As per the latest report by IMARC Group, titled “Satchel and Saddle Bags Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global satchel and saddle bags market is expanding at a steady rate. Satchel and saddle bags are handheld bags that are worn over the shoulder through a strap that goes across the chest. These bags are larger than pursues or pouches in size and available in a wide variety of colors, sizes, textures and patterns for both genders. Satchel and saddle bags are comfortable and convenient and designed for carrying essential items for personal usage. Owing to these advantages, they have gradually become a fashion statement among both men and women. They are also being accepted by consumers of all age groups across the globe.
Global Satchel and Saddle Bags Market Trends:
The flourishing fashion accessories industry, along with the increasing working population, represents one of the significant factors bolstering the market growth. Besides this, consumers nowadays are purchasing premium and luxury handbags to keep up with the latest fashion trends on account of the inflating income levels. Moreover, manufacturers are focusing on introducing innovative variants that are visually appealing and made with eco-friendly materials to expand their consumer base. Furthermore, the increasing influence of social media platforms such as Instagram is also contributing to the growth of the satchel and saddle bags market. Other factors impelling the market growth are increasing investments by manufacturers for promotional campaigns and improving online retail services, which offer hassle-free shopping experience to consumers. On account of these factors, the market is anticipated to grow at a CAGR of 3.5% during 2019-2024.
- Based on the product type, the market has been bifurcated into satchel and saddle bags.
- On the basis of the gender, females account for the majority of the total market share, followed by males.
- The market has been analyzed on the basis of the material into leather, plastic and others.
- Based on the distribution channel, the market has been classified into departmental stores, specialty stores, online stores, supermarkets and hypermarkets, discount stores and others. Amongst these, specialty stores exhibit a clear dominance in the market.
- Region-wise, Asia Pacific represents the leading market. Other major markets include Europe, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with some of the key players being Coach, IP Holdings LLC, Chanel, Inc., Burberry Group Plc, Nicole Lee Estore, Etienne Aigner AG, Furla S.p.A., Kate Spade Holdings LLC, Hermès International Company, Michael Kors Holdings Limited, LVMH Moët Hennessy – Louis Vuitton SE and Mulberry Group Plc.
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