Luxury handbags are expensive designer bags that are prominent accessories for fashion lovers. These bags are swiftly gaining popularity globally, especially among working females. With improving economic conditions and growing consumer inclination toward handbags that offer durability & aesthetics, luxury handbags are swiftly gaining traction and enabling the manufacturers to expand their customer base globally.
The Global Luxury Handbags Market is projected to grow at a CAGR of around 6.3% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the swiftly expanding fashion sector entwined with an escalating working female population. Besides, with the growing brand awareness among consumers & their swiftly improving economic conditions, changing living standards, and greater preference toward luxury living, the sales of extravagant handbags are accelerating rapidly & fueling the overall market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, The UK, France, Italy, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|Latin America: Brazil, Mexico|
|Middle East & Africa: Israel, Turkey, UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||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, Prada S.p.A. , Others|
|Unit Denominations||USD Million/Billion|
Moreover, the growing inclination of people toward procuring luxury handbags as a status symbol and for their aesthetic appeal, high material quality, and elegant designs are the other prominent aspects driving the global luxury handbags market.
Furthermore, an increasing number of tourists, coupled with strategic brand promotions & advertisements by celebrities to attract a greater consumer base, are also anticipated to play a crucial role in propelling the demand for these handbags globally through 2027.
Impact of Covid-19 on the Global Luxury Handbags Market
The advent of Covid-19 had a decelerating effect on most industries worldwide, and the Global Luxury Handbags Market was no exception. While governments of different countries imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the leading players in the market witnessed several unprecedented challenges associated with the production & distribution of their luxury handbags across the world.
Besides, since the duration of the limitations was uncertain & the world was undergoing massive financial fluctuations, a majority of the people avoided spending on non-essential products & preserving them for essentials only. As a result, the demand & sales of luxury products, including handbags, severely declined amidst the crisis.
Moreover, the disruptions in the supply chain & transportation network further hampered the deliveries of raw materials & pre-produced bags across different regions and introduced significant delays. It resulted in slow & expensive production of these handbags, which compelled companies like Gucci, Louise Vuitton, & Channel to hike the prices of final products as compensation for their losses.
Nonetheless, with the gradually declining number of Covid-19 cases, restrictions were uplifted & business operations got recommenced. The market leaders resumed their production & distribution at full capacity to regain their usual growth pace and introduce several new products in the Global Luxury Handbags Market in the coming years.