Latest News- Handbags Market: Leather is expected to lead the Type segment during 2025-2029

The Handbags Market is being driven by Personalization and customization of handbags

The Handbags Market is expected to grow at a CAGR of 4.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15775.3 million. In the dynamic handbag market, companies are compelled to innovate and introduce new designs and patterns to cater to increasing competition and shifting customer preferences, driven by the ever-evolving fashion industry. Handbags serve diverse purposes, from formal engagements, where luxury leather bags, such as Prada's Sidonie suede bag made of two-tone suede calf and priced at USD3,100, hold sway, to casual outings featuring metal and precious stone studded options. The production of luxury handbags involves intricate processes, including the tanning and processing of raw materials like crocodile skin, snakeskin, and lambskin, to transform them into exquisite, finished products. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Leather
  • Fabric
• Distribution Channel
  • Offline
  • Online
• End-user
  • Women
  • Men
• Product Type
  • Tote bags
  • Satchels
  • Clutches
  • Bucket bags
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Personalization and customization of handbags
• Rising marketing campaigns, celebrity endorsement, and brand promotion activities by companies
• Increased fashion consciousness of consumers and spending on personal goods

However, the market also witnesses some limitations, which are as follows:

• Fluctuating operational costs, including labor, logistics, and raw material costs
• Presence of counterfeit handbag products
• Stringent government regulations for procuring raw materials such as leather

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Market Scope in Handbags Market Research Report

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Research Analysis Overview

The handbag market is driven by the global female workforce, particularly in emerging economies, with an increasing number of working women contributing to the female working population. An omnibus survey reveals this demographic's preference for functional design, premium quality, and fashionable accessories like handbags. The bag industry caters to various segments, including luxury wear, designer handbags, and eco-friendly bags. Raw materials range from leather and synthetic fabrics to counterfeit products. Gen Z favors casual bags, totes, crossbody bags, satchels, clutches, shoulder bags, and travel bags. Style preferences and handbag durability are essential factors, with online retail becoming increasingly popular. The accessory market continues to grow, fueled by celebrity endorsements and functional designs.

Market Research Overview

The global apparel, accessories, and luxury goods market encompasses businesses involved in the production and distribution of textiles, apparel, accessories, and luxury goods. This market segment includes entities offering rental services for apparel, accessories, and luxury items, excluding footwear manufacturers. According to Technavio's market analysis, the market's growth is attributable to several factors, including the expanding population of working women. The increasing number of working women globally contributes to an increase in household disposable income and enhances consumer spending on textiles, apparel, accessories, and luxury goods.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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