Luxury Bag Market is expected to USD 85200 million in 2023 and with growing at a CAGR of 8% during the forecast period 2017-2023

Luxury Bag Market | Research Cosmos

Luxury Bag Market Overview:

The Luxury Bag Market has faced a roller coaster ride in the past few years with steady, solid growth rates and new players waltzing in every few years. Handbags, an asset and pride for women all over the world, is a very important accessory. From satchels at schools to backpack and sling bags in college to totes for shopping and clutches, wallets at parties, handbags are an item of absolute necessity for both men and women. So, it comes as no surprise, that there has been a gradual rise in the luxury handbag department owing to their multi-functional usage, look and feel. Of course, it cannot be denied that women’s market of luxury bags is stronger than men’s and with the growing population of working women, the market demand is ever so slightly increasing daily.

Luxury Bag Market Size Study:

The global luxury bags market was valued at USD 50600 million in 2017 and is expected to grow at a CAGR of 8% to reach USD 85200 million in 2023.

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Luxury Bag Market Geographical Segmentation:

Geographically, the market is divided as North America, Europe, Asia Pacific, South America, Middle East and Africa. Europe dominated the market in 2017 with 31.8% market share and is expected to retain its position for years to come, closely followed by Asia Pacific whose growth has been tremendous due to its online sales and growing working-women population. Distribution via multi-brand outlets are mostly common which also helps smaller retailers sell their products. Online sales have considerably increased in the last few years with brands giving extensive offers to aggregate a strong customer database.

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Internet, social media, celebrity endorsements are strong strategies for luxury brands to make their presence known. Development policies, manufacturing costs, raw materials are all matters of major concern for manufacturers. However, each day newer variants of bags are making an entry into the market depicting the potential for further demand. And with millennials and Generation Z representing more than 40% of the overall luxury bag market, and big firms getting their hands dirty with the high-value customised, in-store experience via AI (Artificial Intelligence) and AR (Augmented Reality), the global market is expected to rise considerably in the coming years.

Key Takeaways from this Luxury Bags Market Report:

• For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
• Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
• Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
• Increase overall revenue by understanding the geographical impact on sales and distribution channels.
• Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
• Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
• Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.

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Luxury Bag Market Key Players:

Some big names associated are Dior, LVMH, Prada, Kering, Armani, Hermes, Kate Spade, Burberry, Coach, Gucci, Michael Kors, Chanel, Dunhill and many more. Obviously, because of their premium pricing, most of these brands are chosen on the fact that there is no compromise of luxury over quality and vice versa.

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