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Global Luxury Handbags Market 2019-2023

Global Luxury Handbags Market 2019-2023

About this market

Vendors are constantly reforming and introducing new designs and patterns owing to growing competition and customer demand arising from rapid changes in the fashion industry. Customers seek luxury handbags for formal (especially leather handbags) and casual purposes (such as metal and precious stone studded handbags). To meet such evolving customer needs: vendors regularly expand their product lines. Leather handbags fall under the promoted and most in-demand segment of the market. This is because leather offers products a premium feel. The durability of leather also attracts customers to buy leather products such as leather handbags. The high demand and supply shortage also allow manufacturers to increase their prices. The innovation in designs and the use of exotic leather to manufacture products have enabled manufacturers to cater to the demand from high-end and premium customers. Technavio’s analysts have predicted that the luxury handbags market will register a CAGR of over 7% by 2023.

Market Overview

High influence of celebrity endorsements on purchase decision

The fashion industry has been experiencing rapid changes and advances over the last two decades mostly due to the growth in the number of fashion-conscious consumers especially in developing regions. Manufacturers of handbag and personal luxury goods adopt different marketing campaigns and strategies to expand their consumer base.

Rising labor cost and fluctuating raw material prices

The labor costs have grown rapidly in the last decade thereby raising their production cost. The changing economic conditions have also adversely affected the labor costs of other international countries from Mere the company imports its supplies. Therefore, an increase in the production cost of the vendors lowers their profit margins and proves to be a challenge for the vendors. Fluctuations in raw material costs are other challenges for global manufacturers.

For the detailed list of factors that will drive and challenge the growth of the luxury handbags market during the 2019-2023, view our report.

Competitive Landscape

The market appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.


PRESS RELEASE

Technavio Announces the Publication of its Research Report – Global Luxury Handbags Market 2019-2023

Technavio recognizes the following companies as the key players in the global luxury handbags market: Hermès, Kering, LVMH, Prada, Tapestry.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing demand for convertible handbags.”

According to the report, one of the major drivers for this market is growth in the number of international tourist arrivals and the expenditure is expenditure to contribute to the growth in demand for personal luxury goods, consequently driving the sales of the market.

Further, the report states that one of the major factors hindering the growth of this market is the stringent government regulations for procuring raw material such as leather.

Companies Mentioned

Hermès

Kering

LVMH

Prada

and Tapestry

  • Executive summary
  • Scope of the report
    • Preface
    • Currency conversion rates for US$
  • Market landscape
    • Market ecosystem
      • Table Global personal luxury goods market
      • Table Segments of global personal luxury goods market
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market definition
      • Table Household and NPISHs final consumption expenditure per capita 2011-2016 (constant 2010 $)
      • Table Household disposable income per capita 2011-2016 (US$)
      • Table Market definition - Inclusions and exclusions checklist
    • Market sizing 2018
      • Table Market size 2018
    • Market size and forecast 2018-2023
      • Table Global market: Size and forecast 2018-2023 ($ billions)
      • Table Global market: Year-over-year growth 2019-2023 (%)
  • Five forces analysis
    • Table Five forces analysis 2018
    • Table Five forces analysis 2023
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces 2018
  • Market segmentation by distribution channel
    • Table Distribution channel - Market share 2018-2023 (%)
    • Comparison by distribution channel
      • Table Comparison by distribution channel
    • Offline - Market size and forecast 2018-2023
      • Table Offline - Market size and forecast 2018-2023 ($ billions)
      • Table Offline - Year-over-year growth 2019-2023 (%)
    • Online - Market size and forecast 2018-2023
      • Table Online - Market size and forecast 2018-2023 ($ billions)
      • Table Online - Year-over-year growth 2019-2023 (%)
    • Market opportunity by distribution channel
      • Table Market opportunity by distribution channel
  • Customer landscape
    • Table Customer landscape
  • Geographic landscape
    • Geographic segmentation
      • Table Market share by geography 2018-2023 (%)
    • Geographic comparison
      • Table Geographic comparison
    • Europe - Market size and forecast 2018-2023
      • Table Europe - Market size and forecast 2018-2023 ($ billions)
      • Table Europe - Year-over-year growth 2019-2023 (%)
    • North America - Market size and forecast 2018-2023
      • Table North America - Market size and forecast 2018-2023 ($ billions)
      • Table North America - Year-over-year growth 2019-2023 (%)
    • APAC - Market size and forecast 2018-2023
      • Table APAC - Market size and forecast 2018-2023 ($ billions)
      • Table APAC - Year-over-year growth 2019-2023 (%)
    • South America - Market size and forecast 2018-2023
      • Table South America - Market size and forecast 2018-2023 ($ billions)
      • Table South America - Year-over-year growth 2019-2023 (%)
    • MEA - Market size and forecast 2018-2023
      • Table MEA - Market size and forecast 2018-2023 ($ billions)
      • Table MEA - Year-over-year growth 2019-2023 (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity
      • Table Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
      • Table International tourism, expenditures (current US$) for US, UK, and China (2011-2016)
    • Market challenges
      • Table Impact of drivers and challenges
  • Market trends
    • Personalization and customization of luxury handbags
    • Increased demand for luxury handbags made of eco-friendly material
    • Increased demand for convertible handbags
  • Vendor landscape
    • Overview
      • Table Vendor landscape
    • Landscape disruption
      • Table Landscape disruption
    • Competitive scenario
  • Vendor analysis
    • Vendors covered
      • Table Vendors covered
    • Vendor classification
      • Table Vendor classification
    • Market positioning of vendors
      • Table Market positioning of vendors
    • Hermès
      • Table Hermès - Vendor overview
      • Table Hermès - Business segments
      • Table Hermès - Organizational developments
      • Table Hermès - Geographic focus
      • Table Hermès - Segment focus
      • Table Hermès - Key offerings
    • Kering
      • Table Kering - Vendor overview
      • Table Kering - Business segments
      • Table Kering - Organizational developments
      • Table Kering - Geographic focus
      • Table Kering - Segment focus
      • Table Kering - Key offerings
    • LVMH
      • Table LVMH - Vendor overview
      • Table LVMH - Business segments
      • Table LVMH - Organizational developments
      • Table LVMH - Geographic focus
      • Table LVMH - Segment focus
      • Table LVMH - Key offerings
    • Prada
      • Table Prada - Vendor overview
      • Table Prada - Business segments
      • Table Prada - Organizational developments
      • Table Prada - Geographic focus
      • Table Prada - Segment focus
      • Table Prada - Key offerings
    • Tapestry
      • Table Tapestry - Vendor overview
      • Table Tapestry - Business segments
      • Table Tapestry - Organizational developments
      • Table Tapestry - Geographic focus
      • Table Tapestry - Segment focus
      • Table Tapestry - Key offerings
  • Appendix
    • Research methodology
      • Table Validation techniques employed for market sizing
    • List of abbreviations
  • Explore Technavio

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