The global luxury handbag market size was valued at $58.3 billion in 2018 and it is expected to reach $89.9 billion by 2026, registering a CAGR of 5.6% during the forecast period of 2019 to 2026.
Handbag is an accessory which is use to carry water bottle, tiffin, document files, etc. Luxury handbag include backpack, totes, satchels, and so on. Rise in disposable income of consumer and increasing number of fashion-conscious consumers are some major factor driving the growth of the global luxury handbag market. Moreover, high influence of celebrity endorsements on purchase decisions is a major factor fueling the growth of luxury handbag market. Availability of handbags in various colors, shape, size and designs offer aesthetic look to the product and it is expected to result in high demand for the luxury handbags and hence driving revenue growth of the global market. However, local sellers and consumers tends to buy inexpensive goods and hence, high cost of handbags is a major factor hindering the growth of the global luxury handbag market.
Key Segmentation of the Global Luxury Handbag Market
By type, the handbag segment is expected to grow at highest CAGR during the forecast period owing to increase in number of fashion-conscious consumers. Moreover, online advertisement coupled with celebrity endorsement of luxury handbags has enhanced brand value of luxury handbag among its consumer.
By distribution channel, specialty store dominated the global market in 2018 as they offer wide varieties of product along with suggestions and product guidance to consumer. But online store segment is expected to grow at highest CAGR during the forecast period. This is attributed to increase in internet penetration among consumers.
Geographical Overview of the Global Luxury Handbag Market
By geographical region, Europe dominated the global luxury handbag market in the year 2018 and is expected to grow at highest CAGR during the forecast period 2019-2026. This is attributed to rise in working women population in Europe. In addition, increase in investment in luxury handbag industries in Eastern Europe is expected to bring lucrative opportunities for the global luxury handbag market to grow.
Competitive Insights of the Global Luxury Handbag Market
Major players included in research study of the global luxury handbag market are Furla SpA, LVMH Luxottica Group, ZV France SAS, Guccio Gucci S.p.A, Samsonite International S.A./Tumi brand, Valentino S.p.A., Longchamp, Mulberry Group, and Vera Bradley. Guccio Gucci S.p.A. is an Italian brand manufactures fashion apparel and leather goods includes handbags, wallets, watches, silk ties, fragrances, travel goods, footwear, and so on. It was founded in 1921. Its headquarters is in Florence, Tuscany Italy. Guccio Gucci distributes its products worldwide. Gucci has a strong digital presence online and it is heavily active across various social media platforms such as Instagram, Twitter, Facebook, Google+, YouTube, Pinterest, Snapchat, etc. It has a partnership with United Nations Children’s Fund (UNICEF) to support healthcare, education, and protection of orphans and children affected by some disease such as HIV or AIDS.
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