A pair of stylish shoes and a chic attire are really not everything to create a perfect look. A set of desired accessories can not only perk up the impression, but can also add more to the style & beauty of the individual. A handbag is certainly considered as one of the main accessories of a woman, as it can put up everything a woman want, and luxury handbag would definitely be one’s ultimate dream! Why do even women tend to opt for expensive wallets over their reasonable and inexpensive counterparts?
In the last few years, the trend of premiumization has been quite persistent in several industries that take in the apparel industry, the food industry, and the cosmetic industry. It can be defined as a practice where manufacturers happen to make a product or a brand more engaging to consumers by highlighting its uniqueness. Due to the rise in per capita income of the target customer base, the product quality has now been emphasized more than its price. This sustaining trend has accounted for the growth of the global handbag market in more than one way.
Especially, now when fashionistas have come up with exclusivity on plate, it is pretty much obvious that no one does want to mess up with the vogue they are craving for. A wardrobe collection is somehow incomplete without a good quality handbag in store. These days, it is not really a herculean task to get a designer handbag of top quality. One can just go online and come upon popular websites to peep into the latest collection of exquisite handbags and get high quality designs at reasonable prices from top brands. One can also check out the festive sales to take hold of the astounding deals and discounts. Online reviews also come in handy, when it’s about knowing more about the quality of a particular bag.
According to Allied Market Research, the global luxury handbag market is expected to reach $89.9 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026. Constant and relentless efforts of luxury handbag manufacturers on the development of their product offerings is one of the prime factors that has supplemented the market growth yet more.
At the same time, as today’s generation rummage around for stylish accessories along with seamless brand association, luxury handbag brands have started investing worldwide to make their presence felt digitally too, by progressively using social media to engage with the potential consumers. Simultaneously, manufacturers are also re-evaluating the value of brand culture and legacy for their customers. Moreover, increase in internet permeation and growing influence of social media luxury brands have played a pivotal role in boosting the market growth.
Nonetheless, here, it’s worth mentioning that the outbreak of COVID-19 affected the logistics and supply of raw materials needed for the manufacturing of luxury handbags, especially during the initial phase of the lockdown. However, with the initiation of mass inoculation by several government bodies across the world, the market is projected to get back on track soon.
