May 18, 2020 5:46 PM ET
iCrowd Newswire – May 18, 2020
The Global Luxury Handbag Market is estimated to grow at a CAGR of 5.6% during the forecast period 2019-2026. The market research study presents that the luxury handbag industry accounted $58.3 billion in the year 2018 and is estimated to reach $89.9 billion by the end of the year 2026.
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The luxury handbag industry is majorly focusing upon the new consumer class i.e. HENRYs (High-Earners-Not-Rich-Yet) along with another segment of population i.e. Gen Z and Millennials. Also, luxury handbag manufacturers offer their products through various supply chains coupled with increase in per capita income of target consumers.
The research report on the global luxury handbag market offers the latest industry trends and future market trends, that allow to identify the products and end-users that drive the profitability and revenue growth of the global marketplace. The market research report offers an extensive analysis of geographical regions, key segments, leading market players and key determinants. Also, the market research analyst has studied competitive scenario to support new market entrants, leading market players and investors.
The report on the Global Luxury Handbag Market include the study across various market segments such as:
- Distribution Channel
The Type Segment of the Global Luxury Handbag Market is Sub-Segmented into:
The Distribution Channel Segment of the Global Luxury Handbag Market is Sub-Segmented into:
- Duty Free Stores
- Online Stores
- Discount Stores
- Speciality Stores
Geographical Overview of the Global Luxury Handbag Market
The global luxury handbag market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy, Spain, The Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, Europe accounted as the dominant market region owing to presence of key market players in some of the countries of the region like the UK, France and Germany. Hence, the region is gaining higher traction among target customers. Also, increasing number of female working population act a significant regional growth factor. Moreover, increase in investment in Eastern Europe and growth in retail industry in the region is expected to boost the regional market growth over the forecast period.
Key Players Insights
ZV France SAS, Valentino S.p.A, Samsonite International S.A./Tumi Brand, Guccio Gucci S.p.A, Vera Bradley, Mulberry Group, Luxottica Group, Longchamp, Furla SpA and LVMH among others. The market players are adopting various competitive strategies to withhold the large market share in the global luxury handbag market.
Impact of COVID-19 on the Global Luxury Handbag Market
The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The overall market impact of COVID-19 can be witnessed in the Q1 2020 but is anticipated to be highly impacted in subsequent quarters in the whole year. The detailed research report on the global luxury handbag market is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status. The global luxury handbag market is analysed to have a negative impact due to declining per capita income of the regions, long-term impact of lockdown period and non-essential nature of the product.
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Keywords: Luxury Handbag Market, Luxury Handbag Market Size