US continues to grow, it remains extremely competitive. Due to this high competition, one of the key trends expected to gain more traction over the next few years is the increased importance of big data use for handbag companies. Brands are trying to learn more about their customer so that they can avoid fashion styles that don't appeal to the consumer. Using big data also helps spot numerous fashion and pricing trends to help gain a competitive advantage.
Increasing per capita consumption is a primary growth driver for handbag sales France. The desire to own different bags for different occasions is influencing consumer behavior, leading to increased volume growth for the handbag market in France.
The luxury and premium handbags market is growing in South Korea as handbags, including satchels, totes, and wallets, have become desirable and popular fashion accessories for men and women, acting as status symbols. Designer bags created exclusively for men and the country's economic development leading to increased disposable incomes are some of the key factors driving the growth of the handbag market in South Korea.
Within our handbag industry research, we provide deep insights into the handbag market landscape and its segments. Our handbag market segmentation research offerings include:
Technavio's handbag industry reports monitor the leading players in the global handbags market along with their current and forecasted handbag market share. Our analysis covers regional based handbag companies and global luxury handbag companies. Some of the top luxury handbag market companies covered in our handbag market reports include:
We at Technavio, with our comprehensive understanding of the handbag market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of handbag market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our handbag market reports offer the following insights:
Technavio's coverage of this research field also extends to the global luggage market. Our luggage market portfolio covers all segments including travel luggage, sports luggage, and business luggage.
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