According to a report entitled “Luxury Handbag Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026”, published by Allied Market Research, the luxury handbag market will reach $89.9 billion globally by 2026 at 5.6%.
The Allied Market Research report details that the global luxury handbag industry was estimated at $58.3 billion in 2018 and is expected to reach $89.9 billion by 2026, with a CAGR of 5.6% from 2019 to 2026.
Increased online sales and the development of emerging economies are fuelling the growth of the global luxury handbag market. However, high taxes and import duties on luxury goods are constraining growth to some extent.
The luxury retail industry has been severely impacted since the Covid-19 outbreak, particularly for second-hand clothing and accessory start-ups.
Indeed, Covid-19 pandemic has changed customer behavior, demand, and buying habits. Thus, the main actors of the market have to re-evaluate and rethink their marketing strategies in order to remain attractive. Several luxury handbag companies such as Gucci have increased the price of their products to limit the impact of Covid-19 on the company’s turnover.
The handbag market contributed more than half of the global luxury handbag market share in 2018 and is expected to maintain its dominance by the end of 2026. Factors such as the emergence of a young population, rising disposable income, an increase in the number of working women, and the accessibility of luxury products are expected to drive growth in the segment.
The specialty store segment was the distribution channel with the largest share in 2018, generating more than half of the global luxury handbag market. The growth of the affluent population in emerging countries such as China has been the driving force behind the segment’s growth.
At about the same period, online stores are expected to experience the fastest average annual growth rate (14.4%) through 2026, due to the increase in Internet penetration worldwide.
Geographically, Europe accounted for more than one-third of global luxury handbag market revenues in 2018, and is expected to dominate the market by 2026. Indeed, the European market is full of opportunities for the sector. The Asia-Pacific region, on the other hand, is expected to show the fastest average annual growth rate of 8.2% for the estimated period.
Click here to find out more about the study published by Allied Market Research.
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