Handbags & purses market is the fastest growing segment in the overall luxury goods industry. Though handbags & purses industry caters to both male and female consumers, it is predominantly considered to be a women-oriented market as it offers relatively large options of designs, sizes, colours and patterns to women. The men segment is limited to few specific options such as pouch style handbags.
By type, handbags market is segmented into satchel, saddle, clutch, shoulder bag, tote bag, hobo bag, backpack, athletic bag and baguette bag. Satchel and saddle bags are the most desirable and popular among both the genders. Along with being comfortable and convenient to carry, they also have become a fashion statement and are considered as status symbol. Handbag manufacturers are focusing on innovative strategies to meet the changing preferences of consumes. The handbags market is witnessing continuous innovation in terms of design, colour, shape and weight. In addition, market is seeing a growing demand for environment-friendly handbags. The men segment has also been benefitted with the vast availability of designer bags.
The global handbags & purses market has witnessed a shift from bigger bags such as tote to small and medium silhouette and cross bodies handbags. Demand for off-price channels offering high quality products at cheaper rate have also increased due to growing number of brand conscious consumers. Handbag & purse manufacturers and other market players are utilizing social media to keep up with the changing trends.
The global handbags & purses market is continuously growing and it is majorly driven by increasing disposable income, growing preference for branded products and increasing number of working women. However, high import duties, strict regulations on premium handbags and presence of counterfeit products are posing serious challenges to the industry.
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