Since I sell handbags and purses, I thought this week I would share some interesting facts I found online about the industry.
Globally
- Handbags and accessories are among the fastest growing segments in the overall luxury good industry.
- The top ten luxury handbags searched globally are in the following order: 1) Coach, 2) Louis Vuitton, 3) Channel, 4) Gucci, 5) Longchamp, 6) Prada, 7) HERMĒS, 8) Mulberry, 9) Marc Jacobs, 10) Michael Kors.
- One in five luxury handbags are man bags. Still, the estimated $5.9 million luxury man bags bought in 2014, doesn't even compare to the $25.6 million bought by women.
- New channels such as e-commerce or online shopping have become popular. Good bargains is the driving force for such sites.
US Market
- In the United States the industry's revenue for the 2014 year was reported at $331.1 million USD, with an estimated gross profit of 33%. The total domestic demand was $3.1 billion USD.
- In 2014, The US handbag, luggage and accessory stores alone had a 9.6 billion increase in revenue. The market increased from 9 billion from the 2012, which is a 3.3% rise in the 5 years leading up to the year 2014. It is expected to increase another 4.3% from 2014 to 2019.
- The Handbag market in the US can be segmented into four areas: 1) Totes, 2) Shoulder Bags, 3) Purses and Wallets, 4) Satchels and Saddles. The largest segment in terms of revenue are the Totes with approximately 30% of the 2014 market in terms of revenue.
- Of the leading US designer of luxury handbag companies, Coach Inc. holds 28% share in the US market, making them a leader in luxury handbags. One-fifth of total sales of all luxury bags sold by Coach Inc. are man bags, which is in line with global handbag industry.
UK Market
- In the UK, handbags make up the largest share of the fashion accessories market. At least 1 out of every 2 women bought a handbag and 1 out of every 8 men bought a man bag in 2013.
- Of all the handbags bought in the UK, 25% were bought through e-commerce sites such as eBay, Amazon, ASOS, etc.
- The reason that almost half of the women buy a handbag is for a special occasion.
- Twenty-three percent of men as opposed to thirteen percent of women are influenced more by a fashion trends and claim this as the incentive for buying.
- Sales, discounts and special offers are the main incentives for 59% of women buying a handbag.
The purse and handbag has been a very hot trend for the past 5 years and is continuing to grow. Online sites like Etsy are going to continue to be a great source to search out purses and handbags. So with that in mind, I thought I would show some of my purse and handbag designs that are in my Etsy shop. Today, I'm offering a 10% discount in my shop. Use coupon code: TSMpurseindustry. This coupon expires 10-24-2015.
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