London, 12 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the Handbags Market in the Americas 2015-2019, which is expected to post a CAGR of 4.74% in terms of revenue and 3.87% in terms of volume during the forecast period of 2014-2019.
High demand for handbags, increasing disposable income, increasing demand for affordable luxury bags, and rising e-commerce are driving growth in the market. The rising number of retail stores is also driving the demand for such brands because of their easy availability and growing preference for luxury brands.
Growth in e-commerce and rising awareness about the brands available online, coupled with lucrative discount offers, is attracting consumers and driving the sales of handbags.
“The introduction of new ergonomic designs, trendy colors, finishing, and textures in handbags have helped handbags gain importance as fashion accessories,” says Faisal Ghaus, Vice President of Technavio.
“Vendors are associating with renowned designers to launch designer collections. Many vendors are also employing celebrities to endorse their brands to create an image and position their product as a lifestyle product, and this is positively influencing the sales of handbag products worldwide.”
Key Market Drivers
- Emergence of E-commerce
- Increase in Product Variety
- Demand for Affordable Luxury Brands
- Increasing Expenditure by Teens in US
- Brazil by Bags Initiative
- Rising Number of Sales Offers
- Advertising and Marketing Campaigns
Key Market Trends
- Emergence of Handbags as a Fashion/Lifestyle Product
- Increasing Demand among Working Women
- Launch of New Products and Increased R&D
- Growing Number of Outlets
- Growing Fashion Consciousness in Brazil
Key Market Vendors
- Arezzo&Co.
- Burberry
- Chanel
- Christian Dior
- Coach
- D&G
- Hermès International
- Kate Spade
- LVMH
- Michael Kors
- Mulberry
- NOVICA
- 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.
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