Global Handbag Market

Global Handbag Market Size, Share, Growth Analysis, By Material(Leather, Fabric), By Product(Tote Bag, Clutch), By Distribution Channel(Online, Offline) - Industry Forecast 2024-2031

Report ID: SQMIG25K2086 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 90 | Figures: 76

Global Handbag Market Dynamics

Electronics Manufacturing Services (EMS) Market Driver

  • The rise of the global handbag market is being driven by the expansion of the retail and online distribution landscapes. Consumers are relocating their purchasing preferences for consumer products like handbags from traditional storefronts to internet retailers. The development of online handbag selling in India is further aided by expanding Internet connectivity and rising smartphone penetration.
  • The demand for the product has been boosted by a notable increase in the proportion of women working in both established and emerging nations. Additionally, the majority of working professionals prefer to carry many critical items in their handbags, including laptops, tablets, wallets, and snacks. Due to this, manufacturers have created highly practical handbags with features like laptop sleeves, key rings, and phone holders.

Electronics Manufacturing Services (EMS) Market Restraint 

  • The global handbag sector may face threats brought on by fake products. Due to unethical business actions among market participants, counterfeit handbags are present, which creates an unfair competitive environment in terms of market share loss and price standardisation. Sales of fake goods have increased as a result of people using e-commerce platforms more frequently. As a result, the expansion of the handbag market in globe will be somewhat constrained.
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FAQs

Handbag Market size was valued at USD 49.12 billion in 2019 and is poised to grow from USD 52 billion in 2023 to USD 81.79 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

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). 'Louis Vuitton', 'Chanel', 'Guccio Gucci S.p.A.', 'Prada', 'Hermès', 'Coach', 'Michael Kors', 'Kate Spade', 'Burberry', 'Fendi', 'Dior', 'Bottega Veneta', 'Mulberry', 'Longchamp', 'Givenchy', 'Balenciaga', 'Valentino', 'Celine', 'Tod's', 'Saint Laurent'

The rise of the global handbag market is being driven by the expansion of the retail and online distribution landscapes. Consumers are relocating their purchasing preferences for consumer products like handbags from traditional storefronts to internet retailers. The development of online handbag selling in India is further aided by expanding Internet connectivity and rising smartphone penetration.

The expanding fashion sector, in which handbags are viewed as a major fashion statement, is what drives the handbags business. Additionally, the growing social media effect of Instagram and Twitter on consumers is to blame for their propensity to patronise the industry. The majority of young adults throughout the world use these social networking sites, thus handbag manufacturers are aiming their product lines at this demographic.

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.

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Global Handbag Market

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