According to the research firm, consumers are associating handbags with social status. The introduction of ergonomic designs, trendy colours, finishing and textures are boosting their popularity, Technavio said.
The economy of the BRIC countries has been improving, despite the high rates of inflation. It has recovered from the 2008-2009 recession and the Eurozone crisis, with increasing per capita GDP and GDP based on purchasing power parity. This is a major driver in the market, which is expected to stimulate the market growth.
“An increase in the number of working women is resulting in increased demand for handbags. Most women use their handbags for multiple purposes, such as carrying laptops or tablets, wallets and food,” says Faisal Ghaus, Vice President of Technavio Research.
“Handbags are also seen as status symbols and representative of individual identity, which is expected to fuel the growth of the market in the coming years.”
Key vendors for BRIC, Technavio said, include Chanel, Christian Dior, Coach, D&G, Hermès International, LVMH, Michael Kors, Mulberry, Prada and Tory Burch.
More details about the Handbags Market in BRIC 2015-2019.