The handbag market is growing for both men and women as they look for better ways to carry around their mobile and tech devices. NPD reports that the men’s handbag market jumped 24% through August 2014 and reached a $1.9 billion retail sales level. Analysts says both global and national brands are competing in this market and are reporting higher sales as next year’s styles are being rolled out.
The latest Global Handbags Market report identifies Channel, Gucci, Louis Vuitton, Hèrmes, Prada, Burberry and Michael Kors as key international players in the purse market. Analysts point to the increase in the number of working women and the rising middle class in several nations as key drivers in the demand for better handbags. But there’s more than that happening in this market. Earlier this year, David Yi, in his article for Women’s Wear Daily, said the growing demand for men’s handbags is a new trend in his article for Women’s Wear Daily. Yi points out that men are looking for cross-body bags, backpacks, wallets and coin purses as well. Several regional brands in the U.S. are launching these products to tap into the growing accessories.
In the next year about 12% of U.S. adults plan to shop for a new handbag. These consumers care about other accessories, too. At least 54% will be buying hair clips, scarves and belts this year, a rate that is 200% higher than average. AudienceSCAN data shows the interest in appearance also extends to cosmetics. 70% of likely handbag buyers will also purchase cosmetics, concealers and skin care products in the next year. These shoppers spend plenty of time checking the latest trends in fashion magazines. Marketers should know that likely handbag buyers over-index when it comes to taken action after seeing ads in magazines.
AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.