In the BagHandbags and small leather goods occupy a special place in the retail market. A recent report by The Business of Fashion, which EDITED was thrilled to provide data insight on, has underlined this. According to their recent company reports, 50% of Prada sales and as high as 72% of Bottega Veneta sales are attributed to handbag and small leather goods purchases. Diana Lee, the Director of Research and Analysis at The Business of Fashion, was instrumental in delivering the new era of designer bags report from BOF Insights. She sat down with Grace in London to discuss how the report came about and what the key takeaways are for retailers and brands who currently occupy the luxury space, as well as the challenger brands that aspire to get there. Hero Worship
Handbags are a true hero category but most importantly are often one the most recognizable ways for consumers to showcase the brands that they love. And in many ways, it's the true democratization of fashion, offering a wardrobe staple that transcends physique, fashion knowledge or style preferences.
"In our survey results, we were quite surprised to see that the panel of high-net-worth individuals, only 40% had agreed that the price increases were actually significant. So, that could mean that there's still this willingness to pay that can continue to be extracted, but of course, a brand has to walk a very fine line because you don't want to anger a lot of your loyal customers at the same time."Find out more about the report and all the amazing changes in the handbag market by clicking on this link.
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