Shoulder Bags Market: To Witness Exponential Growth By 2019 - 2027
Shoulder bags are a type of handbag designed to be worn on the shoulder. The fashion industry is expected to have a direct impact on the latest collections of shoulder bags that are launched.
Rise in disposable income, increase in per capita consumption, and change in lifestyle are major factors driving the sale of shoulder bags worldwide. The desire to own multiple shoulder bags for various occasions is influencing consumer behavior, thereby fuelling the sale of shoulder bags. The luxury and premium shoulder bags market is expanding, as a luxury or premium shoulder bag has become a popular fashion accessory for men and women.
Major players in the market are introducing new designs and reforming existing ones due to growing competition and rising demand arising from rapid changes in the fashion industry. Manufacturers are constantly expanding their product portfolio in order to cater to the evolving needs of customers.
The fashion industry has been experiencing rapid changes over the last two decades, owing to a rise in the number of fashion conscious consumers across the globe. Key players in the shoulder bags market adopt different strategies and marketing campaigns to expand their reach in the global market. Furthermore, rising usage of big data by shoulder bags manufacturing companies is a major trend that is anticipated to gain more traction during the forecast period. Multiple brands are trying to know more about their customers to avoid styles that don’t appeal to consumers.
In the recent times, labor costs have risen rapidly, owing to changing economic conditions, thereby increasing the production cost. Rise in production cost is a key factor restraining the shoulder bags market. Volatility in raw material prices is also anticipated to hinder the market during the forecast period.
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The global shoulder bags market can be segmented based on type, material, closure type, consumer group, distribution channel, and region. In terms of type, the market can be classified into hobo, baguette, shopper, messenger, satchel, tote, bucket, and others. Satchel and tote segments accounted for a major share in the global shoulders market. Based on material, the shoulder bags market can be divided into leather, fabric, plastic, and others. Leather handbags fall under the promoted and most in-demand segment of the market. This is because leather offers a premium feel and appearance to products.
Moreover, the durability of leather also attracts customers to buy leather products such as leather handbags. In terms of closure type, the market can be split into magnetic snaps, loop and button, and zippers. Based on consumer group, the shoulder bags market can be bifurcated into women and men. In terms of distribution channel, the shoulder bags market can be divided into online and offline channels. The offline channel segment can be further sub-divided into hypermarkets & supermarkets, specialty stores, and brand stores. The arrival of multiple brands and their easy availability through various offline channels and online retail channels is significantly driving the market. Based on region, the global shoulder bags market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Youngsters and adult women are among the top users of shoulder bags worldwide.
The shoulder bags market has been witnessing increased competition in the last few years. The market is expected to become more competitive in the near future owing to product innovation. A large number of players operate in the shoulder bags market which makes the market fragmented in nature. Key players involved in the value chain are Tapestry, Inc. (Coach), Kate Spade New York, LVMH Moët Hennessy, Michael Kors, Ted Baker Plc, Baggit, Hidesign, Fossil Group, Inc., Guccio Gucci S.p.A., Burberry Group PLC, Chanel S.A., Christian Dior SE, Hermès International S.A., Jimmy Choo, Hugo Boss AG, and Industria de Diseño Textil, S.A. (Zara).
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