A recent market research report entitled “Global Handbag Market – Growth, Trends, and Forecast (2018 – 2023)”, published by Research and Markets, predicts that the global handbag market will grow by approximately 4.6% between 2018 and 2023. The report states that the market will be increasingly influenced by the growth of veganism, and that many manufacturers already have vegan designs in their product ranges.
According to the analysis, the growing demand for leather handbags in particular will strongly drive market growth. The worldwide increase of veganism will change market dynamics in the coming years, as vegan alternatives become more and more popular. In recent years, many innovative manufacturers have researched and developed new vegan alternatives to animal leather, and consumers can now choose from a wide range of styles and models.
Further drivers, according to the report, are growing consumer preference for branded handbags and the improvement of the distribution network by key players in the handbag market. Consumers are more aware of the latest fashion trends due to increasing use of the Internet and social media platforms, which is driving consumer demand for branded handbags.
More information can be found at www.researchandmarkets.com.