Handbag Market Scope
Handbags are fashionably designed handheld medium-to-large size bags used to carry everyday personal items. Over the past few years, demand for handbags has increased due to the increasing availability of designer handbags in different price range and variety. The rapid growth of the organized and corporate sectors fueling the demand for the product in emerging economies such as India, China, Japan, and others. Further, increasing the use of handbags among the working women population is anticipated to remain a key driving factor for the market growth. In addition, increasing the women workforce and growing brand awareness among customers further driving the demand for the product. Moreover, some of the major players in the market such as Prada Holding BV, LVMH, Michael Kors and others are focusing on marketing strategies and product innovation to meet the changing customer demand which is expected to drive the market demand over the forecasted period.
According to AMA, the Global Handbag market is expected to see growth rate of 4.52%
Global handbags market is highly fragmented in nature owing to the presence of a large number of market player across the globe. Various market strategies including partnership, collaborations, expansions and setting up of new facilities are expected to be used by these market players in order to increase their market share and strengthen market position in the global market over the forecast period. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Handbag market throughout the predicted period.
Tapestry Inc. (United States), LVMH (France), Kering (France), Michael Kors (United States), Cie Financiere Richemont SA (Switzerland), Gucci (Italy), Aldo (Canada), Versse Bags Factory (China), Fossil Group, Inc. (United States), Kate Spade & Company (United States), Chanel S.A. (France) and Hermès International S.A. (France) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Prada S.p.A. (Italy), Burberry Group PLC (United Kingdom) and Hidesign (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Handbag market by Type (Tote Bag, Clutch, Satchel Bag, Bucket Bag, Hobo Bag, Baguette Bag and Others) and Region with country level break-up.
On the basis of geography, the market of Handbag has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
“The U.S. Customs and Border Protection (CBP) and the Federal Trade Commission (FTC) enforce labeling laws and acts in the United States. In general, textile and apparel products sold in the United States must be labeled with the following information: the fiber content, the country of origin, the manufacturer or dealer identity, and the care instructions.”
Market Trend
- Attractive Promotional and Marketing Strategies with Celebrity Endorsement
- Increasing Demand for Tote Bags
Market Drivers
- Growing Demand from Working Women Population
- Changing Lifestyle Standard Fueled By Rise in Disposable Income
Opportunities
- Growing Online Distribution Channel for Handbags
- Rising Demand from the Developing Economies
Restraints
- Fluctuating Raw Material Prices
- High Import Duty Associated With Luxury Goods
Challenges
- Increasing Number of Local Players in the Market
- Availability of Pseudo and Copy of the Original Products
Analyst View
New trends has emerged within the handbag industry owing to the consumer demand for status‐laden products. Handbags are expected to have performed well in 2018 globally, mainly due to its success within the luxury market. However, things are expected to slow post-Brexit and economic downturn in some economies. While younger women continue to be the main handbag buyers, OEMs and retailers should be thinking of new ways to attract a different consumer as the handbag market becomes increasingly crowded.
Key Target Audience
Handbags Manufacturers, Handbags Distributors & Traders, Raw Material Suppliers, Government Agencies, Commercial Research & Development Institutions, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others