Global Handbag Market

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

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

Handbag Market Insights

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).

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.

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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 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 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

Product ID: SQMIG25K2086