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

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.