Europe Handbag Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Raw Material, End User, Distribution Channel, and Region

Europe Handbag Market Definition:

A Handbag is a type of fashion accessory that is primarily used by women to carry essential personal utility items. Handbag, which come in a wide range of sizes, patterns, and colours, are typically made by stitching together multiple pieces of cloth or leather. The most common types of Handbags on the market are shoulder, satchel, handheld, and sling bags. Gender-neutral bags are also popular among consumers of all ages these days.

 

Further, the Europe Handbag market is segmented by Product, Raw Material, End User, Distribution Channel, and geography. On the basis of product, the Europe Handbag market is segmented under Tote, Clutch, Satchel and Others. Based on the Raw Material, the market is segmented under the Leather, Fabric and Others. Based on the End User, the market is segmented under the Men and Women. Based on the distribution channel, the market is segmented under the channels of Online and Offline. By geography, the market covers the following Countries: Italy, France, United Kingdom, Russia and Rest of Europe. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

To get more Insights: Request Free Sample Report

 

Europe Handbag COVID 19 Insights:

The coronavirus outbreak has reduced consumer consumption of luxuries such as Europe Handbags, forcing various brands to increase the price of their products to compensate for their loss. Gucci increased the price of its Handbags by up to 9% in June 2020 to compensate for the sales decline caused by COVID-19. Similarly, its competitors, such as Chanel and Louis Vuitton, are raising product prices. Moreover, the global implementation of social distancing and lockdown has resulted in a decrease in the production of these bags, hampering the market's growth.

 

Europe Handbag Market Dynamics:

The burgeoning fashion accessory sector, as well as an increasing working population and fast urbanisation, are the primary drivers of market expansion in this region. Also, in both established and emerging nations, a large increase in female workforce participation has contributed to product demand. In addition, the majority of working professionals prefer to carry many necessary goods in their handbags, such as laptops, tablets, wallets, and food. As a result, manufacturers have created purses that are highly useful and include laptop sleeves, key holders, and mobile phone holders.

 

The development of online retailing portals that offer a hassle-free purchasing experience while also offering a large choice of products is fueling market expansion. Visually appealing and imaginatively developed items, as well as their environmentally friendly variations, are adding to the market's upbeat outlook. In the future years, the market is expected to be driven by product premiumization and aggressive promotional activities by manufacturers and brands, as well as increased consumer expenditure on sustaining an aesthetic and materialistically advanced lifestyle.

 

The market's growth has been boosted greatly by rising affluence and expanding brand recognition in developing countries in this region. These economies' consumers have boosted their expenditure on luxury products, such as handbags. Also, manufacturers in this business are releasing low-cost bags, which has broadened the market's consumer base around the Europe. Moreover, manufacturers have started implementing omni-channel strategies in order to strengthen their distribution channels.

 

Western consumers are becoming more brand sensitive in their purchasing decisions, particularly those that represent their distinctive style and personality. As a result, the handbags segment in Europe has undergone a transformation in recent years. In Today's Scenario, Fashion accessories have progressed from being a purely utilitarian buy to becoming a part of the lifestyle shopping category. In the upcoming years, the expansion of e-commerce, with its online purchasing capabilities, is predicted to contribute significantly to the growth of the retail market in European countries.

 

Europe Handbag Market Segment Analysis:

By Product, The tote segment dominated the market with 37 % in 2023. Due to the product's larger size in comparison to other types of Europe Handbags. Its versatility and ease of carrying more items while maintaining their aesthetic appearance are likely to increase its popularity. Carmen Tote, for example, has  two slide pockets, three credit card slots,one zip pocket, one  detachable and adjustable shoulder strap, and two handles, making it extremely versatile and convenient for most users.

 

The clutch, satchel, and other segments are also gaining market share due to their suitability for a variety of occasions and purposes, including casual, formal, and semi-formal settings.

 

 

By End User, Due to the increasing participation of women in e-commerce shopping, the women segment dominated the market with 54 % share in 2023. Women's online spending is expected to more than double in coming years.

 

Men are progressively gravitating into the consumption of various fashion goods, including handbags, and this market is also showing modest growth. These factors are expected to drive the growth of the segment through the forecast period.

 

Europe Handbag Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the europemarket, key players in the market, particularly in  Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Europe Handbag market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Handbag market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Handbag Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Europe Handbag market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Handbag market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Handbag market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Handbag market. The report also analyses if the Europe Handbag market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Handbag market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Handbag market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Handbag market is aided by legal factors.

 

Europe Handbag Market Scope:

 

Europe Handbag Market
Market Size in 2023	USD 23.00 Bn
Market Size in 2030	USD 38.19 Bn
CAGR (2024-2030)	7.51 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Product Tote Clutch Satchel Others
	by Raw Material Leather Fabrics Others
	by End User Men Women
	by Distribution Channel Online Offline
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

 

 EUROPE HANDBAG MARKET KEY PLAYERS: 

• Louis Vuitton Malletier (France)
• Chanel Ltd(France)
• Guccio Gucci S.p.A.( Italy)
• Prada S.p.A. (Italy)
• Fendi (Italy)
• Burberry (U.K.)
• Hermès International S.A.( France)
• Calvin Klein Inc. (U.S.)
• Burberry Group PLC. ( Italy)
• Kering SA (France)     
• Michael Kors (New York)
• Ted Baker plc ( United Kingdom)