Luxury Handbag Market Expands with Increase in Working Women Population Globally, States TMR Study

• The global luxury handbag market is projected to surpass the valuation of US$ 35.4 Bn by 2031
• Luxury handbag manufacturers are attracting customers by providing bags that are a combination of fashion and technology
• Companies are expected to gain sizable business prospects in Asia Pacific, owing to improving disposable income of regional people

ALBANY, N.Y., April 12, 2022 /PRNewswire/ -- The global luxury handbag market is estimated to register growth at a CAGR of 5.9% during the forecast period of 2021 to 2031, as per a research report by Transparency Market Research (TMR).

Companies operating in the global luxury handbag market are focusing on the development of innovative and cost-efficient products. In addition, several players are engaged in the development of a product range according to the needs of their consumers. Moreover, many players in the luxury handbag market are taking the help of different social media platforms in order to spread awareness about their products. Enterprises are using strategies such as mergers & acquisitions in order to expand their regional presence. Such efforts are foreseen to help in generating profitable prospects in the luxury handbag market in the near future.

The luxury handbag market in Asia Pacific is anticipated to gain lucrative prospects during the forecast period, owing to many factors such as improving spending power of regional population and increasing penetration of the Internet in the region, notes a TMR study.

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Luxury Handbag Market: Key Findings

• Players operating in the global luxury handbag market are increasing the production of compact and innovative bags in order to cater to the rising demand for such products. Moreover, companies are focusing on the development of luxury, designer, and easy-to-carry bags. Besides, they are manufacturing products that incorporate technological advancements. For instance, companies such as Mezzi are offering handbags that are a combination of technology and fashion. Such products are gaining traction, as they provide facilities such as laptop sleeves, battery to charge the phone, and tracking devices in order to track the bag in case it is being misplaced or stolen. Such innovations are expected to fuel the growth opportunities in the global luxury handbag market in the upcoming years.
• Due to rise in working women population around the world, there has been increase in demand for luxury handbags globally, which, in turn, is influencing sales positively in the global luxury handbag market. Moreover, increase in the trend among this customer base to use different types of luxury handbags is promoting players in the luxury handbag market to develop innovative products. Besides, changing lifestyles and rapid urbanization in many developing and developed nations have resulted into increasing popularity of and demand for luxury bags among men population as well. These factors are prognosticated to drive sales and help the global luxury handbag market to gain valuation of over US$ 35.4 Bn by 2031.

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Luxury Handbag Market: Growth Boosters

• People across the globe are inclining toward following newest fashion trends. This factor is generating demand prospects in the global luxury handbag market.
• Increase in availability of the Internet and rise in the trend of online shopping are propelling the luxury handbag market

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Luxury Handbag Market: Key Players

Some of the key players profiled in the report are:

• Furla S.p.A.
• Compagnie Financiere Richemont SA (Chloe SAS)
• Giorgio Armani S.p.A. (Armani)
• GANNI A/S
• Macy's Inc.
• Loeffler Randall
• Michael Kors Holdings Limited
• LVMH Moët Hennessy Louis Vuitton SE (Marc Jacobs Int. LLC)
• Sungjoo Group (MCM)
• Rebecca Minkoff
• MAUS Freres SA (The Lacoste Group)
• The Cambridge Satchel Company
• MILLY NY
• Vera Bradley Sales LLC.
• Longchamp S.A.S.
• Tapestry Inc. (Coach Inc.)

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Luxury Handbag Market Segmentation

• Product
• Handbag
• Shoulder Bags
• Satchel Bags
• Handheld Bags
• Sling Bags
• Tote bags
• Hobo Bags
• Others (Duffle Bags and Fanny/Waist Packs, etc.)
• Backpack
• Wallet
• Others (Clutches, Laptop Bags, Messenger Bags, etc.)

Material

• Cotton
• Leather
• Nylon
• Synthetic

End-user

• Men
• Women

Distribution Channel

• Online
• E-commerce Websites
• Company Owned Websites
• Offline
• Specialty Stores
• Mega Retail Stores
• Others

Region

• North America
• U.S.
• Canada
• Rest of North America
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa
• South America
• Brazil
• Rest of South America

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