The revenue for the Bags and Accessories market is forecasted to be USD 142 million in 2020, with a compound annual growth rate of 10.8% over the next 5 years. Moreover, it was found that teens spent an average of USD 90 on bags in 2019.
There has been a major shift in consumer demand, whereby consumers are searching for more than just a bag – they want solutions. Consumers are putting high expectations on the function and versatility of the products they purchase.
Luxury bag sales have declined, indicating the end of the ‘It’ bag and the rise of internet trends introduced by social media. Independent brands with social media presence have become popular among Instagram-savvy consumers, taking away market share from the luxury market. Additionally, the rise of the luxury resale market has made an impact on the luxury segment. Luxury resale companies like Rebag and the RealReal allow consumers to purchase authentic second-hand designer bags at more affordable prices.
In this report, we analyse the premium, luxury and fast fashion segments of the women’s bag industry, along with independent brands like Jacquemus and Yuzefi to identify key trends and spot opportunities.
More than 34,000 data points were screened from January to December 2019 across US and UK markets.