Feb 1, 2019
The global luxury bag market accounted for USD 62.8 Billion in 2017. Further, the market is expected to reach to a valuation of USD 75.6 Billion by the end of 2023. Moreover, it is anticipated to flourish at a CAGR of 3.1% during the forecast period i.e. 2018-2023. Increasing number of high net worth individuals and growing preference for high end luxury branded goods are the dynamic factors escalating the growth of luxury bag market. Apart from this, growth in number of working women is anticipated to positively impact the growth of the luxury bag market during the forecast period.
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