Luxury Handbags Market Analysis Highlights the Impact of COVID-19 (2020-2024) | Design and Material Innovation Leading to Product Premiumization to Boost Market Growth | Technavio
The luxury handbags market is expected to post a decremental growth of USD 0.17 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Growing competition and rapid changes in the fashion industry are compelling vendors to continuously introduce new designs and patterns to attract customers. There has also been a shift in customer preference for premium and luxury handbags. Hence, to cater to the growing demand from high-end customers, vendors are expanding their product portfolios with premium and luxury handbags made from crocodile skin, snakeskin, and lambskin. For instance, Hermès offers Lindy 30 bag made of Niloticus alligator leather. It is also equipped with gold-plated hardware. Many such developments among vendors are driving the growth of the global luxury handbags market.
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As per Technavio, the high influence of celebrity endorsements on purchase decisions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and ...
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