SEOUL, South Korea -- The market is primarily driven by the growing economy, rise in middle class population, and the interim increase in disposable income as well as per capita consumption of consumers on handbags, gifting traditions, and the high demand for fashion goods.

“Manufacturers such as Nike and Prada are looking for alternative skins such as a variety of fish to use for handbags manufacturing,” says Faisal Ghaus, Vice President of Technavio.

“Ostrich and snake skins are also used in manufacturing handbags. Hence, the use of newer varieties of leather in manufacturing handbags is expected to positively drive growth in the market during the forecast period.”

Key Market Drivers

· High Demand for Foreign Brands

· Growing Working Women Population

· Growing Fashion Consciousness

· Increase in Demand for Men's Handbags

· High Demand for Affordable Luxury Brands

Key Market Trends

· Product Differentiation

· Increasing Tourism

· Growing E-commerce in South Korea

· Rise in Demand for New Leather Skins

· Eco-friendly Bags

Key Market Vendors

· Burberry Group plc

· Chanel SA

· Christian Dior SA (Couture)

· Coach Inc.

· Gucci SpA

· Kate Spade

· LVMH Moët Hennessy

· Michael Kors

To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.

If you are interested in more information on this topic and our upcoming research on the Handbags Market in South Korea 2015-2019 (http://www.technavio.com/report/south-korea-handbags-mark...), please send an e-mail to media@TechNavio.com.

Contact
Jesse Maida