Market Trends of Middle East and Africa Handbags Industry
This section covers the major market trends shaping the MEA Handbags Market according to our research experts:
Strategic Developments by Major players
Modern consumers prefer different styles of handbags and therefore companies are innovating and expanding their product line to cater to the interests of the consumers. For example, Chanel Inc., a luxury fashion brand has introduced the gold-metal and calfskin bags in the market. The other strategies include mergers and acquisitions by which companies are entering into various collaborations to expand their product portfolio and promote their products across different geographical markets. For instance, Tyler Ellis, the U.S.-based luxury handbag brand, has teamed up with bespoke Emirati Couturier Hamda Al-Fahim in the United Arab Emirates to introduce a limited edition of Perry and Lily Clutches, Lee Pouchet, and Meme Pouch. Further, shopping malls are the most preferred retail channels for buying luxury goods such as handbags as these stores showcase multiple regional and global brands of fashion accessories. Thus, manufacturers are widening their presence in shopping malls to cater to the high consumer interest in luxury handbags. For instance, in April 2021, Da Milano, a luxe leather accessories brand that offers high-quality handbags opened its new store in Dubai Mall as it is a prestigious landmark in the world, allowing the brand to broaden its spectrum and gain visibility from potential buyers.
United Arab Emirates dominates the Market in the region
United Arab Emirates consumers prefer luxury handbags over conventional ones, owing to their high purchasing power. The country is experiencing a surge in the inbound, outbound, and domestic tourism flow, as it is a luxury shopping destination. The handbag industry in the United Arab Emirates has grown steadily as a result of fashion-conscious consumers' ongoing purchases of the items. Michael Kors and Kate Spade are famous brands in the United Arab Emirates, with competitive prices that draw the country's young and ambitious population. Local and international shoppers are drawn to premium goods, fueling the rise of premium handbag sales. The majority of visitors are drawn to personal accessories, such as handbags, particularly luxury handbags. Chalhoub is the largest bag and luggage firm in the United Arab Emirates, and it serves LVMH's Louis Vuitton brand in the United Arab Emirates. All these factors drive sales growth in the handbag sector and are anticipated to boost market growth over the forecast period.
