The growing number of working women across the globe is a major driving factor for the global luxury handbag market. The rising trend of following fashion as per latest trend is creating value-grab opportunities for manufacturers in the global handbag market. Women are aware about the latest trends and prefer to shop from online stores. Men are also increasingly using innovative handbags, owing to rapid urbanization and changing lifestyles. Market players are adopting innovative approach to design and develop suitable products for consumers. Increasing popularity of social media platforms for marketing the luxury handbags, rising number of product manufacturers, and penetration of Internet are factors driving the market growth for luxury handbags.
Additionally, multi-brand retail outlets help in the expansion of infrastructure and drives the economy. They also help small retailers sell their products to large retailers. Manufacturers are focusing on increasing the production of handbags embedded with laptop sleeves, key holders, mobile holders, etc. These handbags offer a promising quality, comfort, and style. The increasing awareness about innovative products and popular brands among consumers is encouraging the growth of the luxury handbag market.
Growth in Popularity of Technology-enabled Handbags
The emergence of advanced technology is a factor creating growth opportunities for the players in the global luxury handbag market. The growing popularity of handbags such as shoulder bags, sling bags, tote bags, backpack, wallet, laptop bags, etc. among men as well as women is encouraging product manufacturers to expand their business for generating more profit. Market players are focusing on the production of small and easy-to-carry handbags.
Some of the popular brands are launching technology- based luxury bags. Their main focus is to provide fashion and technology. Some of the handbags are well-equipped with a battery to charge phones, laptop sleeves, and tracking devices. Consumer can easily track the bag and its valuables if it is stolen or misplaced. Smart wallets are increasingly becoming popular with consumers due to its functions such as Bluetooth connectivity, tracking devices, etc.
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Strengthening Distribution Channels in Asia Pacific to Drive Market Expansion
The increasing sales of luxury handbags in Asia Pacific is leading to value-grab opportunities for product manufacturers to compete with top market players. Rising disposable income and improving standard of living are factors responsible for market growth in Asia Pacific. In addition, growing offline distribution channels such as specialty stores, mega retail stores, departmental stores, etc., eCommerce websites, and company websites is expected to boost the sales of luxury handbags in countries including China, India, Japan, Macau, and Hong Kong. The increasing presence of product manufacturers in China, along with rising upper-middle class population is contributing to market growth. Europe dominated the global luxury handbag market, owing to the strong presence of luxury houses in the region.
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Impact of COVID-19 on Luxury Handbag market
The rapidly spreading coronavirus has harshly affected all the businesses and manufacturing industries across the globe. It has had a huge impact on the luxury handbag market due to prolonged lockdowns, lack of availability of raw material, and disrupted supply chains. The decrease in production of luxury handbags during the COVID-19 outbreak has created challenging situations for manufacturers. Key market players are exploring opportunities to overcome challenges in the global market.
Market players are working hard to set their businesses in order to keep the economies running amid the ongoing pandemic. Market stakeholders are extending their production capability to gain a competitive edge after the COVID-19 breakdown. The rapidly expanding eCommerce industry has also created huge opportunities for manufacturers and distributors in the luxury handbag market. Key players are focusing on selling their products through various eCommerce websites across the globe.
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