Handbags are fashionably designed handheld bag used to carry essential items of personal use. Typically, these handbags are larger than a purse or pouch. Handbags are accessories that are used to hold objects such as currency and other personal items. The handbags industry is experiencing a boom, with designer handbags and other varieties commanding thousands of dollars.
Handbags are essentially bags that also include purses, satchels, and wallets among others that come in a variety of sizes and are a product of certain fashion designs. Handbags are considered to be some important accessory in the fashion world, especially for women and are considered as a completion piece in the woman’s wardrobe.
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Designers are including handbags in their collection in order to increase the revenue and simultaneously promote growth in the industry. The fashion industry have reported to have a direct impact on the latest collections of handbags that are launched as they are analyzed to complement one other. Designers and other single branded stores are investing on opening standalone or flagship handbag stores so that they can capture the major buyers of hand bags from that locality.
The handbag industry has always been a trending market in the fashion industry. Handbags are typically meant for ladies who are usually found carrying it with style and usually found to match it with their attire. There are certain drivers that push the handbags in the market.
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The usage of handbags is predominant with woman, and a rise in the woman workforce over the years has boosted growth of the handbags market. Recently, the handbags market has experienced a shift from bigger totes to smaller along with the increasing preference for off-price channels driven by demand from brand conscious millennial population.
Moreover, the growing affluence in the emerging economies and awareness of better brands of handbags has had a significant influence in the market. However, counterfeit products of handbags are always a major restraint acting in the handbags industry. Additionally, high import duties and declining store presence coupled with decreasing global GDP growth have been affecting the growth of the handbag market.
The global handbag market can be segmented on the basis of different handbag types and distributional channel. On the basis of type, the handbags market can be further divided into satchel, bucket bag, clutch, tote bag, backpack, baguette bag, hobo bag and athletic bags. Amongst the handbag products, satchel and tote bags are the latest trend in the handbags industry. The large designer brands are preferring to stay in sync with the fashion and manufacturing handbags that cater to the demand of the global handbag market. Furthermore, the global handbag market has been segmented on the basis of distributional channel which includes, departmental store, single-branded stores and online distribution channel. Online distribution channel of handbag are gaining importance due to easy convenience and presence of large number of brands.
The handbags market is a popular product and manufacturers of the premium brands of handbags face heavy competition globally and they need to keep up to the demand and consumer preference of the global handbag market. North America, Europe, Asia- Pacific, Latin America, Middle East and Africa manufacture and sell handbags. Owing to its rising demand, manufacturers of the handbags are spending on preparing better quality handbag products and are using improved leather and chains. North America followed Europe handbags market are the leading regions globally that are reported to heavily purchase handbags as they are more trendy and have more purchasing power. Other regions like the Asia-Pacific, Latin America, Middle East and Africa are also reported to show a remarkable growth in the consumption of the handbags due to their adoption of culture from the western countries. The strategic pricing of the handbag products has attracted the customers with unique selling ideas and have contributed massively in the handbags industry.
The global handbags market has both branded and un-branded companies and they are competing continuously with their price and new product launches. The major players dominating the global handbags market are Coach, Kate Spade, LVMH, Michael Kors, Ted Baker, Baggit, Hidesign, Fossil and Gucci are a few among other leading producers of handbags in the world.