A new study conducted by Bianca Mosca, known for its ultra luxury bags and accessories made from Louisiana alligator, reveals that so called “Man Bags” including totes, duffels, clutches, backpacks, messenger and bowling bags now represent one in five of all sales in the global $35 billion luxury handbag market.
Despite the reported slowdown in China and recent setbacks in the global luxury market the 2016 outlook for luxury men’s bags has never been brighter.
According to Bianca Mosca’s estimate the aggregate value of men’s bag sales by value has more than doubled in the last decade with men now spending over $7 billion a year on luxury bags.
Yet whilst volumes have been growing at 5% per annum the amount spent per unit has been climbing by 10% a year leading to the conclusion that men are spending substantially more on each bag they are purchasing.
The study goes on to forecast that global expenditure on men’s luxury bags will rise to $10 billion by 2020 with just under 9 million units sold.
A Bianca Mosca spokesperson said:
“A major part of the rise can be explained by the growth in the numbers 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”
A further factor impacting the prices of luxury bags is the pressure on raw material costs particularly for the type of premium exotic leathers used by Bianca Mosca. The price of first grade unblemished Louisiana alligator skins has increased by 12% a year for the past three years and is forecast to continue growing as demand for exotic materials continues to outstrip demand at the top end of the luxury market.
Bianca Mosca which this year is celebrating the 70th anniversary of its founding in 1946, will be launching a new range of men’s handbags, briefcases, weekend bags and clutches in Spring ‘16.