Luxury handbags market size to grow by USD 29.12559 billion from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

NEW YORK, Feb. 9, 2023 /PRNewswire/ -- The luxury handbags market size is estimated to increase by USD 29.12559 billion between 2022 and 2027. The market's growth momentum will accelerate at a CAGR of 7.68%. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. The report includes historic market data from 2017 to 2021. In 2017, the luxury handbags market was valued at USD 58,950.24 million. Discover more insights on the market before buying the full report - Request a sample report

Luxury handbags market – Vendor analysis

Vendor offerings -

• CHANEL Ltd. - The company offers luxury handbags such as Vintage Check Boucle Mini Lola Bag.
• Mulberry Group Plc -  The company offers luxury handbags such as Michael Michael Kors.
• Burberry Group Plc - The company offers luxury handbags such as Chanel Classic handbags.
• For Details on vendor and its offerings – Buy the report!

Vendor landscape –

The global luxury handbags market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer luxury handbags in the market are 3.1 Phillip Lim Retail LLC, CHANEL Ltd., Mulberry Group Plc, Burberry Group Plc, Capri Holdings Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana S.r.l., Fendi, Giorgio Armani S.p.A., Hermes International SA, Kering SA, Maus Freres SA, Prada Spa, PVH Corp., Ralph Lauren Corp., Rebecca Minkoff LLC, River Light V L.P., Sungjoo Group, Tapestry Inc., and The LVMH group and others.

The global luxury handbags market is at its growing stage. Competitors in the market differentiate from each other based on product quality, design, pricing, and portfolio and offer various quality-driven products. The price differentiation among these vendors is high due to almost similar product offerings and growing competition. Vendors focus on business expansion and product innovation to increase their profit margins and market share.

Luxury handbags market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Luxury handbags market - Segmentation assessment

Segment overview

Technavio has segmented the market based on distribution channel (offline and online) and type (handbag, backpack, wallet, and others).

• The offline segment will account for a significant share of the market's growth during the forecast period. Offline distribution channels include retail formats such as specialty stores, hypermarkets, departmental stores, convenience stores, supermarkets, and warehouse clubs. The specialty stores segment comprises exclusive brand stores, multi-brand stores, apparel stores, and personal goods stores. The brand specialty retail stores also help vendors plan their budgets for marketing, advertising, promotions, brand building, training, and IT support. Hypermarkets, supermarkets, convenience stores, and clubhouse stores segment offer a variety of brands and stock-keeping units (SKUs) at competitive prices. They have dedicated aisles for luxury goods, including luxury handbags, which increase the visibility of the latest luxury handbags and trendy fashions.

Geography overview

By geography, the global luxury handbags market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global luxury handbags market.

• Europe is estimated to account for 33% of the growth of the global market during the forecast period. European countries, especially Western European countries, are considered hubs of luxury goods due to the presence of various well-known personal luxury goods brands such as Hermes International SA and Kering SA. This huge availability of personal luxury goods in the region is the principal factor that makes Europe the largest market. Moreover, individuals in countries like Germany are fashion-conscious, and the popularity of luxury products, especially among women, is one of the primary drivers for the market in the country. Additionally, the emergence of online retailers and rising online campaigns have increased the sales of these handbags and other luxury products through online platforms. 

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Luxury handbags market – Market dynamics

Leading drivers - The high influence of celebrity endorsements is notably in driving market growth. 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. Endorsements and the use of fashion products, such as luxury handbags by celebrities, serve as catalysts in propelling purchase decisions. Manufacturers of handbags and personal luxury goods adopt different marketing campaigns and strategies to expand their consumer base. Therefore, these marketing initiatives will propel the growth of the global market during the forecast period.

Key trends - Personalization and customization of luxury handbags are emerging trends in the market. In the luxury segment, leading market players offer customized products that enhance the aesthetic appeal of their offerings. The extent of personalization can vary from the strap and buckles to embroidery or adding a name. Moreover, the concept of monogramming and embroidery is trending in the luxury handbags segment, particularly among women. Thus, the rise in customization and personalization of luxury handbags globally complements market growth through new purchases. Hence, such factors will boost the global market growth during the forecast period. 

Major challenges - The rising labor costs and fluctuating raw material prices are major challenges impeding market growth. Many international vendors have their factories or original equipment manufacturers (OEMs) located in Asian countries, such as China, Indonesia, Bangladesh, and Vietnam. This is because 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 where 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.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this luxury handbags market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the luxury handbags market between 2023 and 2027
• Precise estimation of the luxury handbags market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the luxury handbags industry across Europe, North America, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of luxury handbags market vendors

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