US Handbags Market to Reach US$9.0 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive report on the US and European markets for Handbags. The US market for Handbags is projected to reach US$9.0 billion by 2015. Though the recent bout of worldwide financial crisis stalled the high growth rate in handbags market, sales are expected to gain momentum in future backed by demographic and economic growth drivers including increase in women population in age group 15-34 years, increasing demand for designer and luxury handbags, and growing consumer base for branded items in emerging markets of Asia.

Handbags: A US and European Market Report

Handbags are considered the most desirable and popular fashion items for women. In addition to being comfortable, convenient and user-friendly, handbags enable consumers to make their own style statement. Though handbags are made up of material goods, however, with the progression of time, handbags are now recognized as a status symbol signifying power and wealth. The desire to look stylish, suave and create an individualistic fashion statement in the community has created the need for handbags all the more important.

In terms of popularity, luxury handbags rank among the most desirable accessory after shoes. High-end handbags have garnered significant market share as it has become an essential fashion accessory. On the other hand, cheaper handbags are also offering value-for-money with improvement in designs and quality. Moreover, the advent of recession also supplemented the demand for replica/imitation bags, offering similar style and color as original designer bags. Companies are increasingly adopting new strategies that are in accordance with changing preferences of consumers, including a rising demand for environmentally friendly handbags. Another trend picking up pace is the introduction of designer bags exclusively suited for men.

With economic recession in full throttle in the US, the market for handbags witnessed a sharp decline in 2008 for the first time since 2003, as stated in new market research report on Handbags. Along with declining domestic demand, handbag exports from the US also witnessed a fall. The industry also faces major threat from counterfeiters and increasing level of maturity in the market. China and India are emerging as important markets for EU and the US handbags on account of burgeoning per capita income. Besides, various European and the US-based accessories companies are increasingly seeking opportunities in the fast growing Asian markets due to cost advantages. These countries offer cost advantages in terms of lower labor and raw materials cost.

Key players profiled in the report include Coach Inc., Dooney & Bourke Inc., Etienne Aigner Inc., Guess Inc., Hartmann Inc., Juicy Couture Inc., Polo Ralph Lauren Corporation, Samsonite Corporation, Wilsons Leather Inc., Burberry Group Plc, Chanel, Fiorelli, LVMH, and Prada S.p.A among others.

The report titled “Handbags: A US and European Market Report” announced by Global Industry Analysts, Inc., provides a review of noteworthy market trends, growth drivers and challenges. The report in addition also enumerates recent acquisitions, and other strategic industry activities. The report offers market estimates and projections for Handbags market in the US and for the Leather Handbags market in Europe.

For more details about this market research report, please visit – http://www.strategyr.com/Handbags_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1100 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press@StrategyR.com
Web Site http://www.StrategyR.com/

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