According to MarkNtel Advisors, the Global Luxury Handbags Market is expecting around 6.3% CAGR during 2022-27. The improving economic conditions, changing living standards, and a swift expansion of the fashion industry are propelling the demand for luxury handbags as a status symbol in society and, in turn, driving the global market.
Besides, with an acceleration in the number of working females throughout the globe, multi-purpose, high quality, & spacious handbags are becoming a necessity & prominent accessory. It, in turn, is encouraging the leading players to introduce a wide range of luxury handbags while positively influencing the market growth.
Moreover, growing investments by the prominent brands and their strategic marketing techniques like advertisements by celebrities to attract a greater consumer base shall also play a crucial role in augmenting the overall market growth through 2027, further states the research report, “Global Luxury Handbags Market Analysis, 2022.”
Versatility & Convenience of Tote Bags to Boost the Global Market through 2027
Based on the Product, Owing to durability & extra space, tote bags are highly versatile & convenient for carrying more items than other handbags. As a result, they are gaining increasing traction among the working women & expecting the largest share in the Global Luxury Handbags Market during 2022-27.
Moreover, the greater inclination of people toward investing money in luxury tote bags for their high-quality & premium material offering years of withstanding is another prominent aspect projected to augment the overall growth of the Global Luxury Handbags Market through 2027.
With its Massive Fashion Industry, Europe Dominates the Luxury Handbags Market
The gigantic fashion industry, coupled with the extensive presence & active participation of prominent manufacturers across different countries in Europe that offer a wide range of luxury handbags, are driving the regional market. Besides, improving per capita income of the people & increasing working female population are also projecting an upswing in the sales & demand for luxury handbags & fueling the market growth across the region.
Furthermore, increasing tourism across Europe and constantly developing new products with attractive styles & features are other prominent aspects anticipated to boost the market across the region in the years to come, reveals MarkNtel Advisors in their research report, "Global Luxury Handbags Market Analysis, 2022."
The leading players in the Global Luxury Handbags Market include Burberry, Calvin Klein Inc., Coach IP Holdings LLC, Chanel Ltd., Fendi, Giorgio Armani S.p.A., Guccio Gucci S.p.A., Hermès International S.A., Kate Spade, Louis Vuitton Malletier, Michael Kors Holdings Ltd., Michael Kors Holdings Ltd., and Prada S.p.A.
Key Questions Answered in the Research Report