The handbag industry is booming rapidly, with designer handbags driving the sector and helping brands gain garner thousands of dollars as a profit. And as the apparel market is rising exponentially, it is slightly leaving its impact upon the luxury market and compelling brands to adhere to these influences and manufacture products accordingly. There already too much for brands on their plate, and these changes demand efficiency of another level. What if we let consumers design what they want, and brands focus on other significant business aspects? The concept isn’t new, but our leather bag design software brings in the latest business solutions along with modern customization and digitization features. The tool is relevant for modern buyers who are just a few taps away from the latest technology.
Bags Designing Software Help Brands to Accommodate Demands from Modern Buyers
In 2008, Anya Hindmarch made headlines when she predicted the demise of the It bag. A decade later, there is plenty of evidence that she was right, but if you look at the broader perspective, you will realize that consumers’ needs and expectations have also changed drastically. Women don’t need bags only to show-off; rather look for more practical purposes they offer. Therefore, brands need to understand consumers’ changing demands and how they can fulfill them without compromising with their original brand value and product integration.
Consumers’ priorities have changed over the past couple of years, and they have become extremely cautious about what product they are spending their money on. According to NPD, in the USA, the world’s largest luxury market, where handbag sales declined 7 percent year-over-year to July 2019. Luxury handbag sales, which had held up despite revenue in every other price segment flatlining or falling, are now falling too. While It bags still drive growth in emerging markets, the US slump is looking increasingly hard to turn around. The total number of handbags introduced by luxury brands declined 24 percent in the UK and 33 percent in the US, as Edited suggested.
However, if we look at the bigger picture, we will realize that social media has also played a significant role in shaping consumer’ demands. It shouldn’t come as news to bag manufacturers and retailers that these social media platforms help them leverage social influencers and enable brands to reach out to their consumers faster than ever before. Besides, coronavirus has changed many things, but one constant that remained was social media. In fact, a survey by DoubleVerify found that nearly half of consumers reported increased time on social media platforms in 2020. In today’s environment, brands are continuously challenged to adapt to real-time and meet people where they’re at to stay relevant. In turn, brands are laying the foundation for the future direction of social media marketing. As we head into the new year, there’s no question that brands will continue to maximize their social media efforts.
Let us look at factors that determine the role of social media in impacting the handbag market:
Social Media Reduces Products’ Life Expectancy
Many experts believe that the onus is on Instagram for declining the It bags’ sales. Consumers are exposed to such trends where every day a new brand comes up with a completely new idea and product, and this quick exposure results in extinguished excitement before most new styles can gain sales momentum. In the older days when Fendi launched the Baguette, the ensuing buzz sustained sales for years, and the iconic model was regularly sold out in New York department stores. Such was its impact that when its popularity fell after two years, the LVMH brand’s sales declined by $20 million for two years in a row.