Oct 11,2018 | Retail
With rising standards, and ever changing consumer lifestyles, the penchant for luxurious living is increasing globally. In the category of luxurious fashion goods, leather products have become a primary accessory. Leather goods in the form of bags, footwear, and other accessories are in high demand owing to its richness and high quality assurance along with sophisticated designs.
The leather handbags market is expanding each year. With the increasing number of brands, organized business approach, and demand for a luxury lifestyle, the leather fashion goods industry has grown manifold over the past decade. High quality leather material supply has reached a point where manufacturers are pressurized to increase prices – resulting in less supply or supply to the high end consumers only rather than masses. Business is gained from customized and made to order designs in the leather handbags market. The global leather handbags market is segmented on the basis of type, product, size, and price range. The type segment is further bifurcated as formal and casual. Furthermore, the product segment studies the global leather handbags market in terms of handheld bags, satchel bags, shoulder bags, sling bags, tote bags, and others. The available sizes in the leather handbags market are small, regular, and oversized. Prices are also segmented into low, mid, and high. The top global manufacturers include Channel, Hermes, Montagut, Dunhill, Prada, Gucci, Louis Vuitton, Samsonite, Coach, Christian Dior, Marc Jacobs, Burberry, Givenchy etc. The leather handbags market is mainly driven by the yearly luxury consumer spending across the developed and developing economies like China, India, UAE etc. Another success factor is the increasing number of young and working women population across the globe. Fashion researchers keep a keen eye to understand which specific designs and colors are trending during a particular year.
According to a report published on Market Reports On china the revenue in the Bags & Accessories segment amounts to US$37,571m in 2018. It is expected to show an annual growth rate (CAGR 2018-2022) of 14.5%, resulting in a market volume of US$64,522m by 2022. Based on the average revenue per user (ARPU) currently amounts to US$98.69. In global comparison, most revenue is generated in China (US$37,571m in 2018).
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Current, and projected size of the market in both value and volume
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