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Luxury Handbags Market Trends

Report ID: GMI6279
Published Date: Jul 2023
Report Format: PDF

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Luxury Handbags Market Trends

Luxury handbag brands that prioritize sustainable practices, such as using eco-friendly materials, reducing waste & implementing fair labor practices, are gaining popularity among eco-conscious consumers. These consumers seek products that account for reduced environmental impacts and uphold ethical standards throughout the supply chain. Brands that can demonstrate transparency in their sourcing & production processes are often rewarded with increased consumer loyalty and positive brand perception as they highlight their commitment to sustainability & ethical practices. Thus, luxury handbag companies are incorporating sustainable & ethical elements into their designs, materials, and marketing strategies to cater to the growing demand from eco-conscious consumers.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of luxury handbags was valued at USD 22.8 billion in 2022 and is estimated to register a CAGR of over 6% between 2023 and 2032, backed by the growing working women population across the globe.

The leather segment reached USD 8.5 billion in 2022 and will continue to grow due to the enduring appeal and timeless elegance of leather products.

Europe luxury handbags market held around 35% of the revenue share in 2022, attribute to the culture that appreciates craftsmanship, attention to detail, and the artistry of luxury brands, along with the booming tourism.

Dolce & Gabbana S.R.L., Giorgio Armani S.p.A., Guccio Gucci S.p.A., Hermès International S.A., Lacoste, Louis Vuitton, Marc Jacobs International, LLC, Michael Kors, Prada S.p.A., Ralph Lauren Corporation, Tory Burch LLC, and Valentino S.p.A.