Feb 22, 2025
As the luxury goods market faces unprecedented challenges, brands are re-evaluating their strategies to retain a critical segment of their consumer base. The steep rise in prices over the last few years, as discussed in a recent article on Yahoo Finance, has left approximately 50 million customers by the wayside as prices have surged by nearly 20% since 2021. This has led industry leaders to consider innovative approaches to recapturing aspirational luxury consumers who traditionally buy at least one luxury item a year, contributing significantly to annual revenues.
According to data from the IndexBox platform, the global luxury goods market was valued at over $350 billion by the end of 2024, showing resilience despite economic challenges. However, brands like Burberry are making strategic adjustments to address the decline in aspirational consumers, with CEO Joshua Schulman highlighting a move to restore a “good, better, best price architecture” in the luxury segment. This strategy paid off during the recent holiday season, as Burberry reported new customer growth globally and a notable 4% increase in third-quarter store sales in the Americas.
Other luxury powerhouses are also paying close attention to market dynamics. The McKinsey & Co. report mentions that aspirational consumers collectively spend around $274 billion annually on luxury fashion, making them integral to the industry’s health. To this end, products priced between $400 and $1,000, such as leather goods and accessories offered by brands like Gucci and Yves Saint Laurent, are becoming focal points for retaining these consumers. While Gucci experienced a 21% decrease in revenue in 2024, Kering Eyewear, a division under the same parent company, saw a 6% increase in sales, reflecting the potential of entry-level luxury products.
Although some brands, like Moet Hennessy Louis Vuitton, are hesitant to adjust their strategies to cater specifically to aspirational customers, there is a consensus that the in-store experience can play a significant role. Efforts to enhance customer interaction, reduce wait times, and provide a welcoming environment are integral to building brand loyalty. This approach underscores the importance of not just product offerings but also the entire luxury retail experience in retaining lucrative yet financially cautious consumer segments.
Source: IndexBox Market Intelligence Platform
This report provides an in-depth analysis of the global handbag market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
Prodcom 15121220 – Handbags of leather, composition leather, patent leather, p lastic sheeting, textile materials or other materials (including those without a handle)
Country coverage:
Worldwide – the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
+ the largest producing countries
Data coverage:
Global market volume and valuePer Capita consumptionForecast of the market dynamics in the medium termGlobal production, split by region and countryGlobal trade (exports and imports)Export and import pricesMarket trends, drivers and restraintsKey market players and their profiles
Reasons to buy this report:
Take advantage of the latest dataFind deeper insights into current market developmentsDiscover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
How to diversify your business and benefit from new market opportunitiesHow to load your idle production capacityHow to boost your sales on overseas marketsHow to increase your profit marginsHow to make your supply chain more sustainableHow to reduce your production and supply chain costsHow to outsource production to other countriesHow to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
REPORT DESCRIPTION
RESEARCH METHODOLOGY AND AI PLATFORM
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
KEY FINDINGS
MARKET TRENDS
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
MARKET SIZE
CONSUMPTION BY COUNTRY
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
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TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
BEST-SELLING PRODUCTS
MOST CONSUMED PRODUCT
MOST TRADED PRODUCT
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
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TOP COUNTRIES TO SOURCE YOUR PRODUCT
TOP PRODUCING COUNTRIES
TOP EXPORTING COUNTRIES
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
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TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
TOP CONSUMING MARKETS
UNSATURATED MARKETS
TOP IMPORTING MARKETS
MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
PRODUCTION VOLUME AND VALUE
PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
IMPORTS FROM 2012–2024
IMPORTS BY COUNTRY
IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
EXPORTS FROM 2012–2024
EXPORTS BY COUNTRY
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
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11. COUNTRY PROFILES
The Largest Markets And Their Profiles
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United States
China
Japan
Germany
United Kingdom
France
Brazil
Italy
Russian Federation
India
Canada
Australia
Republic of Korea
Spain
Mexico
Indonesia
Netherlands
Turkey
Saudi Arabia
Switzerland
Sweden
Nigeria
Poland
Belgium
Argentina
Norway
Austria
Thailand
United Arab Emirates
Colombia
Denmark
South Africa
Malaysia
Israel
Singapore
Egypt
Philippines
Finland
Chile
Ireland
Pakistan
Greece
Portugal
Kazakhstan
Algeria
Czech Republic
Qatar
Peru
Romania
Vietnam
LIST OF TABLES
Key Findings In 2024
Market Volume, In Physical Terms, 2012–2024
Market Value, 2012–2024
Per Capita Consumption, By Country, 2018–2024
Production, In Physical Terms, By Country, 2012–2024
Imports, In Physical Terms, By Country, 2012–2024
Imports, In Value Terms, By Country, 2012–2024
Import Prices, By Country Of Destination, 2012–2024
Exports, In Physical Terms, By Country, 2012–2024
Exports, In Value Terms, By Country, 2012–2024
Export Prices, By Country Of Origin, 2012–2024
LIST OF FIGURES
Market Volume, In Physical Terms, 2012–2024
Market Value, 2012–2024
Consumption, By Country, 2024
Market Volume Forecast to 2030
Market Value Forecast to 2030
Products: Market Size And Growth, By Type
Products: Average Per Capita Consumption, By Type
Products: Exports And Growth, By Type
Products: Export Prices And Growth, By Type
Production Volume And Growth
Exports And Growth
Export Prices And Growth
Market Size And Growth
Per Capita Consumption
Imports And Growth
Import Prices
Production, In Physical Terms, 2012–2024
Production, In Value Terms, 2012–2024
Production, By Country, 2024
Production, In Physical Terms, By Country, 2012–2024
Imports, In Physical Terms, 2012–2024
Imports, In Value Terms, 2012–2024
Imports, In Physical Terms, By Country, 2024
Imports, In Physical Terms, By Country, 2012–2024
Imports, In Value Terms, By Country, 2012–2024
Import Prices, By Country, 2012–2024
Exports, In Physical Terms, 2012–2024
Exports, In Value Terms, 2012–2024
Exports, In Physical Terms, By Country, 2024
Exports, In Physical Terms, By Country, 2012–2024
Exports, In Value Terms, By Country, 2012–2024
Export Prices, 2012–2024
