Handbags Market in South Korea 2015-2019
About handbags market in South Korea
Handbags, including satchels, totes, and wallets, are among the most desirable and popular fashion accessories for men and women and have become status symbols. Consequently, the demand for luxury and premium handbags is growing. Various handbag companies are adopting innovative strategies to adapt to changing consumer demographics and preferences, such as the rising demand for eco-friendly handbags. Also, the launch of designer bags exclusively for men is gaining attention in the market. Economic development in South Korea has led to increased disposable incomes as well as purchasing power of consumers, which has influenced the demand for expensive and premium handbag brands.
Technavio's analysts forecast the handbags market in South Korea to grow at a steady CAGR of 3.42% by revenue and 2.95% by volume during 2014-2019.
Covered in this report
The handbags market in South Korea can be segmented into four segments: shoulder bags, wallets, totes, and satchel and saddle bags. The totes segment was the largest segment in terms of revenue accounting for 29.90% of the market share, whereas in terms of volume, the wallets segment dominated the market accounting for a share of 29.79%.
Technavio's report, Handbags Market in South Korea 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It also covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Handbags Market in South Korea 2015-2019
Technavio recognizes the following companies as the key players in the Handbags Market in South Korea: Burberry Group plc, Chanel SA, Christian Dior SA (Couture), Coach Inc., Gucci SpA, Kate Spade, LVMH Moët Hennessy and Michael Kors
Other Prominent Vendors in the market are: Alfred Dunhill, Anne Klein, Benetton Group S.r.l, Boconi, Bottega Veneta, BRIC’s, Buggatti, B & G Fashions International, Calvin Klein, C & J Clark International, Dolce & Gabbana, Donna Karan International (DKNY), El-Jay Company, Ferrari, Fossil, Giosis Group, Guess, Kangol, Kipling, L.A.M.B, Longchamp, Maiden Voyage, MANGO, Mandarina Duck, Modmoa, PUIG, Puma, Ralph Lauren, River Island, Renoma, Russell & Bromley, Smythson, SSAMZIE, TLG Brands, Vogatha, Vanessa Bruno, VF, Welovebag and YOUNGNB
Commenting on the report, an analyst from Technavio’s team said: “Product differentiation is a changing trend among consumers regarding luxury purchases in South Korea. The Korean culture is profoundly influenced by expensive western lifestyles and as a result, there has always been a strong tendency among consumers to lean toward western fashion trends. These fashion-conscious consumers used to buy well-known brands that displayed striking logos or labels to stand out from the crowd.”
According to the report, one of the main drivers of the handbags market in South Korea is the increase in economic development in the country, thereby increasing the disposable income as well as the purchasing power of consumers. This in turn is influencing the demand for expensive and premium handbag brands and per capita consumption by consumers.
Further, the report states that one of the major challenges hindering the growth of the handbags market in South Korea is the increase in competition from counterfeit or fake brands present in the market. The country is the main hub for many fake brands. These cheap imitated products are sold at low prices in the market and are of poor quality, which in turn, affects the image of the genuine brands.
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