NEW YORK , Feb. 8, 2023 /PRNewswire/ -- According to Technavio, the global leather handbags market size is estimated to grow by USD 8.5 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 4.84%. Moreover, the growth momentum will accelerate. APAC will account for 32% of the market's growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report
Leather handbags market - Five forces The global leather handbags market is fragmented, and the five forces analysis covers–
The threat of new entrants
For an interpretation of Porter's five forces model – Buy the report!
Leather handbags market – Customer landscape The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies. Leather handbags market - Segmentation assessment Segment overview Technavio has segmented the market based on distribution channel (offline and online), type (shoulder bags, satchel bags, tote bags, and sling bags).
The offline segment will account for a significant share of the market's growth during the forecast period. This channel generates revenue from the sales of products through specialty stores, including exclusive brand stores, multi-brand stores, apparel stores, factory outlets, airport retail stores, and personal goods stores; hypermarkets, supermarkets, convenience stores, and clubhouse stores; and department stores. Department stores and specialty stores are the largest revenue contributors through offline channels. Brands are expanding their presence globally by establishing new stores in prominent markets such as North America and Europe . Such strategies are expected to drive sales growth through offline stores during the forecast period.
Geography overview Based on geography, the global leather handbags market is segmented into APAC, North America , Europe , South America , and Middle East and Africa . The report provides actionable insights and estimates the contribution of all regions to the growth of the global leather handbags market.
APAC is estimated to account for 32% of the growth of the global market during the forecast period. China , South Korea , Japan , and India are the key countries in this region. The growth of the market is attributed to factors such as the rise in awareness and the increase in demand for fashion products. The increasing target population (15-64 years) and the rising disposable income will also drive the demand for leather handbags, including premium and luxury handbags.
Global leather handbags market – Market dynamics Key factor driving market growth
The influence of celebrity endorsements on customer purchase decisions is driving market growth.
Celebrity endorsement is a popular marketing tool used by vendors, which helps build their brand image and increase product awareness.
Vendors sign multi-year endorsement agreements with well-known celebrities to enhance their brand value.
For instance, Selena Gomez and Michael B. Jordan are brand ambassadors for Coach, a brand by Tapestry Inc.
Customer engagement programs through offline and online channels help increase awareness.
Vendors can promote their products at a minimal cost with the growing internet penetration and the success of social media campaigns.
These factors will fuel the growth of the market during the forecast
Leading trends influencing the market
The introduction of different leather varieties is a key trend in the market.
The demand for leather tanned from exotic animals has increased during the last few years.
These handbags are considered expensive, and most of their demand comes from high-profile vendors.
These factors will propel the value sales of leather handbags, which, in turn, will support the market growth during the forecast period.
Major challenges hindering the market growth
Rising labor costs and fluctuating raw material prices are challenging the leather handbags market growth.
Leather manufacturing includes several steps, such as procurement, processing, and tanning or synthesizing.
However, various governments have imposed regulations on manufacturing, which increases the price of leather.
Labor costs in countries such as China , Indonesia , Bangladesh , and Vietnam , where manufacturing facilities of various international brands are located, have grown rapidly over the last decade.
This increases the production of vendors, thereby lowering their profit margins.
These factors will impede the market growth during the forecast period.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!
What are the key data covered in this leather handbags market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the leather handbags market between 2023 and 2027
Precise estimation of the size of the leather handbags market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the leather handbags market across APAC, North America , Europe , South America , and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of leather handbags market vendors
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The leather goods market is estimated to grow at a CAGR of 6.24% between 2022 and 2027. The size of the market is forecasted to increase by USD 90.98 billion . This report extensively covers market segmentation by product (footwear, LBWP, and others), distribution channel (offline and online), and geography (APAC, North America , Europe , South America , and Middle East and Africa ).
The leather and allied products market size is expected to increase by USD 138.82 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.59%. This report extensively covers segmentation by product (footwear, luggage, bags, wallets, and purses, and others) and geography (APAC, North America , Europe , South America , and Middle East and Africa ).
Accelerate at a CAGR of 4.84%
APAC, North America, Europe, South America, and Middle East and Africa
US, China, Germany, UK, and France
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Alexander McQueen Trading Ltd., Burberry Group Plc, Capri Holdings Ltd., Cole Haan International B.V., CraftShades, Dooney and Bourke Inc., Fossil Group Inc., Guess Inc, Hennes and Mauritz AB, Hermes International SA, Hidesign, Kering SA, Lefty Production Co., LVMH Moet Hennessy Louis Vuitton SE, Prada Spa, Stefano Ricci S.p.A., Steven Madden Ltd, Tapestry Inc., Ted Baker PLC, and River Light V L.P.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse for Technavio's consumer discretionary market reports
3.4 Market outlook: Forecast for 2022-2027
4.1 Global leather handbags market 2017 - 2021
4.2 Distribution Channel Segment Analysis 2017 - 2021
6 Market Segmentation by Distribution Channel
6.3 Offline - Market size and forecast 2022-2027
6.4 Online - Market size and forecast 2022-2027
6.5 Market opportunity by Distribution Channel
7.3 Shoulder bags - Market size and forecast 2022-2027
7.4 Satchel bags - Market size and forecast 2022-2027
7.5 Tote bags - Market size and forecast 2022-2027
7.6 Sling bags - Market size and forecast 2022-2027
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 Germany - Market size and forecast 2022-2027
9.11 UK - Market size and forecast 2022-2027
9.12 France - Market size and forecast 2022-2027
10.3 Impact of drivers and challenges
12.6 Cole Haan International B.V.
12.14 LVMH Moet Hennessy Louis Vuitton SE
12.16 Stefano Ricci S.p.A .
13.3 Currency conversion rates for US$
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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