Whether it’s downsizing your designer bag collection or jumping on a new trend, you want to be sure to sell your bags for the highest profit possible. Learn more about the resale market for luxury handbags to get started.
For example, the Hermes Birkin fetched a record-setting price at auction in 2019, and its crocodile skin Himalayan design appeals to fashionistas with a taste for maximalism.
Asia-Pacific
The Asia-Pacific market for luxury handbags is buoyant, led by rising disposable incomes in developing economies. Consumers in this region prioritize experiential luxury, self-expression, and brand affiliation with iconic designer brands. Additionally, a growing working population in emerging nations is contributing to the demand for practical and functional bags.
Luxury bag manufacturers are focusing on innovative product development to retain customers and attract new ones. They are also utilizing creative marketing tactics, including partnerships and collaborations with fashion designers and artists to drive brand awareness and reach.
Other drivers of the luxury handbag market include digital transformation and e-commerce platforms, sustainability concerns, cultural value, rarity appeals, and exclusivity. However, COVID-19 and disruptions in supply chains, production, and sales impeded the industry’s growth in 2021. Further, counterfeit products and price volatility are key challenges for the market. Nevertheless, rising opportunities in emerging markets and collaborations present potential avenues for growth.
Europe
If you’re in the market for a new designer bag, you may be wondering whether or not you can save some money by purchasing it in Europe. While the answer to this question varies depending on the specific brand and where it originates, it’s generally true that European-made bags are cheaper than their counterparts in the US due to factors like currency exchange rates, import taxes, and transportation costs.
In addition, shoppers in countries that use the Euro can often receive a VAT (Value-Added Tax) refund on their purchases, further contributing to savings on their designer bags. However, the COVID-19 pandemic has impacted consumer purchasing habits, and it’s possible that these cost-saving opportunities will be limited going forward.
With this in mind, it’s important to research all of the options available for purchasing a designer bag before you make your decision. By taking the time to compare prices, you’re sure to find a deal on your dream bag!
North America
The North American handbag market is influenced by the young and affluent population that follows current fashion trends. This has been a major contributor to the growth of the market in the region. Moreover, the rising use of digital advertisements by key players and celebrity endorsements further enhances the market growth.
The luxury market continues to remain highly competitive. To maintain their positions, key players are focusing on efficient strategies such as new product launches and collaborations. Additionally, they are also acquiring other companies and opening brick-and-mortar stores to expand their customer base and increase brand visibility.
In order to attract customers, leading players are collaborating with wholesale retailers like Macy’s, Saks Fifth Avenue, Bloomingdale’s, and Selfridges in the U.S., and Galeries Lafayette, Printemps, and Selfridges in Europe. This strategy helps them gain a larger market share and boosts sales. In addition, they are also increasing their presence in e-commerce platforms to cater to the growing demands of consumers.
Middle East
The Middle East handbag market is driven by rising demand for luxury bags. Companies are investing in research and development to offer consumers a wider range of bags that reflect their fashion taste. They are also partnering with local leather suppliers to expand their reach. For instance, Tyler Ellis partnered with bespoke emirati couture designer Hamda Al-Fahim to launch a line of gold-metal and calfskin bags in the United Arab Emirates.
Despite the COVID-19 outbreak, the Middle East still remains a lucrative market for handbags. A flurry of inbound and outbound tourism has boosted local consumer spending. Moreover, shopping malls are the preferred distribution channels for handbags in the region.
A plethora of luxury brands have a strong presence in the region. Moreover, regional manufacturers are expanding their retail networks through the establishment of exclusive stores in key countries. Several women consumers in the region are drawn to premium goods, which is fueling growth of the Middle East handbag market.designer handbag sales