Brazil´s counterfeit market threatens luxury sales
According to a recently released report by Technavio, “Handbags Market in Brazil 2015-2019”, Brazilians are increasing their spending on designer bags as the Brazilian economy recovers, but this growth is stunted by competition from higher sales of counterfeit bags.
The report forecasts that the handbags market in Brazil will grow at CAGRs of 3.17% in revenue and 2.88% in volume from 2014 through 2019. Rather than merely seeing handbags as a utility item, they are now more regarded than ever as a symbol of social status and personal style. The report also found that increasing competition from fake or counterfeit bags has hindered growth in the handbag sector. The report focused on designer handbag labels including Chanel, Dior, Coach, D&G, Hermes Int’l, LVMH, Michael Kors, Mulberry and Prada among others.
Technavio, founded in 2003 and headquartered in London, is an international market research company. They report on emerging market trends to keep businesses informed about potential opportunities and help them develop strategies for market positioning.