- The key vendors in the handbags market in India 2015-2019 are Baggit, Caprese, Da Milano Leathers, Deeya International, Fiorelli, Hidesign, Intouch Leather House India Pvt Ltd. (Esbeda), Holii Accessories Pvt. Ltd. and Lavie
London, 06 May 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the handbags market in India 2015-2019. A thriving middle-class and their desire for fashion and luxury products is driving this market. According to India’s National Council of Applied Economic Research (NCAER), the country currently has 31.4 million middle-class households with a growing population of working class women who are not averse to spending more on branded goods. Fashion conscious consumers have thus encouraged many vendors to enter the handbags market in India. Vendors are also expected to gain from the expanding organized retail landscape in India. In the future, the market looks to connect with a significant portion of the non-metro population through online retail. The overall market is expected to grow impressively at a CAGR of 19.2 percent during the forecast period of 2014-2019.
The young Indian population and their growing disposable income levels have largely contributed to the market potential of handbags in India. Currently, India has the youngest population in the world with over 400 million in the age group of 15-35 years, making it one of the largest consumer markets in the world.
“Growing Internet penetration and the increasing presence of online stores is spreading awareness of luxury and branded products and fueling the demand for high-end products,” says Faisal Ghaus, Vice President of Technavio Research.
“A growing affluent population in India expects better products and services and is aware of the latest fashion trends across the world. Many domestic and international handbag manufacturers in India have launched products that offer attractive, high-quality, and stylish handbags to fashion-conscious Indian women at affordable prices.”
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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