Sales of bags worn by men grew in 2014, while sales of handbags for women declined by 5 percent. Men bought 5.9 million luxury bags in 2014, compared to 25.6 million luxury bags that were bought by women. Top designers, including Armani, Dior, and Thom Browne, have shown handbags for men on the run ways recently.
The market value for men’s bags has more than doubled in the past 10 years. Men’s bags made up $2.3 billion in sales in 2014, which is almost one quarter of the bag market. Men are purchasing more bags than ever before and wearing all types of bags, including duffel bags, totes, clutches, backpacks, and whales.
One in five luxury bags sold are for men. Men currently spend about $6 billion per year on luxury bags. The quantity of bags purchased has grown less than 4 percent, which means that men are buying expensive bags.
Men’s bags are becoming more expensive due to the growing costs of raw materials. The price of leather is rising as herds of US cattle get smaller. LVMH and Kering are investing in crocodile management, alligator farms, and tanneries to keep the quality and price of raw materials under control.
Sales of women’s handbags represent 65 percent of women’s bag sales and 49 percent of all bags sold in the United States. Backpacks, duffel bags, and messenger bags became more popular among women this year, even though they made up smaller segments of the market. Unisex bags, especially athletic and outdoor bags, were among the categories with the greatest growth.
Accessories account for almost 30 percent of the luxury market. The market for men’s bags seems less volatile and performed better during the recent recession.
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