Men now account for 20% of all luxury handbag purchases
For years, analysts have projected that menswear would become a very lucrative segment of the fashion industry based partly on the buying power that men possess. Today, a new study from luxury handbags and accessories company Bianca Mosca has emerged and states that men now buy 20% of all luxury handbags.
“Man Bags,” which are considered to be totes, duffels, clutches, backpacks, messenger and bowling bags, represent 1 in 5 of all sales in the global luxury handbag market. The aggregate value of men’s bags sales have doubled with men now spending over $7 billion on luxury bags.
A Bianca Mosca spokesperson said, "A major part of the rise can be explained by the growth in the number of metrosexual men who are becoming more comfortable carrying handbags that are quite unlike the briefcases of yesteryear and are willing to spend serious sums of money to acquire a fashionable accessory."
Volumes have been growing at 5% per annum, yet the amount spent per unit has been increasing by 10% a year, which means that men are spending more on each bag they are purchasing.
The study concludes stating that the global expenditure on men’s luxury bags are forecast to raise to $10 billion by 2020 with just under 9 million units sold.
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