PORTLAND, Ore., Nov. 17, 2020
Rise in online retail of luxury handbag and development in emerging economies drive the growth of the global luxury handbag market.
PORTLAND, Ore., Nov. 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Luxury Handbag Market by Type (Handbag, Backpack, Wallet, and Others), and Distribution Channel (Duty-Free Stores, Online Stores, Discount Stores, Hypermarkets, And Specialty Stores): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global luxury handbag industry was estimated at $58.3 billion in 2018 and is expected to hit $89.9 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in online retail of luxury handbag and development in emerging economies fuel the growth of the global luxury handbag market. On the other hand, high taxation and import duties on luxury goods restrain the growth to some extent. However, development in social media marketing is expected to create multiple opportunities in the near future.
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The luxury retail industry has taken a big hit since the Covid-19 outbreak, especially the used clothes and accessories start-ups.
The Covid-19 pandemic has changed consumer behavior, demand,and purchasing pattern. Thus, major market players in the industry have to reevaluate and rethink marketing strategies to attract customers.
Several luxury handbags companies such as Gucci have increased prices of their products to curb Covid-19 impacts on the company's revenue.
The handbag segment to lead the trail till 2026-
Based on type, the handbag segment contributed to more than half of the global luxury handbag market share in 2018, and is expected to retain its dominance by the end of 2026. Factors such as emergence of young populace, increase in disposable income, rise in number of working women, and surge in affordability of luxury products are expected to propel the growth of the segment. Simultaneously, the wallet segment would cite the fastest CAGR of 7.00% during 2019–2026. Manufacturers are now launching different kinds of designer wallets and specialized editions for the same, and this factor is attracting the customers from all over the world, thereby boosting the segment growth.
The specialty stores segment to maintain its top status during the estimated period-
By distribution channel, the specialty stores segment held the major share in 2018, generating more than half of the global luxury handbag market. Increase in affluent population in emerging countries such as China has driven the growth of the segment. At the same time, the online stores would grow at the fastest CAGR of 14.4% till 2026, owing to rise in internet penetration across the globe.
Europe, followed by North America, to dominate in terms of revenue-
Based on geography, Europe accounted for more than one-third of theglobal luxury handbag market revenue in 2018, and is anticipated to rule the roost by 2026. This is because the European market presents attractive opportunities for the consumer goods sector. The region across Asia-Pacific, on the other hand, is projected to showcase the fastest CAGR of 8.2% during the estimated period. Demographics, reduction of productivity and rise of the digital economy impact the long-term growth of the Asia-Pacific luxury handbag market.
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Leading players in the market-
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