Market Trends of Europe Handbags Industry
This section covers the major market trends shaping the Europe Handbags Market according to our research experts:
Inclination towards the Luxury Products
With the rising population of working women, their spending power is also increasing, which, resulted in a strong preference for premium brands. Thus, luxury handbags have been gaining popularity across the region, due to their popularity among the younger and more affluent shoppers. Moreover, the sales of bags are expected to be supported by the number of international tourists visiting European countries. For example, according to World Tourism Organization, Europe reported the highest volume of inbound travelers in 2021, with roughly 288 million arrivals. As per our analysis, Italy and France are expected to remain among the top countries for luxury shopping in Europe, along with Germany, and the United Kingdom.
Additionally, companies are increasingly incorporating sustainable products in their portfolios, in line with consumer awareness and interest in environment-friendly products. For example, Gucci handbags are produced with the Rainforest Alliance-certified leather, which is manufactured under strict regulations, in order to limit deforestation and protect wildlife habitats. Similarly, various companies are coming up with new product innovations to improve brand images and subsequently, market shares.
Influence of Social Media Platform and Celebrity Endorsement
Social media offers marketers a broad set of instruments to connect to targeted customers in a personalized and interactive manner. Different social media platforms enable different innovative strategies for major players' social media presence. In this framework, Instagram has become a popular social media platform for luxury brands. Thus, increasing communication between consumers and key players through social media platforms and online channels is driving the sales of the latest trendy handbags in European countries.
Celebrity endorsements enhance consumers' preference and confidence while choosing products. Thus, these days, celebrities endorsed branded fashion products such as watches, bags, apparel, and footwear, among others, on their Facebook pages, Instagram profiles, and Snapchat stories to increase the sales of fashion products across the region. For instance, Jennifer Lopez endorses the Coach brand. The luxury purse brand has created a campaign with Jennifer in a series of videos that put a new spin on Coach's iconic horse-and-carriage logo. Such campaigns associated with celebrities have a significant influence on the buying decisions of the young generation and millennial audiences.
