USD 49.12 billion
Report ID: SQSG25K2014 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 90 | Figures: 76
Global Handbag Market size was valued at USD 49.12 billion in 2021 and is poised to grow from USD 52 billion in 2022 to USD 81.79 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).
Handbags have recently risen in popularity as one of the most coveted personal items all around the world. The availability, prominence, and desirability of different handbags have increased their wide acceptance and potent performance.
Handbags are used by everyone for a variety of functions in their daily lives and are made from a variety of materials including mesh, leather, nylon, straw, canvas, vegan leather, and jute. For instance, individuals typically favour canvas handbags for going shopping; professionals in the corporate world typically favour leather bags; conversely, for events or a night out, women typically prefer clutches or wristlets. The market for premium and luxury handbags is being driven by increased disposable income in emerging economies and a growing preference for high-end luxury branded goods. One of the key trends that will return in the market for luxury handbags is the usage of logos and fresh logo designs. Sales are being boosted by the strength of luxury logos and the power of brand recognition. The market for luxury handbags is expanding in many nations throughout the world, including the United States, Russia, and many APAC countries like South Korea and India. The availability of good leather products including bags, shoes, and accessories will also rise in the upcoming years.
US Handbag Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 49.12 billion
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The Global Handbag Market is segmented based on Product, Material, Distribution Channel and Region. Based on Product it is segmented into Tote Bag, Clutch, Satchel, Others. Based on Material it is segmented into: Leather, Fabric, Others. Based on Distribution Channel it is bifurcated into Online, Offline. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
The global market has been further divided based on raw materials into leather, fabric, and other categories. The leather raw material market dominated the world in 2021, accounting for more than 50% of worldwide revenue. For high-end handbags and accessories, leather serves as the main raw material. Luxury consumer expenditure in both developed and developing economies is the main driver of the leather handbag market. Many professional ladies are prepared to spend money on leather handbags.
In emerging economies like Thailand, Egypt, the UAE, Saudi Arabia, and India, a rise in disposable income is also anticipated to increase demand for leather items. As an illustration, in April 2021, Louis Vuitton introduced Nona Source, the first online portal for obtaining priceless materials from the Group's Fashion & Leather Goods Maisons. Burberry's leather goods division saw respectable sales during the COVID-19 pandemic of entry-level items like smaller bags and wallets. The development of internet shopping and the rise of luxury goods investment in the Asia Pacific region both contribute to the demand for leather handbags.
Analysis by Product
The global market has been further divided into tote bags, clutches, satchels, and other categories based on items. In 2021, the tote bag segment led the market and held the highest share of more than 40% over the projected period. Over the forecast period, the segment is anticipated to grow at a constant rate. Tote bags are versatile bags that can be used for a number of things. Consumers like tote bags because of their size and construction. When compared to other purses, totes are larger. These bags make it simpler for customers to transport necessities to workplaces, colleges, and other locations. Tote bag sales are also being driven by the growing appeal of Korean fashion and aesthetics among younger consumers.
Additionally, the style of totes encourages people to dress up for formal occasions. For social events, many customers favour thin, simple purses because they add an element of style. The main causes anticipated to increase demand for clutches and wallets include increased disposable income, rising millennial spending on designer goods, expanding desire for luxury and premium leather wallets, and an increase in the number of working women in India. Additionally, the market is growing as a result of the expanding influence of social media and celebrity fashion. Companies in the market are using automation and targeted marketing techniques to boost clutch bag sales.
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With the greatest revenue share of more than 30% in 2021, North America led the international market. The region is anticipated to maintain its dominance during the forecast period, recording a constant CAGR. Given that consumers in the North America region have a high level of discretionary income, the fashion industry's growing influence over a larger audience is predicted to increase demand for handbags in the region. Additionally, Black Friday deals and clearance sales are well-liked in the United States, where women in particular swarm to buy accessories like purses. The US market for high-end handbags and accessories is still expanding, but it is still incredibly cutthroat. The rising importance of using big data for handbag firms is one of the key trends anticipated to acquire more traction over the coming several years as a result of this intense rivalry. Brands are attempting to have a better understanding of their consumers so they can steer clear of fashion trends that won't appeal to them.
Over the forecast period, the market in the Asia Pacific region is anticipated to develop at the quickest CAGR. The demand for handbags in the Asia Pacific region has been spurred by the expansion in consumer purchasing power and the number of online shopping portals. Spending on personal items and accessories as well as rising fashion consciousness among customers have contributed to the market's expansion.
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our handbag market reports, some of the leading luxury handbag manufacturers are as follows: Coach IP Holdings LLC(New York, US), Louis Vuitton Malletier (Paris, France), Chanel Ltd(Paris, France), Guccio Gucci S.p.A.(Florence, Italy), Prada S.p.A. (Milan, Italy), Fendi(Rome, Italy), Burberry(London,UK), Hermès International S.A.(Paris, France), Kate Spade(New York,US), Calvin Klein Inc.(New York, US).
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According to our analysis, by material, the leather segment is estimated to have the largest share of the market with more than 50% of the global revenue share. By Product, the tote bag held the largest share of market by 40%. Region-wise, the North America had dominated the market, followed by Aisa Pacific due to the expansion in consumer purchasing power and the number of online shopping portals
|Market size value in 2021||USD 49.12 billion|
|Market size value in 2030||USD 52 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Handbag Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Handbag Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25K2014