How Has COVID-19 Changed The Luxury Handbag Market? Handbag Trends Analysis From 2020-2023
Upon reflection, looking back at 2020, it was a disastrous year to put it mildly. We spent most of the year wearing loungewear, with no reason to dress up and no special places to take our designer handbags. Naturally, there was a decrease in luxury good sales however, handbag trends remained, and as we were getting out of lockdowns and transitioning back to normal life, everybody was ready to go shopping and indulge in fashion.
‘In 2020, the value of the personal luxury goods industry declined by about 23 percent on the previous year. Luxury apparel saw the biggest drop in market value, as many retail locations had to shut down amidst coronavirus lockdowns and retailers had to halt or reduce orders.’
2020
Overall, the luxury brand trends of 2020 were reflective of the time. Simple, understated, and practical, sometimes seen within fun silhouettes. Canvas and leather spiralled all over the runway. Examples of brands that portrayed this are Maxmara and Burberry. However, the woven leather from Bottega Veneta started to create hype on social media, making the woven hobo bag insta-famous. This is a very simple and easy-to-style handbag, which is still worn today in 2023, as it’s a classic piece that is easily identified as Bottega Veneta. Anything woven and focused on high quality craftsmanship was adored by almost everyone- and still is.
Armando Grillo/ LAUNCHMETRICS SPOTLIGHT
2022
COVID-19 was beginning to die down in the media, and the majority of fashion consumers were ready to go back outside, change and re-invent their styles, and have fun with fashion again. We were beginning to go on the other side of ‘logomania’, however ‘quiet luxury’ wasn’t quite ready to take over wardrobes yet. In 2022, we saw a vintage revival in luxury handbags, perhaps from re-watching tv shows such as ‘Sex and The City’ and ‘Gossip Girl’, which are well-known for their fashion. From the Fendi baguette to the Gucci Jackie, re-formed vintage was everywhere. The YSL Hobo Shoulder bag was the perfect combination of old and new, with the classic shoulder silhouette yet modern twist, this handbag is hard not to love.
EDWARD BERTHELOT/GETTY IMAGES
2023
As mentioned previously, ‘quiet luxury’ and the ‘old money aesthetic’ has been at the forefront of fashion this year. It is all about looking chic and refined, by wearing timeless pieces that will stand the test of time. Wearing minimal logo and letting the quality speak for itself. For 2023, we selected The Row Jasper leather tote, as it is representative of timelessness and practicality, with a slouchy style. Slouchy, oversized, and relaxed, the ‘less is more’ look is also very relevant this year.
