London, 22 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global shoulder bags market 2015-2019, which is estimated to grow at a CAGR of 5.53% during 2014-2019.
The market is witnessing huge demand from the female working populations, and changing consumer tastes and preferences and the rise in PPP will propel the growth of the shoulder bags market. In addition, countries such as India, Brazil, Singapore, Turkey, Thailand, Australia, and Canada are the emerging markets for shoulders bags, where consumers are demanding more affordable luxury bags. Therefore, companies are adopting various pricing strategies suitable for the target consumers.
“Superior-quality leather is being used to make shoulder bags as consumers prefer the esthetics of such leather, and are even willing to pay a premium for it,” says Faisal Ghaus, Vice President of Technavio.
“Also, partnering with new and upcoming designers to launch designer collections has become a common phenomenon for vendors in the global market and continues to positively affect the market.
Key Market Drivers
- Shoulder bags and Urban Population
- Emergence of Shoulder Bags as a Fashion/Lifestyle Product
- Increased Spending by Teens
- Rising Popularity of Shopping Seasons
- Demand for Affordable Luxury Brands
Key Market Trends
- Rise in Demand for New Leather Skins
- Launch of Exclusive Designer Collections
- Launch of New Products and R&D
- Brazil by Bags Initiative
- Increasing Demand among Working Women
Key Market Vendors
- Burberry Group plc
- Chanel SA
- Coach Inc.
- Hermès International SA
- Kate Spade
- LVMH
- Michael Kors
- Mulberry
- Prada
- Ralph Lauren
- Tory Burch
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
