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According to a recent report by Million Insights, the luxury handbag industry is expected to reach $94 billion by 2028.
The U.S. market research institute Million Insights has unveiled a report regarding the global luxury leather goods industry. By 2028, the sector could reach $94 billion. Indeed, the sector is expected to grow strongly, estimated at 5.3% annual growth for the next seven years.
This growth is explained by an increase in spending in the leather goods sector in certain economically emerging countries, such as China, thanks in particular to the emergence of new fortunes in the Middle Kingdom and the increase in the purchasing power of Chinese inhabitants.
Globally, the increase in the proportion of working women could partly explain this phenomenon. In addition, the tote bag segment has been boosted by the end of single-use plastic bags, which has driven customers to sustainable solutions. As a result, in 2020, this segment accounted for 36% of the market share. The market share of the leather goods segment is estimated at 47%.
Geographically, Million Insights ranks Europe as the world’s leading region for luxury leather goods. In 2020, the region represented 34% of the global market, with areas where demand is very strong such as France, England and Germany.
In the Asia-Pacific region, however, growth could exceed that of Europe, with estimates of around 6% for the period 2021 to 2028, mainly driven by China and India.
The most popular distribution channel for the sale of luxury leather goods is physical distribution, which accounts for 89% of total luxury handbag distribution in 2020.
Second-hand leather goods are also very successful, and on the UK platform Lyst, demand for second-hand Hermès bags has soared by nearly 430%. The platform is said to connect more than 150 million buyers and 17,000 brands or retailers per year.
Read Also > RESPONSIBLE LEATHER: WHERE DO LUXURY BRANDS STAND?
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According to a recent report by Million Insights, the luxury handbag industry is expected to reach $94 billion by 2028.
The U.S. market research institute Million Insights has unveiled a report regarding the global luxury leather goods industry. By 2028, the sector could reach $94 billion. Indeed, the sector is expected to grow strongly, estimated at 5.3% annual growth for the next seven years.
This growth is explained by an increase in spending in the leather goods sector in certain economically emerging countries, such as China, thanks in particular to the emergence of new fortunes in the Middle Kingdom and the increase in the purchasing power of Chinese inhabitants.
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According to a recent report by Million Insights, the luxury handbag industry is expected to reach $94 billion by 2028.
The U.S. market research institute Million Insights has unveiled a report regarding the global luxury leather goods industry. By 2028, the sector could reach $94 billion. Indeed, the sector is expected to grow strongly, estimated at 5.3% annual growth for the next seven years.
This growth is explained by an increase in spending in the leather goods sector in certain economically emerging countries, such as China, thanks in particular to the emergence of new fortunes in the Middle Kingdom and the increase in the purchasing power of Chinese inhabitants.
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