Just a year ago, the world was forging its way through an unexpected pandemic. Most people had never experienced a situation of such magnitude and certainly never imagined doing so. In the midst of it all, businesses across the globe faced unprecedented struggles. Some were forced to shut down for a time because they weren’t considered essential while others simply had no customers due to widespread shelter-in-place mandates and the public’s fear of being exposed.
Luxury Handbags: Braving the Storm
While the pandemic is technically still wreaking havoc on the planet’s population, restrictions and public fears seem to be abating a bit, leaving quite a few companies trying to assess the full scope of the damage. Businesses in a range of industries continue to struggle, but some are thriving in spite of or, perhaps, because of the recent developments. Custom bag manufacturing appears to be one niche that’s flourishing in the face of adversity.
Looking at the Bigger Picture
At the height of the pandemic, reports indicated that 7.5 million businesses were on the verge of having to close their doors. While those closures were directly connected to the pandemic, analysts expected many of them to shut down permanently due to the impact. Small businesses were among the hardest hit, but even global brands took a beating. Still, despite all the effects and projections, the luxury handbag market kept thriving. That left many people wondering how and why this particular industry remained afloat.
An Abundance of Disposable Income
Obviously, business shutdowns left millions of people struggling to make ends meet during the pandemic. Having said that, quite a few consumers found themselves in unique positions. They were able to continue working either in their typical capacity or from home, so their incomes didn’t change so significantly.
Still, they weren’t able to spend money on travel and vacations, so they had a great deal of excess cash to play around with. Many of them chose to spend it on luxury handbags and other accessories they wouldn’t have ordinarily purchased. This has certainly had a hand in keeping the sector on its feet.
Seeking Worthwhile Investments
For some handbag customers, it’s a matter of making a worthwhile investment. Luxury brands pride themselves on quality and craftsmanship. Many of them continue to provide handmade leather goods as opposed to cheaply manufactured, mass-produced products. That’s certainly working out in their favor at this point.
Self-Indulgence
Even before the pandemic hit and threatened to destroy thousands of businesses for good, consumers had begun to develop a taste for the finer things in life. Luxury goods are more readily available now than ever before, and people are gaining an ever-growing desire to pamper themselves. What better way to do so than purchasing a custom leather handbag with a designer name attached to it? Self-indulgence isn’t necessarily a bad thing at this point, and consumers are quickly beginning to realize that.
E-Commerce
After covering some of the deeper elements behind the ongoing success of the luxury handbag industry, it’s only fair to look at one of the more obvious points: e-commerce. Since going out to shop has been a bit of a sore spot, if not altogether forbidden, people are turning to the internet for their retail therapy sessions. Many high-end handbag companies have strong online presence and are getting their fair share of attention from online shoppers.
Thriving in the Face of Adversity
Numerous industries have been up against unprecedented adversity since the pandemic took hold of the world. On the other hand, some are thriving in spite of the current developments. Manufacturers of luxury handbags fall into the latter category. If the current figures are any indication, this particular niche is going to continue to flourish during the months and years to come.