The handbag market will register a CAGR of close to 5% by 2023
Feb 20, 2019, 18:16 ET
NEW YORK, Feb. 20, 2019 /PRNewswire/ -- About this market
The rapid Internet penetration helps manufacturers offer product information to consumers in a convenient manner, thereby making purchases easy and driving the growth of the global handbag market. Owing to their busy schedules, consumers prefer shopping online. The adoption of digital products such as tablets, smartphones, and laptops have further boosted the online sales of handbags. Social media also plays a pivotal role in increasing product awareness. Consumer engagement through social networking sites and blogs has increased. Therefore, vendors prefer to use social media to increase awareness and promote products. Technavio's analysts have predicted that the handbag market will register a CAGR of close to 5% by 2023.
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Market Overview
Rise in product launches by renowned brands
New product development, improved design and style, and high levels of marketing support will increase the demand for handbags. The availability of new and improved handbag models encourages customers to update their collection. This will support the growth of the global handbag market during the forecast period.
Long product replacement cycles
Major handbag manufacturers give warranty and guaranty for their products, which further increases the life span of the product. This purchase behavior of consumers in the market discourages repeat purchases, thereby lowering the revenue of the market. Thus, the long replacement cycle of handbags restricts sales, thereby hampering market growth.
For the detailed list of factors that will drive and challenge the growth of the handbag market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the full report: https://www.reportlinker.com/p05741938
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