About Luxury Bag
Luxury bags are made of premium quality material as compared to general bags. They are more attractive in design and also expensive. It offers the feel on luxury without compromising on the quality. These bags includes handbag, shoulder bag, satchel bag, sling bags and others. These bags are available online as well as the specialty stores. Moreover, luxury bags are used and endorsed by celebrities which is propelling the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market of Luxury bag consists of major players who are looking for development of new products and to supply the products in various geographic regions through mergers and acquisitions. The emerging economies are to estimate positive growth due to the factors such as increasing disposable income and growing e-commerce industry in upcoming years. Analyst at AMA Research estimates that France, Italy Vendors will contribute the maximum growth to Global Luxury Bag market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Christian Dior (France), LVMH (France), Coach (United States), Kering (France), Prada (Italy), Gucci (Italy), Michael Kors (Unites States), Armani (Italy), Hermes (France) and Chanel (France) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Richemont (Switzerland), Kate Spade (United States), Burberry (United States), Dunhill (United Kingdom), Tory Burch (United States) and Goldlion (China).
Segmentation Overview
AMA Research has segmented the market of Global Luxury Bag market by Type (Handbag, Shoulder Bags, Satchel Bags, Sling Bags, Tote Bags, Hobo Bags, Duffle Bags and Others) and Region.
On the basis of geography, the market of Luxury Bag 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). If we see Market by Distribution, the sub-segment i.e. Online will boost the Luxury Bag market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Leather will boost the Luxury Bag market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Gender, the sub-segment i.e. Men will boost the Luxury Bag market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Improvements in Bucket Bags, Satchel and Clutch Handbags
Market Growth Drivers:
Increasing Disposable Income in Emerging Economies and Growing Number of Working Women
Challenges:
High cost associated with the research and development proficiencies.
Restraints:
Availability of Dummy Copies of Luxury Bags may hamper the Market Growth and High Costs Associated with Luxury Bags
Opportunities:
Growing E-Commerce Industry is leading to Easy Availability of Luxury Bags and Introduction of New Designs and Patterns due to Growing Competition
Market Leaders and their expansionary development strategies
In April 2019, LVMH has announced that the necessary clearances has been received for the acquisition of Belmond. and In November 2019, Prada has acquired Fratelli Prada. This acquisition will allow the company to control the four Prada stores in Milan
In 2019, Away has launched new Tote bags, the latitude and longitude. They are designed for weeklong travel, a day at office or quick getaway. Also, these bags are easy to carry and simple.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.