Handbags are more than just storage units that enhance users' looks. There exists a multi-billion-dollar industry that caters to the growing global demand for handbags.
According to a Statista report, the global handbag industry is projected to generate revenue of $64.62 billion in 2023 and grow by 4.77% by 2026.
A Fortune Business Insights report outlines the reasons for this market growth, suggesting that the market is expanding due to the growing fashion industry where handbags are considered a style statement.
Another driving force behind the handbag industry's growth is the increase in the global female workforce. This has boosted their purchasing power, making handbags a necessity for many and a comfort item for some.
The good news for those in the US handbag business is that the lion's share of the global revenue comes from the US which is estimated to be $12.62 billion by the end of 2023.
To make the most of this booming industry and maximize your handbag business's profitability, it's important to choose the right wholesale distributor.
Here is how you can do it.
Keep the following points in mind before choosing a competent wholesale handbag distributor.
Quality assurance is the foremost thing to look for in a wholesale handbag distributor. As the warehouse receives products in bulk, it is crucial to maintain a quality control system. This helps preserve the shape, material, stitching, and structure of the handbags for client satisfaction.
Businesses need a wide range of handbags to satisfy consumer needs and tastes. This range might include different colors, sizes, styles, and both affordable and luxury handbags.
When a trend emerges in the market, sales increase. Distributors must ensure on-time deliveries to fulfill the demands of wholesalers and retailers.
Businesses require a distributor with enough inventory to fulfill market requirements for in-demand products.
Handbags with hanging threads, damaged shape, and faded colors won't sell and will likely be returned or exchanged. Selling such handbags can also damage the reputation of businesses. Therefore, it is crucial to inquire the distributors about their return and exchange policies.
Now that you know what factors to consider before choosing a distributor, you might want to know more about the benefits of buying from a distributor.
Collaborating with a wholesale distributor that consistently updates its inventory with trendy products is a bonus.
Distributors are in direct contact with manufacturers. Therefore, they are more informed about new trends than the others.
This is why buying from wholesale distributors is always profitable.
Now, the only question that remains unanswered is: where can you find a reliable wholesale handbag distributor?
Online marketplaces are changing the way companies do business. Finding a reliable wholesale handbag distributor in online markets is convenient.
You can find multiple distributors under one roof, which makes it easier to compare and contrast. Moreover, Online marketplaces also facilitate communication.
You can easily inquire about costs, delivery terms, and product quality.