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With a CAGR of 7.28% between 2023 and 2030, the handbag market is expected to rise from its 2023 valuation of $48.99 billion to $77.88 billion. Women's engagement in the global labor has increased dramatically over the years, and they now play an essential role in many fields, from corporate executive to entrepreneur. As more women enter the labor force, there will be a greater need for accessories that cater to their lifestyle. The many facets of modern work life necessitate the development of handbags from mere ornaments into indispensable instruments.
Globally, the use of Handbags among working-class women has increased as the number of women in the labor market has grown. Increases in both income and brand recognition in emerging markets have contributed to the sector's rapid expansion in recent years as more women have entered the labor force. The growth of the fashion sector and the vital role that handbags play in it are the primary drivers of the global Handbags Market. The tendency of potential consumers toward the market is also attributable to the growing influence of consumers from social media platforms like Instagram, TikTok, and Facebook. Because of the widespread use of social media among today's young adults, several handbag manufacturers are focusing their efforts on this demographic.
As a result of the pandemic, the product experienced a negative demand shock in all regions, which was both unusual and astonishing. Our research indicates that by 2020, the global market will have dropped by a staggering -25.6%. People are gradually becoming more drawn to the product due to its fashionable appeal, high-quality materials, and sophisticated design. Its dual function as a stylish accessory and practical storage solution makes it extremely popular. Increased demand for the goods is projected to be spurred by the booming expansion of the tourism industry. For instance, in 2018, worldwide tourist arrivals increased by 5% to a total of 1.4 billion, as reported by the United Nations World Tourism Organization.
Women's rising economic empowerment as a result of their increased participation in the global labor market has contributed significantly to the product's rising demand. In 2018, it was anticipated that 48.5% of women worldwide would be working outside the home. These figures are from the International Labor Organization. Women's considerable purchasing power is another factor expected to boost the consumption rate. For instance, Catalyst.Org reports that in 2019, worldwide female consumer expenditure was estimated at an astounding USD 31.8 trillion. Another factor contributing to the market's growth is the growing number of educated women around the world. This has increased demand for luxury items like handbags. For instance, in 2019, the adult female literacy rate was 83.024 percent, as reported by the World Bank.
It is predicted that the growth of the handbag industry would slow as a result of the rising availability of products that can serve as alternatives to traditional handbags. There has been a detrimental effect on the market because so many guys favor these alternatives to the purse. Furthermore, exports of leather goods, including these bags, are on the decline in various nations throughout the world, which may have an unfavorable impact on the industry's continued growth in response to increased consumer demand. According to reports compiled by Leather India.Org, the country's exports of leather and leather goods fell from USD 2398.44 million in 2018 to USD 2276.39 million this year.
Women are increasingly selective about the products they buy, particularly those that speak to their individuality and sense of style. Most potential customers have a limited budget for trendy accessories and charms, therefore they actively seek out inexpensive alternatives. Therefore, the handbag market has developed recently all over the world. As with any popular product, competition is fierce for a piece of the Handbags Market. One of the biggest problems that brands around the world have is the availability of knockoffs. It is anticipated that high import tariff will have a negative impact on future market growth.
Report Coverage
Global Handbag research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Handbag report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Handbag competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Handbag market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Handbag market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Handbag market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Celine, Christian Dior, Prada, Hermes, LVMH Moët Hennessy, Michael Kors, Fossil, Coach IP Holdings LLC(New York, U.S.), Louis Vuitton Malletier (Paris, France), Chanel Ltd(Paris, France), Guccio Gucci S.p.A.(Florence, Italy), Prada S.p.A. (Milan, Italy), Fendi(Rome, Italy), Burberry(London,U.K.), Hermès International S.A.(Paris, France), Kate Spade(New York,U.S.), Calvin Klein Inc.(New York, U.S.).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Handbag market based on the below-mentioned segments:
Global Handbag Market, By Type
Tote
Clutch
Satchel
Others(Hobo, Body Cross, Saddle)
Global Handbag market, By Raw Material
Leather
Fabric
Global Handbag Market, By End User
Men
Women
Global Handbag market, Regional Analysis
Globally, the use of Handbags among working-class women has increased as the number of women in the labor market has grown. Increases in both income and brand recognition in emerging markets have contributed to the sector's rapid expansion in recent years as more women have entered the labor force. The growth of the fashion sector and the vital role that handbags play in it are the primary drivers of the global Handbags Market. The tendency of potential consumers toward the market is also attributable to the growing influence of consumers from social media platforms like Instagram, TikTok, and Facebook. Because of the widespread use of social media among today's young adults, several handbag manufacturers are focusing their efforts on this demographic.
As a result of the pandemic, the product experienced a negative demand shock in all regions, which was both unusual and astonishing. Our research indicates that by 2020, the global market will have dropped by a staggering -25.6%. People are gradually becoming more drawn to the product due to its fashionable appeal, high-quality materials, and sophisticated design. Its dual function as a stylish accessory and practical storage solution makes it extremely popular. Increased demand for the goods is projected to be spurred by the booming expansion of the tourism industry. For instance, in 2018, worldwide tourist arrivals increased by 5% to a total of 1.4 billion, as reported by the United Nations World Tourism Organization.
Women's rising economic empowerment as a result of their increased participation in the global labor market has contributed significantly to the product's rising demand. In 2018, it was anticipated that 48.5% of women worldwide would be working outside the home. These figures are from the International Labor Organization. Women's considerable purchasing power is another factor expected to boost the consumption rate. For instance, Catalyst.Org reports that in 2019, worldwide female consumer expenditure was estimated at an astounding USD 31.8 trillion. Another factor contributing to the market's growth is the growing number of educated women around the world. This has increased demand for luxury items like handbags. For instance, in 2019, the adult female literacy rate was 83.024 percent, as reported by the World Bank.
It is predicted that the growth of the handbag industry would slow as a result of the rising availability of products that can serve as alternatives to traditional handbags. There has been a detrimental effect on the market because so many guys favor these alternatives to the purse. Furthermore, exports of leather goods, including these bags, are on the decline in various nations throughout the world, which may have an unfavorable impact on the industry's continued growth in response to increased consumer demand. According to reports compiled by Leather India.Org, the country's exports of leather and leather goods fell from USD 2398.44 million in 2018 to USD 2276.39 million this year.
Women are increasingly selective about the products they buy, particularly those that speak to their individuality and sense of style. Most potential customers have a limited budget for trendy accessories and charms, therefore they actively seek out inexpensive alternatives. Therefore, the handbag market has developed recently all over the world. As with any popular product, competition is fierce for a piece of the Handbags Market. One of the biggest problems that brands around the world have is the availability of knockoffs. It is anticipated that high import tariff will have a negative impact on future market growth.
Report Coverage
Global Handbag research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Handbag report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Handbag competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Handbag market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Celine, Christian Dior, Prada, Hermes, LVMH Moët Hennessy, Michael Kors, Fossil, Coach IP Holdings LLC(New York, U.S.), Louis Vuitton Malletier (Paris, France), Chanel Ltd(Paris, France), Guccio Gucci S.p.A.(Florence, Italy), Prada S.p.A. (Milan, Italy), Fendi(Rome, Italy), Burberry(London,U.K.), Hermès International S.A.(Paris, France), Kate Spade(New York,U.S.), Calvin Klein Inc.(New York, U.S.). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Handbag Market from 2021 to 2030.
- Market Forecast for Handbag Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Handbag competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Handbag
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Handbag market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Handbag market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Celine, Christian Dior, Prada, Hermes, LVMH Moët Hennessy, Michael Kors, Fossil, Coach IP Holdings LLC(New York, U.S.), Louis Vuitton Malletier (Paris, France), Chanel Ltd(Paris, France), Guccio Gucci S.p.A.(Florence, Italy), Prada S.p.A. (Milan, Italy), Fendi(Rome, Italy), Burberry(London,U.K.), Hermès International S.A.(Paris, France), Kate Spade(New York,U.S.), Calvin Klein Inc.(New York, U.S.).
Primary Target Market
- Market Players of Handbag
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Handbag market based on the below-mentioned segments:
Global Handbag Market, By Type
Tote
Clutch
Satchel
Others(Hobo, Body Cross, Saddle)
Global Handbag market, By Raw Material
Leather
Fabric
Global Handbag Market, By End User
Men
Women
Global Handbag market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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