1.1 Definition and presentation
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 particularly important.
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 US expects to experience growth in light of wider demand of using handbags as accessories. Moreover, it is the country with the highest revenue generated in this industry in the world. In the US, there is a growing preference for high-end luxury handbags; indeed, this product category will be a cornerstone in driving growth for the coming years.
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; the brand recognition is very relevant for consumers and will drive sales growth. [technavio]
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