Growth, Trends, And Forecast in Handbag Market

The global handbag market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period (2019 – 2024). All this growth in the handbag market is because of the rising fashion industry. Also, the increasing social media influence on the consumers from Instagram and Facebook brings potential consumers toward the market.

The majority of the global young adult population is engaged in these social media platforms. So, handbag companies are targeting their product range in this age group, 18-29. Some of the major players of the market are Christian Dior, Louis Vuitton, and Prada Holding, which are dominating the handbags market. We will show you further in this post some marketing examples from them.

Growing Demand For Leather Goods in Handbag Market

Leather is one of the most traded commodities in the world. There is a continuous demand from the fashion industry driven by footwear, luggage bags, and accessories such as handbags. Europe saw a rise in 3.5% of imports of leather handbags from 2012 to 2016.

Due to the increase in the production of light leather for handbags and its imports from Asian countries such as China, India, and Vietnam. Major importing countries of leather for handbags are the United States and Japan. India became one of those opportunistic markets for imports of leather handbags for major companies from the United States and Europe. This happened because of the high import tariff rates of leather from China in 2018.

How to Market a Handbag Brand

The right marketing plan is essential when it comes to informing potential consumers about your handbags. You should also make use of marketing tactics when interacting with established customers. This will ensure that consumers are carrying one of your handbags daily.

Cross Marketing

Work with another fashion company to create a cross-promotion campaign. As an example, you can feature a pair of shoes that would go great with one of your best-selling handbags. Take a photo of a scarf that would complement one of your larger handbags well.

Write a short description about how well these items go together. Provide the website for the shoe or scarf company underneath the product description. Exchange photos of your handbags with the other companies you’re working with. In this way, other companies can promote you on their websites. Share this link on social media websites as well.

Blogging

Start a blog giving detailed suggestions for how to wear your handbags. Discuss various things starting with the materials the bags are made of, as well as your creative process when coming up with a new handbag.

It’s also a good idea to write blogs on how to keep the contents of your handbag organized, or how to keep the material of the handbags looking brand new. You can also partner with established fashion bloggers to have your handbags featured on a blog that has thousands of followers. This will give your business even more exposure.

In conclusion, the handbag market is on an uptrend, and having a business in this industry is very good right now. Try to get inspired by the examples from this post: using aesthetics, collaborations for your marketing campaigns, coming up with a new design trend.