- The key vendors in the handbags market in Europe are Burberry Group plc, Chanel SA, Coach Inc., Guccio Gucci SpA, Hermès International SA, Longchamp SAS, LVMH Moët Hennessy, Michael Kors Inc., Mulberry Group plc and Prada SpA.
London, 04 May 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the handbags market in Europe 2015-2019. Because of the growing internet penetration and increase in number of online shoppers, e-commerce and online retailing have become the latest trends emerging in the market. Aggressive marketing, pricing and customer acquisition tactics are expected to drive the sales through e-commerce during the forecast period. The handbags market in Europe is expected to grow at a CAGR of 3.62 and 3.18 % during the forecast period 2014-2019, as per revenue and volume, respectively.
In 2008, the recession hit most countries in Europe, which resulted in economic turmoil. However, the scenario has been changing since 2013, with improving macroeconomic conditions in many countries like the UK, Russia and Germany, thus leading to an increase in consumer income levels. This is one of the major drivers expected to fuel the market growth during the forecast period.
“Demand for men’s handbags, especially cross body bags, messenger bags and wallets, has been on the rise worldwide and the concept of the ‘man bag’ or ‘man purse’ has created mass appeal among consumers,” says Faisal Ghaus, Vice President of Technavio Research.
“Market vendors are designing handbags that cater specifically to the increasing demand among the male population. Some of the popular brands that offer handbags for men in Europe are Louis Vuitton, Burberry, Gucci and Prada.”
To define the market conditions 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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