(MENAFN- PR Newswire)
NEW YORK, June 13, 2024 /PRNewswire/ -- The global handbags market size in South Korea is estimated to grow by USD 260.72 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
3.63%
during the forecast period. Increasing consumer spending on fashion and personal goods is driving market growth, with a trend towards growing trend of personalization and customization of handbags. However, threats associated with counterfeit products
poses a challenge. Key market players include alexander wang, Burberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Guess Inc., Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, METROCITY, Prada Spa, PVH Corp., Sungjoo Group, Tapestry Inc., and Tory Burch LLC.
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Technavio has announced its latest market research report titled Handbags Market in South Korea (Republic of Korea) 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Product (Totes, Clutches and wallets, Shoulder bags, and Satchels and saddles), Distribution Channel (Offline and Online), Material (Leather and Fabric), and Geography (APAC) |
| Region Covered |
South Korea |
| Key companies profiled |
alexander wang, Burberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Guess Inc., Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, METROCITY, Prada Spa, PVH Corp., Sungjoo Group, Tapestry Inc., and Tory Burch LLC |
Key Market Trends Fueling Growth
The handbags market in South Korea experiences growth due to increasing customization and personalization trends. Top players offer options from strap and buckle modifications to embroidery and name tags. Monogramming and embroidery are popular, driving demand. Consumers seek individuality, enhancing personal style. Technology advances, such as online platforms and 3D modeling software, facilitate customization, boosting sales and market expansion.
The handbag market in South Korea is currently experiencing significant growth, with several brands and manufacturers making a mark. The trend towards canvas and durable materials continues, with brands like Markete and Exponenitalia leading the way. The use of logos and branding is also popular, as seen in the offerings of Acccessories and European brands. The market is diverse, catering to both local and international tastes, with a focus on trendy and functional designs.
The market is also seeing an increase in the use of technology, with smart bags and eco-friendly materials gaining popularity. Departments stores and online retailers are the major sales channels, with stores like Shops and Handbag offering a wide range of options. The market is expected to continue growing, driven by consumer demand and innovation.
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Market
Challenges
The handbags market in South Korea experiences growth due to consumer demand, yet is marred by the proliferation of counterfeit handbags. Illegal business practices among stakeholders result in an unbalanced competitive landscape and inconsistent pricing. Local and regional vendors introduce low-quality imitations, selling them at lower prices than authentic handbags. E-commerce platforms expand the reach of counterfeit products, making it challenging for consumers to distinguish between real and fake.
This situation negatively impacts genuine vendors' sales and pricing strategies, necessitating costly advertising and promotion efforts to maintain brand loyalty. Low product reliability further discourages handbag adoption, potentially limiting market growth.
In South Korea's handbag market, several challenges exist for brands and retailers. Consumer preferences for high-end bags from global brands are increasing, making it difficult for local brands to compete. Customization and personalization are key trends, requiring significant investment in technology and supply chain management. Additionally, logistics and delivery are crucial factors, as consumers expect quick and convenient shipping options.
The cost of production and import duties also pose challenges, particularly for smaller businesses. Furthermore, the regulatory environment can be complex, with strict quality and safety standards to adhere to. Overall, the handbag industry in South Korea requires a strategic approach to address these challenges and succeed in a competitive market.
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Segment Overview
Product
1.1 Totes
1.2 Clutches and wallets
1.3 Shoulder bags
1.4 Satchels and saddles
Distribution Channel
Material
Geography
1.1
Totes-
The tote market in South Korea experiences significant growth due to its functional design and versatility. Totes, large handbags with parallel handles, are popular for shopping and everyday use. Their open-top compartments, sturdy handles, and ample storage space cater to various items, such as laptops, books, and groceries.
South Korean consumers prefer leather, canvas, jute, or nylon totes for fashion and convenience. Market drivers include the increasing demand from the working population, airport retail outlets, and the trend towards affordable luxury totes. Customization and personalization are also key factors fueling market growth.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022)
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Research Analysis
The Handbags Market in South Korea exhibits an exponential trend, driven by increasing consumer spending on personal accessories. The market encompasses a wide range of offerings, from Western-style handbags to minimalist designs, brilliant colours, and quality materials. TechNavio and Euromonitor International forecast a robust growth in the market, influenced by the country's high GDP per capita and the popularity of K-pop culture.
Trade associations play a crucial role in vendor analysis and regulatory framework, ensuring product safety and adherence to labelling requirements. Duty-free shops contribute significantly to the market's growth, offering big brand logos at competitive prices. The Leather Goods Market, which includes Bags and Luggage, is a key segment within the Handbag Market, reflecting the trend towards luxury and durability.
Market Research Overview
The Handbags Market in South Korea is a significant sector with a growing demand for fashionable and functional bags. The market caters to various consumer segments, including women and men, students, and professionals. The market offers a wide range of handbag styles, from casual to formal, and materials, such as leather, synthetic, and canvas. South Korean designers and international brands contribute to the market's diversity.
The market is influenced by fashion trends, consumer preferences, and economic factors. Retail channels include department stores, specialty stores, and e-commerce platforms. The market is expected to grow due to increasing disposable income, changing lifestyles, and the popularity of South Korean culture globally. The government's support for the fashion industry and the presence of major fashion events further boost the market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Totes
Clutches And Wallets
Shoulder Bags
Satchels And Saddles
Distribution Channel
Material
Geography
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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Media & Marketing Executive
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SOURCE Technavio
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