Research and advisory company Technavio has released a report on the growth of the global handbag market. Findings point out an increase in value by 14.11 billion US dollars from 2022 to 2027 and a CAGR of 4.3%. The growth of the market depends on several factors, including the personalisation and customisation of luxury handbags, the increasing marketing campaigns, celebrity endorsement and brand promotion activities, and the increased consumer fashion consciousness and spending on personal goods. Other findings include:

• Personalisation and customisation of luxury handbags are notably driving the market growth, although factors such as stringent government regulations for procuring raw materials, such as leather, may impede the market growth.
• Personalisation and customisation of luxury handbags is the key factor driving the growth of the global handbag market.
• Increased demand at airport retail stores is the primary trend in the global handbag market.
• Stringent government regulations for procuring raw materials, such as leather is a major challenge to the growth of the global handbag market.
• The market share growth by the leather segment will be significant during the forecast period.
• Asia-Pacific (APAC) is estimated to contribute 44% to the growth of the global market during the forecast period.

For the full report visit technavio.com.