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

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.