Global Luxury Handbag Market Report 2021: Growing Influence of Social Media and Growing Number of Digital Shoppers Driving Growth – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD) – The “Global Luxury Handbags Market: Size and Forecast with Impact Analysis of COVID-19 (2021-2025)” report has been added to ResearchAndMarkets.com offer.

The global luxury handbag market has grown significantly in 2020 and projections are made that the market will increase tremendously in the next four years i.e. 2021-2025.

The luxury handbag market is expected to rise due to growing influence of social media, growing number of digital shoppers, increasing urban population, increasing female population, dominance of luxury consumption by Millennials and Gen Z, etc. Yet the market is facing challenges such as availability of counterfeit products, presence of cheaper premium brands, etc.

Luxury handbags are expensive bags made from high quality materials by experienced designers. Luxury handbags are considered an investment and confer status. A wide range of materials are used to make luxury bags, such as leather, denim, vinyl, etc.

There are many factors to select different luxury bags. A few of them are: shape, color, type of leather, size capacity, handle length and budget. The main advantages of choosing a good quality branded handbag include statement, high quality, durability, accidental damage repair, excellent customer service and uniqueness.

The luxury handbag market can be segmented on the basis of type (shoulder bags, clutch bags, shoulder bags, tote bags, briefcases and others); material (leather, cotton, synthetic and nylon) and distribution channel (online and offline).

The global luxury handbag market is fragmented with many major market players operating across the globe. The main players in the luxury handbag market are Kering SA (Gucci), Capri Holdings Limited (Michael Kors), Prada SpA and Giorgio Armani SpA are also presented with their respective financial information and business strategies.

This report provides in-depth analysis of the Global Luxury Handbags Market by value, type, material, distribution channel, region, etc. The report provides regional analysis of the Luxury Handbags market including the following regions: Europe, Asia-Pacific, North America (United States and Rest of North America), Middle East & Africa and Latin America. The report also offers a detailed analysis of the impact of COVID-19 on the luxury handbag market.

The report also assesses the key opportunities in the market and describes the factors that are and will be driving the growth of the industry. Growth of the global global luxury handbags market has also been forecast for the period 2021-2025, taking into account previous growth patterns, growth drivers, and current and future trends.

Company coverage

  • Kering SA (Gucci)

  • Capri Holdings Limited (Michael Kors)

  • Prada SpA

  • Giorgio Armani SpA

Market dynamics

Growth drivers

  • Growing influence of social media

  • Growing number of digital buyers

  • Soaring urban population

  • Increase in female population

  • Dominate luxury consumption by Millennials and Gen Z

Challenges

  • Availability of counterfeit products

  • Presence of premium brands at low prices

Market trends

  • Growing need for customization

  • Improve the in-store experience

  • Growing demand for convertible handbags

  • New eco-friendly luxury handbags

For more information on this report, visit https://www.researchandmarkets.com/r/jxigh8

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