A luxury handbag is a rite of passage for every woman. From the celebratory purchase with one's first pay cheque to the subsequent quest for a limited edition Birkin, luxury bag makers know what women want. Which is why, in the competitive high-end retail arena, designers are working on overdrive to churn out the fanciest, most functional or statement-worthy handbags every season.

These days, handbag shopping is a massive undertaking given the sheer variety out there. Consumers don't go with their gut feel anymore. On top of magazines or newspapers, they are also swayed by blogs, Instagram and influencers. But information overload has instead driven women to become more discerning and unwilling to settle for something off-the-shelf.

This exclusivity is driving the demand for limited edition or bespoke bags, especially among high-net-worth women who want to stand out from the rest as well as build up an investment collection. If you're in this category, there are three things to look out for: brand association, rarity and exotic skin (think lizard, python or crocodile). Additional details such as clasps, buckles, gemstones and embroidery will also increase the value of the bag.