1.1 Definition and scope of the market
The handbag market is part of the wider embellishment and accessories market. A bag is a fashion accessory that allows you to store everyday objects (e.g. wallet, keys). It is a consumer product, intended primarily for women, however, some specific models are also available for men. Many features are taken into account when a consumer buys a bag. Its practicality, but also its’ aesthetics and brand, remain key for consumer preferences.
The global handbag market is expected to demonstrate positive growth in the coming years; this is mainly driven by the influence of social media. The handbag market appeals the strongest to the age category 25 to 34; 29% of users belonged to this age group, followed by 35 to 44.
In the UK, the handbag market has experienced robust growth in light of increased disposable income as well as per capita consumption of consumers on handbags. Moreover, the demand for esthetically appealing handbags has grown together with the number of bags owned per person. Handbag penetration is very large due to the wide range of products offered at different prices. Indeed, the preceding years have seen a continuous growth in number of products on the market which correlates to more sales.
The handbag market includes many players; however, when measured through sales, it is dominated by the likes of Christian Dior, Louis Vuitton, and Prada. China represents the key value driver for these firms’ continuous market dominance. Moreover, sales will shift at an increasing pace towards E-commerce.
One trend includes a wider usage of logos and new logo styles; the brand recognition is very relevant for consumers and will drive sales growth. [technavio]
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