2023-09-13 21:36:53
According to Market Research Future’s “Global Luxury Bag Market” report, the luxury bag market is expected to grow at a CAGR of 4.5 percent between 2021 and 2027.
The luxury goods industry, including bags, contributes significantly to the global economy. In 2019, it generated around €308 billion in sales, according to Bain & Company’s annual report on the luxury goods market.
Concerns regarding sustainability are affecting the luxury bag market. A Deloitte report notes that 68 percent of luxury consumers consider it important for brands to be socially and environmentally responsible.
Luxury brands have been symbols of status and elegance throughout history. Both in Mexico like in the world, these brands have left an indelible mark on the fashion and lifestyle industry. Here is a brief history of some iconic brands:
Founded in 1854 in Paris, This French fashion and luxury goods brand has become a benchmark in the world of handbags. and high quality suitcases. Its distinctive LV monogram is recognized throughout the world.
Gabrielle “Coco” Chanel revolutionized women’s fashion in the 1920s by introducing garments such as the small black dress and jacket suit for women. The fashion house Chanel, with its timeless elegance, has remained an icon of haute couture.
Gucci: Founded in Florence in 1921, Gucci is known for its bold style and double G logo. The brand has experienced a resurgence in recent decades under the creative direction of designers such as Tom Ford and Alessandro Michele.
Hermès: Founded in 1837 in Paris, Hermes is famous for its high-quality leather products, including the coveted Birkin and Kelly bags. The brand also produces luxury clothing, perfumes and accessories.
Montblanc: Known for its elegant feathers fountain pens, Montblanc was founded in 1906 in Hamburg, Germany. The brand has expanded to include watches, jewelry and luxury leather goods.
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For its part, Generation Z (born between 1997 and 2012) is emerging as a force in the luxury market.. According to a McKinsey report, this generation represents 20 percent of luxury buyers and has unique preferences, such as brand authenticity and transparency.
Social media plays a crucial role in promoting luxury brands. According to the report “The State of Fashion 2021” by McKinsey79 percent of luxury brands surveyed plan to increase their investment in social media marketing.
The pandemic has driven changes in luxury consumer behavior. Comfort and adaptability have become essential. Brands that were able to adjust their strategies and offer safe, online shopping experiences performed better.
Through social networks, a boy showed off a woman with a bag of cereal Kellogg’s Corn Flakes, which generated a lot of laughter on social networks, because the woman wore it as if it were a great luxury, so in the comments the they said which had already backed down the production of some luxury brands.
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