Authored By: Sarah
11 Jul 2024

 Handbags Market Size to grow by USD 16.56 billion between 2024-2028

According to a research report “ Handbags Market” by Type (Leather, Fabric) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16.56 billion, at a CAGR of  4.79% during the forecast period. In the handbags market, the trend towards customization and personalization is gaining significant traction. Premium leather handbags are increasingly being crafted with precious metals, such as gold and silver, or adorned with diamonds and other precious stones. This trend has gained considerable popularity in developed regions of North America and Western Europe over the last five years. Emerging economies, including India and China, are also witnessing a surge in demand for customized luxury goods, including handbags. To enhance the visual appeal of their offerings, leading market players are providing consumers with a range of personalized and customized options. These options extend from the straps and buckles to intricate embroidery and the addition of personalized name tags.

Browse market data tables, figures, and in-depth TOC on “Handbags Market” by Type (Leather, Fabric) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Leather segment is projected to dominate the market size in 2024

In the handbags market, revenue is generated primarily through sales channels such as specialty stores, which encompass department stores, hypermarkets, supermarkets, clubhouse stores, and airport retail outlets. Apparel stores, factory outlets, exclusive brand stores, and personal goods stores also contribute significantly to offline distribution. Vendors in this sector operate within the organized retail sector, influenced by factors including geographical presence, production ease, and efficient inventory management. Supermarkets and hypermarkets dedicate specific aisles to fashionable goods and accessories, increasing handbag visibility and fostering trends. The expanding retail industry and the proliferation of retail outlets fuel sales growth in this segment.

By Distribution Channel, Offline  segment is expected to hold the largest market size for the year 2024

The leather handbags market is poised for significant expansion during the forecast period, driven by the expanding leather industry and increasing consumer demand for high-quality, differentiated leather handbags. The North American market, comprising the US, Canada, and Mexico, is a major consumer of leather handbags. The global leather handbags market is witnessing growth due to the rising popularity of leather goods, particularly those made from exotic hides. Traditional sources of exotic animal skins are becoming scarce, leading manufacturers to explore alternative materials such as ostrich, reptile, and other animal and bird leathers. This shift in raw material sourcing is expected to continue, as vendors seek to meet the increasing demand for unique and sustainable leather handbag offerings.

APAC is forecasted to hold the largest market size by region in 2024

The handbags market in APAC is experiencing significant growth, with Chinese consumers playing a pivotal role in driving sales. This consumer demographic is boosting the value of handbag sales in the region, fueled by an expanding fashion industry. Factors such as an increase in fashion events, celebrity endorsements, and a growing target population aged 15-64 years with rising disposable income are contributing to the market's expansion. Moreover, the surge in tourism in APAC is further amplifying demand for handbags among both locals and international visitors. These trends are particularly prominent among consumers aged 15-24 years, making the handbags market in APAC a lucrative and dynamic sector.

The Handbags Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Authentic Brands Group LLC
  • Burberry Group Plc
  • Capri Holdings Ltd.
  • Cartier SA
  • Chanel Ltd.
  • Dolce and Gabbana SRL
  • Fossil Group Inc.
  • Hermes International SA
  • Kanmi
  • Kering SA
  • Macys Inc.
  • MCM Products USA Inc.
  • Michael Kors Switzerland GmbH
  • Prada S.p.A
  • PVH Corp.
  • Samantha Thavasa Japan Ltd.
  • Samsonite International S.A.
  • Tapestry Inc.
  • The LVMH group
  • Tory Burch LLC
.

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Research Analysis Overview

The handbags market is a dynamic and diverse industry, encompassing various materials such as crude oil for leather handbags, jute, canvas, straw, nylon, and mesh. With the rise of counterfeit products, authenticity and quality have become key factors in the market. Luxury handbags, as fashion accessories, continue to be in high demand among Gen Z and millennials in emerging economies, driven by celebrity endorsements and the growing female working population. The bag industry is a significant contributor to the global workforce, with raw materials sourced from various regions. According to an omnibus survey, women's participation in the global workforce has led to an increase in demand for functional and stylish handbags. The use of materials like jute, canvas, and straw caters to the eco-conscious consumer, while nylon and mesh cater to the active lifestyle segment. The market is expected to continue growing, driven by changing consumer preferences and increasing urbanization.

Market Research Overview

The handbags market is a significant segment of the fashion accessories industry, with major players like Celine, Balenciaga, and numerous other brands leading the way. The production of handbags involves various raw materials such as Adipic acid, Ethanol, Acetic acid, Coal, Natural gas, and Crude oil for synthetic materials, while Jute, Canvas, Straw, Nylon, Mesh, Banana leather, and Vegan leather are popular choices for eco-conscious consumers. Sustainable fashion, promoted by the World Tourism Organization, is gaining traction, with E-commerce platforms and Customer interaction platforms facilitating personalized products and easy access to global trends. The Bag industry caters to various segments, including Satchel bags market, Tote bag segment, and Fabric handbag segment. Leather handbags remain a luxury wear favorite, but emerging economies and the increasing Female working population are driving demand for more affordable options. Gen Z and Millennials are also influencing the market through Fashion bloggers, Influencers, and Celebrities, leading to celebrity endorsement and the rise of luxury handbags. However, the market faces challenges from Counterfeit products and the need for transparency and authenticity. The Global workforce continues to evolve, and the handbags market must adapt to meet the changing needs and preferences of consumers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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