Latest News- Handbags Market in South Korea: Totes is expected to lead the Product segment during 2025-2029

The Handbags Market in South Korea is being driven by Increasing consumer spending on fashion and personal goods

The Handbags Market in South Korea is expected to grow at a CAGR of 3.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 271.1 million. In the South Korean handbags market, the trend towards customization and personalization is gaining significant traction. Top market players are responding to this demand by offering a range of customized options, from leather handbags embellished with precious metals like gold and silver, to those adorned with diamonds and other precious stones. This level of personalization extends beyond straps and buckles, with embroidery and monogramming also popular choices. The growing preference for these customizations is driving the demand for handbags in South Korea, making it a key growth area for the industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Totes
  • Clutches and wallets
  • Shoulder bags
  • Satchels and saddles
• Distribution Channel
  • Offline
  • Online
• Material
  • Leather
  • Fabric
• End-user
  • Women
  • Men
• Geography
  • South Korea

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

• Increasing consumer spending on fashion and personal goods
• Growing influence of celebrity endorsements on purchasing decisions
• Design and material innovation leading to product premiumization

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

• Threats associated with counterfeit products
• Long product replacement cycles for quality handbags
• Volatility in raw material prices of handbags

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Market Scope in Handbags Market in South Korea Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

In South Korea, the handbag market encompasses various trends and offerings, including ethical handbag brands, customizable bags, fashion-forward designs, and repair services. Handbag styles range from sustainable and vintage options to affordable luxury, work, and everyday bags. Top designers and leather brands dominate the luxury sector, while secondhand and eco-friendly bags gain popularity. Accessories, designer bags, and versatile bags cater to diverse consumer preferences. Fashion marketing and brand awareness drive retail trends, with formal, durable, and casual bags available. Online shopping and the leather goods industry thrive, fostering customer loyalty and innovation in sustainable fashion.

Market Research Overview

The leather handbags segment within South Korea's leather goods market is experiencing significant growth, aligning with the global trend towards personal essentials and consumer preference for high-quality accessories. This trend is driven by the expanding working population, leading to increased disposable income and the subsequent rise in demand for luxury goods. The global apparel, accessories, and luxury goods market, which encompasses companies involved in the manufacturing and marketing of textiles, apparel, leather goods, and luxury items, is projected to expand due to this increasing consumer spending power. Technavio's market analysis indicates that this market will be fueled by the growing working population and the subsequent rise in disposable income, leading to a surge in demand for leather handbags and other luxury accessories.. 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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