USD 49.12 billion
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 2022 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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Online
Fastest Growth
Online
Growth Rate
5.8% CAGR
Global Handbag Market 2024-2031 ($ Mn)
Country Share for Europe Region- 2024 (%)
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Handbag Market Segmental Analysis
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.
Handbag Market Analysis by Material
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.
Handbag Market 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.
Global Handbag Market by Distribution Channel, 2024 (%)
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Handbag Market Regional Insights
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.
Global Handbag Market By Geography, 2024-2031
- Largest
- Fastest
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Handbag Market Dynamics
Handbag 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.
Handbag 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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Handbag Market Competitive Landscape
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).
Top Players Company Profiles
- 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
Recent Developments
- In April 2022, the "Aranyani" premium handbag line from India debuted in New York. The first luxury handbag brand from India was introduced in New York City in keeping with the emphasis on the Make in India and Local for Global programmes. This brand combines traditional Indian craftsmanship with modern format and design.
Handbag Key Market Trends
- 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.
Handbag Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
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
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 49.12 billion |
| Market size value in 2031 | USD 81.79 billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Handbag Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Handbag Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Handbag Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Handbag Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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