According to a recent report by Million Insights, the luxury handbag industry is expected to reach $94 billion by 2028.
The U.S. market research institute Million Insights has unveiled a report regarding the global luxury leather goods industry. By 2028, the sector could reach $94 billion. Indeed, the sector is expected to grow strongly, estimated at 5.3% annual growth for the next seven years.
This growth is explained by an increase in spending in the leather goods sector in certain economically emerging countries, such as China, thanks in particular to the emergence of new fortunes in the Middle Kingdom and the increase in the purchasing power of Chinese inhabitants.
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