Premium handbags and accessories is one of the fastest growing segments in the overall luxury market. After declining in 2009 due to economic slowdown, the market grew in 2012 compared to previous year. This growth is being driven by rise in disposable income, expanding middle class, growing preference for branded products and rising number of wealthy consumers worldwide. Moreover, the handbag market encompasses dynamic players and an expanding consumer base, which is expected to flourish due to increasing demand from emerging markets and strong performances by the international luxury brands. Countries like China and India with rising high net worth individuals (HNWIs) and high purchasing power among working women will boost the market growth in future years. New channels like E-Commerce or online shopping have become popular mainly driven by consumers looking for good bargains. Categories such as top-handle bags, totes and cross-body bags remained popular.
The market for high-end luxury handbags is highly competitive. Coach Inc is the market leader in the US luxury handbag market. Other major players include, Michael Kors, Burberry, Prada, Louis Vuitton, Gucci, Hermes and Chanel. Most of the companies are responding to the growing competition by developing high profile product launches, stimulating purchases through strong promotions and investing in remodeled stores and shop-in-shops at department stores.
The present report titled “Global Handbags Market: 2013 Edition” discusses the global market for luxury handbags, as well as trade of handbags worldwide. The report presents a detailed analysis of the US handbag market, discussing sales, pricing trend, and trade statistics. Also, the report presents a short discussion on one of the emerging handbag market, the Asia Pacific. The report analyzes some of the major drivers as well as trends prevailing in the global handbags market. Three major players operating in the handbags industry worldwide are profiled, focusing on their business, financials and growth strategies.