Bag & Wallets Market Research Report |
Posted: January 3, 2018 |
The IBIS world publishes a research report on global handbags and wallet industry. The report highlights the key operators of industry, primary industry products, industry statistics, and factors of industry growth along global trends influencing the progress of industry. The research survey provides significant information to bags and wallets entrepreneurs in designing business plans and marketing strategies. Global Handbag Industry ReviewIndustry OperatorsThe global industry of handbag includes the following businessmen that are considered as an operators of the industry.
Industry ProductsIndustry ActivitiesReview of the Research ReportThe global handbag demand and handbag manufacturing sector has resurged in last five years due to improvement in global economic conditions. The favorable global economic conditions improved the consumer confidence to spend on luxurious items. It also encompasses the handbag industry products. In the next few years, it is expected that the demand for wallets and handbag accessories will rise as global economic conditions will get stronger primarily in North America and Western Europe. However, in the Middle East Afghanistan war has adversely influenced the purchasing power of consumers to spend less on leather products and other expensive products of handbag industry. Key Statistics
Key FindingsThe success factors of wallets and global handbag industry are based on four crucial elements.
Brand Name EstablishmentMany companies are operating in the handbag industry. In the handbag industry, consumers are inclined toward firms that establish a unique brand and offer competitive benefits to the user. Brands help consumers to lessen their search cost and more likely to gain the trust of the customer regarding quality, performance, and durability of the product. Reach to Niche segments of marketsTargeting niche market segments play a crucial role in bringing excellent business growth in the wallet and handbag industry. Niche markets include wholesalers, traders, retailers, superstores, travel agencies, small scale and large scale company’s employees, etc. Economies of ScopeIn the last five years, industry operators have successfully managed to automate several processes (except few processes) that depend on manual labor like finishing, sewing and cutting of the products. Consequently, it increases the intensity of industry capital. The entry of e-commerce and digitization has also improved the economies of scope in the handbag industry. E-Commerce has introduced a new channel of revenue to the handbag industry. Consumers can easily buy handbags while giving orders from their homes and offices. The Bags and accessories market produced an income of $57,704 million in 2017 via e-commerce channel in 2017. Economic conditionsThe demand for wallets and handbags products is directly proportional to the stable economic conditions of the country and global market. ConclusionThe report focuses on an overview of industry progress. The key industry statistics shows the health of the industry. The review part of research report shows the present, past and future highlights of the industry. However, key findings of the report show success factors of the industry. These success factors are indirectly the indicators of SWOT (strengths, weaknesses, opportunities and threats). The operating companies of the industry can examine their business position in the light of these success factors mentioned in the key findings. Companies can use the information to alter their business strategy and gain success in the marketplace.
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