Brand Loyalty vs. Sustainability: What Truly Drives Luxury Handbag Buyers?
Major Boosters and Restraints
Luxury handbags’ online sales have witnessed considerable growth over the years. The luxury segment has been garnering high momentum in line with the soaring number of high-net-worth consumers. The surging popularity among the youth that belong to the Gen Z and millennials generations, rising brand loyalty among consumers, and the mounting affinity for luxury brands among individuals act in favor of the global luxury handbags market.
The constant advances in the technological landscape combined with the rising deployment of modern technologies like augmented reality (AR) by the fashion sector, backed by the surging prominence of digital channels will create way for lucrative opportunities in the following years.
Luxury Handbags Market Scope
In 2021, luxury handbags market size was estimated to be worth USD 27.12419 billion. The market for luxury handbags is expected to expand at a compound annual growth rate (CAGR) of 6.15% from 2023 to 2032, from USD 28.07076 billion in 2022 to USD 51.00349 billion. The need for exclusivity, exceptional quality, and workmanship are some of the factors driving the demand for luxury handbags. The fact that these bags are frequently linked to upscale clothing labels and exclusive shops adds to their allure and prestige.