The global clutch bag market size is poised to grow by USD 4.92 billion during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic.
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The growing demand for luxury clutch bags will be a significant factor
in driving the growth of the clutch bag market. With the rising spending power
of consumers, the need for luxury products, including luxury clutch bags, has
also increased. The demand for luxury clutch bags is expected to be
particularly high among the baby boomer population segment in countries, such
as the US, the UK, China, France, and Italy. Several luxury brands are using
AI-powered technologies and adopting targeted marketing, personalization, and
timely automation strategies to attract more customers and increase their sales
of luxury clutch bags. Moreover, the rising popularity of celebrity-endorsed
luxury brands will influence the spending behavior of consumers and boost the
sales of luxury clutch bags.
Report Highlights:
- The major clutch bag market
growth came from the offline distribution channel segment. Offline retail
stores allow consumers to choose from a wide range of clutch bags of
various brands and categories based on their budget and requirement. The
convenience offered by the offline distribution channel will boost the
sales of clutch bags through various new retail formats, including
signature stores, factory outlets, malls, and shopping centers.
- APAC was the largest market
for clutch bags in 2019, and the region will offer several growth
opportunities to market vendors during the forecast period. Increased
spending by millennials on personal goods, rising disposable income,
growing demand for luxury and premium leather products, and increasing
population of working women are some of the significant factors
contributing to clutch bag market growth in this region.
- The global clutch bag market
is fragmented. Burberry Group Plc, Capri Holdings Ltd., CHANEL Ltd., Dolce
& Gabbana Srl, Global Brands Group Holding Ltd., Hermès International,
Kering SA, LVMH Moët Hennessy - Louis Vuitton, Ralph Lauren Corp., and
Tapestry Inc. are some of the major market participants. To help clients improve
their market position, this clutch bag market forecast report provides a
detailed analysis of the market leaders.
- As the business impact of
COVID-19 spreads, the clutch bag market 2020-2024 is expected to have
Negative and Inferior growth. As the pandemic spreads in some regions and
plateaus in other regions, we revaluate the impact on businesses and
update our report forecasts.
Use of Vegan Leather and Eco-Friendly Materials for Clutch Bags will be
a Key Market Trend
The demand for cruelty-free products is increasing among consumers. The
restriction on the hunting of animals due to concerns raised by governments and
various animal protection agencies has limited the supply of leather. The
rising demand for vegan leather-based and eco-friendly products, which is one
of the critical clutch bag market trends, has driven market vendors to use
vegan leather made from plant materials to manufacture handbags, including
clutch bags. Several prominent clutch bag vendors are using 100% recycled
plastic bottles to make the lining within clutch bags. CHANEL has gone
cruelty-free and stopped using fur and animal skin for its products, including
clutch bags.
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