Men go for luxury when choosing handbags: survey

  1. Men go for luxury when choosing handbags: survey


    Wed May 9, 8:16 AM


    LOS ANGELES (Reuters) - Men are more likely than women to opt for a luxury brand when buying handbags -- and it's the label, not the price, that counts, according to a survey of wealthy shoppers.

    The Luxury Institute on Tuesday said the demand for luxury bags remains strong, with about one third of 1,500 wealthy American shoppers surveyed buying a branded bag in the last 12 months.

    "The luxury handbag is the accessory that defines the wealthy woman and is a major profit driver for luxury fashion brands," said Milton Pedraza, chief executive of the New York-based researcher focused on wealthy consumers.

    The Luxury Institute found that men were more likely than women to reach for a luxury label when buying a handbag -- 73 percent of men, compared with 50 percent of women -- and over three times more likely to choose luxury French brand Chanel.

    But overall, U.S. label Coach has become the most popular bag among wealthy shoppers, leading with a 29 percent market share with other brands compete heavily for the rest of the pie.

    The survey of shoppers with an average income of $308,000 and average net worth of $3.1 million found Coach was the most familiar brand of designer handbags, recognized by 52 percent of respondents.

    That compared to 24 percent for Gucci, 22 percent for Louis Vuitton, and 21 percent for Prada.

    But familiarity with the pricier Italian brands rises as wealth increases, according to the report.

    Looking at consumers whose yearly paycheck was above $300,000, the survey found that 38 percent were familiar with Coach, while 34 percent were aware of Gucci.

    Price did not come into the equation even though bags from luxury fashion houses such as Chanel, Prada and Gucci, owned by parent company PPR, can cost in the thousands of dollars, while Coach bags generally cost hundreds of dollars.

    Consumers said the price was not as important a consideration as quality and reputation when judging between luxury brands.

    (http://ca.news.yahoo.com/s/reuters/070509/odds/odd_luxury_bags_dc)
     
  2. Men Go for Luxury when Choosing Handbags: Yahoo News

    Very interesting! The headline that caught my attention was: "Men More Likely To Buy Luxury Brand Handbags."
     
  3. Men are more likely than women to opt for a luxury brand when buying handbags -- and it's the label, not the price, that counts, according to a survey of wealthy shoppers.

    The Luxury Institute on Tuesday said the demand for luxury bags remains strong, with about one third of 1,500 wealthy American shoppers surveyed buying a branded bag in the last 12 months.

    "The luxury handbag is the accessory that defines the wealthy woman and is a major profit driver for luxury fashion brands," said Milton Pedraza, chief executive of the New York-based researcher focused on wealthy consumers.

    The Luxury Institute found that men were more likely than women to reach for a luxury label when buying a handbag -- 73 percent of men, compared with 50 percent of women -- and over three times more likely to choose luxury French brand Chanel.

    But overall, U.S. label Coach has become the most popular bag among wealthy shoppers, leading with a 29 percent market share with other brands compete heavily for the rest of the pie.

    The survey of shoppers with an average income of $308,000 and average net worth of $3.1 million found Coach was the most familiar brand of designer handbags, recognized by 52 percent of respondents. That compared to 24 percent for Gucci, 22 percent for Louis Vuitton, and 21 percent for Prada. But familiarity with the pricier Italian brands rises as wealth increases, according to the report. Looking at consumers whose yearly paycheck was above $300,000, the survey found that 38 percent were familiar with Coach, while 34 percent were aware of Gucci.

    Price did not come into the equation even though bags from luxury fashion houses such as Chanel, Prada and Gucci, owned by parent company PPR, can cost in the thousands of dollars, while Coach bags generally cost hundreds of dollars.

    Consumers said the price was not as important a consideration as quality and reputation when judging between luxury brands.

    Copyright © 2007 Reuters Limited.

    http://news.yahoo.com/s/nm/20070509/od_nm/luxury_bags_dc
     
  4. I think the truth stops with these labels .... It's a quantum leap in prices with Hermes, and there is NO way on earth MEN do not mind the prices. AGREEING to getting Hermes is a separate thing altogether. Yes?
     
  5. well, coach is more affordable than all the other designer bags mentioned, so I can see how it may be more familiar to people, but the average income of the people surveyed, I was expecting that Hermes would be the #1 brand.. hehe... so I guess, buying Hermes beauties is totally separate from buying other designer bags...
     
  6. That's what I was thinking, too. And also,*H* isn't mass-marketed like Coach, LV , et al., and a bit more difficult to to get hold of (with limited #s of bags being handmade, waitlists and such). Thus, buying *H* is on a completely different level.

     
  7. Agreed!
     
  8. I agree H is in a league of its own. I know its been said 100 times but H is (to the untrained eye) unrecognizable as apposed to all these 'generic' brands that slap a label of their bags and sheep follow. Not to say that they are bad quality or ugly but logos don't cut is for me anymore. I still like and use my lv, but the love has been transfered to H. I want those who can truly appreciate what i wear to notice it for what it is. What can i say? Once you go open an orange box you've sold your sole! btw funny how Chanel is the top rated when it was the first house to invent a recognizable monogram!
     
  9. ^
    I'm not surprised, as one must also consider which social segment the guys inclined to get a handbag is more likely to be in. I guess bags for women is more of a universal thing, but for guys I think (allthough I haven't got any exact numbers) it's more commmon in urban settings and competetive environments such as business, where the status of an item is more important than actually having one.
     
  10. Yearly paycheck above $ 300,000 ??:blink: You have to earn that much to be "potentially interested" in luxury ??
    In France someone with a paycheck above 28800 € is considered wealthy....
     
  11. I was talking with some people and the subject of my bags came up. I had carried the Speedy and everyone said oooh it's an LV. This particular day I had my Picotin and they asked what brand it was/ how much it cost (they were genuinely interested so I told them). They all said wow the LV looks way more expensive...the Picotin just looks like a ordinary brown bag. :roflmfao:
     
  12. That is what I love about Hermes, that it is so under the radar...the quality and elegance of the bag/accessories do not slap you in the face like the other bags.
     
  13. I completely agree. Hermes is in a league of its own. Other bags just don't compare in quality, or even simply price. I don't regret a penny I've spent on my H bags though.
     
  14. I can attest to Louis Vuittons quality. The original canvas is indestructible. BUT I just don't feel special carrying it anymore. It's everywhere! And even though it is pricey it doesn't make me feel uber-chic at all.

    Hermes is in its own class. I think since it is privately owned it is also not as likely to be marketed like the above mentioned brands that seem to be running ads everywhere all the time.