The luxury handbags market will register a CAGR of over 7% by 2023

LONDON, March 27, 2019 /PRNewswire/ — 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.

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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.

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