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

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 comes in a wide range of sizes, patterns, and colors, 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 Handbag market is segmented by Product, Raw Material, End User, Distribution Channel, and geography. On the basis of product, the 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 Men and Women. Based on the distribution channel, the market is segmented under the channels Online and Offline. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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Handbag COVID 19 Insights:

The coronavirus outbreak has reduced consumer consumption of luxuries such as handbags, forcing various brands to raise 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 Louis Vuitton and Chanel , 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.

 

Handbag Market Dynamics:

People are becoming increasingly enticed by the product's stylish appeal, material quality, and elegant design, which is causing a gradual market expansion. It is commonly used to enhance the user's appearance while also serving as a useful storage unit. The thriving growth of the tourism and travel industry, which leads to an increase in demand for the product, is likely to fuel its demand.

 

As a result of a large number of brands shifting their focus to the production of handbags with innovative features such as removable flaps, power units, outer shells, and others, the industry is seeing growth. Evolution Smart Bag, for example, created the Autumn Blue Signature Handbag, which includes an evolution power unit,a charging base, an inner bag, an EVA outer shell,  and a removable flap. Also, the increased production of these cruelty-free, vegan-specific bags has had a positive impact on purchasing patterns. In March 2021, Lug launched its first PETA-approved leather products, which included a handbag.

 

Alternative products to handbags, such as bag-packs, briefcases, drawstring bags, and others, are gaining market presence around the world and are expected to have a negative impact on handbag market growth. Similarly, the fact that a large number of men prefer these substitute products to handbags has had a negative impact on the market. Moreover, leather products, including these types of bags, are experiencing a decline in export in some countries around the world, which has an unfavorable impact on rising consumption.

 

Globally, increased use of handbags among working-class women is expected to remain a key market trend. Moreover, rapid growth in the corporate and organized sectors has fueled demand for the product in countries such as China, India, South Korea, and Indonesia.

 

The global market for high-end designer bags has been driven by rising demand for luxury goods. Producers in the industry are also broadening their product portfolios by introducing innovative quality products in a variety of sizes to meet the needs of consumers. However, high import duties in this industry may have a negative impact on market growth in the near future.

 

Handbag Market Segment Analysis:

By Product, The tote segment dominated the market with 41.3 % in 2023. Due to the product's larger size in comparison to other types of handbags. Its versatility and ease of carrying more items while maintaining its aesthetic appearance are likely to increase its popularity. Carmen Tote, for example, has one zip pocket, two slide pockets, three credit card slots, one adjustable and detachable 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 Raw Material, The leather segment dominated the market with a 57% share in 2023. Due to the products appealing qualities such as being naturally waterproof, durable, timeless, and flexible. This factor is thus expected to increase the widespread use of leather in the manufacture of a variety of products, including handbags.

 

The fabric segment, on the other hand, is expected to have a significant impact on the market because this material type is preferred for various applications and weather conditions. These factors are expected to drive the growth of the market through the forecast period.

 

Handbag Market Regional Insights:

Europe dominates the handbag market, with a market share of 38.7 % in 2023. The high per capita income of distinct countries in this region has resulted in an increase in the consumption of fashion items, including these types of bags. Moreover, domestic brands such as Louis Vuitton, Chanel, Gucci, and others, which have a strong presence and are constantly gaining traction among local consumers, have had a positive impact on regional market growth.

 

Because of the increase in employment, which leads to increased consumption of consumer goods, Asia Pacific is expected to grow at a CAGR of 10.4 % through the forecast period. Also, the proclivity of a large number of young people toward fashion products is expected to contribute significantly to handbag market growth. Manufacturers have been bolstering their distribution channels in this region in order to meet rising product demand. China is one of the region's most important markets, with imports of the product increasing significantly in recent years. Rising per capita income in developing economies such as China and India is expected to fuel the market's growth.

 

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 global market, key players in the market, particularly in  North America and 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 Global Handbag market to the stakeholders in the industry. The report provides trends that are most dominant in the Global 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 Global 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 Global 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 Global 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 Global 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 Global Handbag market. The report also analyses if the Global 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 Global Handbag market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Handbag market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Handbag market is aided by legal factors.

 

Handbag Market Scope:

Handbag Market
Market Size in 2023	USD 68.24 Bn.
Market Size in 2030	USD 108.30 Bn.
CAGR (2024-2030)	6.82%
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
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 HANDBAG MARKET KEY PLAYERS: 

• Coach IP Holdings LLC (U.S.)
• 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)
• Kate Spade (U.S.)
• Calvin Klein Inc. (U.S.)
• Burberry Group PLC. ( Italy)
• Kering SA (France)     
• Tapestry, Inc (New York)
• Michael Kors (New York)
• Ted Baker plc ( United Kingdom)