Luxury Handbags Market Analysis, Get Market Research, Business Risk & Industry Analysis Reports 2027
Market
Synopsis:
A luxury handbag or a luxury
designer handbag is crafted from the finest materials to provide an exquisite
look and finish. The main purpose of these premium bags is to make a style
statement. They are available in different styles, materials, and sizes. Luxury
handbags are commonly custom-made according to the needs of the buyer. The
global luxury handbag market size is estimated to reach USD 33.94 Billion
and record a CAGR of 6.8% by the end of 2024.
The global market has been
segmented on the basis of type, material type, consumer group, distribution
channel, and region.
Based on type, the global Luxury Handbags Market Analysis is divided into clutches, crossbody bags, shoulder
bags, satchels, hobo bags, tote bags, briefcases, and others. The clutches
segment accounted for the largest share of the global Luxury Handbags Market
Analysis in 2018 due to the innovative style and utility of these bags.
However, the briefcases segment is expected to register the highest growth rate
owing to the expanding men’s Luxury Handbags Market Analysis.
Based on material type, the global Luxury Handbags Market Analysis has
been categorized into leather, cotton, synthetic, and others. The leather
segment is expected to remain dominant during the forecast period. This can be
attributed to the availability of various varieties of fine leather. However,
the use of synthetic material for luxury handbags is on the rise owing to
better designs and freedom in styles offered by these materials.
With respect to
consumer group, the global Luxury
Handbags Market Analysis has been categorized as men, women, and unisex. The
women segment is expected to hold the highest market share due to the
availability of a variety of styles. However, the men segment is expected to
register the highest CAGR due to the wide product offerings by market players
in the office bag and wallet categories.
Key Players
Some of the key players
in the global luxury handbags market are Prada S.p.A (Italy), PVH Corp. (US), Atelier (US),
Tory Burch LLC (US), Dolce & Gabbana S.R.L. (Italy), Chanel S.A. (France),
Burberry Group PLC (UK), Louis Vuitton (France), Ralph Lauren Corporation (US),
Michael Kors GmbH (Switzerland), Guccio Gucci S.p.A (Italy), Valentino S.p.A.
(Italy), Giorgio Armani S.p.A (Italy), Cartier International SNC (France), and
MCM Worldwide (Germany).
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Regional
Overview
The global Luxury Handbags Market Analysis has been regionally segmented
into North America, Europe, Asia-Pacific, and the rest of the world.
The European market is expected to be the largest during the review
period. High per capita disposable incomes and the presence of major brands are
driving the demand for luxury handbags in the region. The market for luxury
handbags in Asia-Pacific is estimated to register the highest growth rate,
primarily due to the increasing per capita disposable incomes in China, Japan,
and India and the fast-growing online retail sector.
NOTE: Our Team of Researchers are Studying Covid19
and its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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