Handbag Global Market Report 2024

The handbag market size has grown strongly in recent years. It will grow from $58.5 billion in 2023 to $63.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historic period can be attributed to several factors, including shifts in fashion trends and styles, the influence of luxury brands, an increase in disposable income, celebrity endorsements, and the functional versatility of handbags as fashion accessories. These elements collectively contributed to the growing demand for and popularity of handbags during that period.

The handbag market size is expected to see strong growth in the next few years. It will grow to $81.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be attributed to the increasing emphasis on sustainability and ethical practices, the rise of secondhand and vintage markets, a growing demand for customization and personalization, cross-industry collaborations, and the globalization of the fashion industry. Major trends expected in the forecast period include the integration of technology, the use of digital influencer marketing, innovations in materials and design, the incorporation of technology into products, and a heightened emphasis on inclusivity and diversity within the fashion industry.

The anticipated growth in the female workforce is expected to drive the expansion of the handbag market. The female workforce represents women actively participating in employment or labor across various industries, sectors, and professions. As more women enter the workforce and achieve financial independence, their purchasing power increases, leading to investments in accessories such as handbags that cater to both professional needs and diverse social and recreational activities. In March 2023, the UK Parliament reported a female employment rate of 72.3% from October to December 2022, illustrating the significant presence of women in the workforce. The rise in the female workforce is a key factor propelling the growth of the handbag market.

Prominent companies in the handbag market are actively innovating by introducing new products, such as the stylish Tribeca handbag, to enhance their profitability. The Tribeca handbag, launched by Michael Kors LLC in January 2024, stands out as a popular and fashionable accessory. Crafted from supple, quilted leather, it offers diverse styles such as cross-body and shoulder bags. The handbag exudes sophistication with its polished push-lock fastening, combining practicality with style to accommodate personal items such as wallets, phones, and keys. This chic and luxe handbag becomes an ideal choice for everyday use, reflecting the industry's focus on meeting evolving consumer preferences.

In August 2023, Tapestry, Inc., a US-based luxury fashion holding company, completed the acquisition of Capri Holdings Ltd. for $8.5 billion. This strategic move brings together six highly complementary brands with global reach, leveraging Tapestry's data-rich customer engagement platform and diversified direct-to-consumer operating model. Capri Holdings Ltd., a US-based company, is recognized for designing exceptional and innovative products across the full spectrum of fashion luxury categories. This acquisition positions Tapestry, Inc. to strengthen its presence in the luxury fashion market and capitalize on the synergies between the combined brands.

Major companies operating in the handbag market report are VIP Industries Ltd., Louis Vuitton Malletier, H and M Hennes and Mauritz GBC AB, Chanel Ltd., Hermès International S.A, Fendi, Guccio Gucci S.p.A, Coach IP Holdings LLC, Tapestry, Inc., Victorias Secret and Co, Prada S.p.A, Michael Kors, Burberry, Calvin Klein Inc., ALDO Group Inc., Fossil Group Inc., Kate Spade, Zouk, Ted Bakerr, Loewe (LVMH), Zadig & Voltaire, BAGGIT, Tumi (Samsonite), Anya Hindmarch, Lino Perros, Da Milano Leathers Pvt. Ltd., Aranyani, Deeya International, MCM Worldwide, Proenza Schouler.

North America was the largest region in the handbag market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the handbag market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the handbag market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The handbag market consists of sales of shoulder, satchel, handheld, and sling bags Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A handbag is a fashion accessory primarily utilized by women to carry essential personal items. Available in a diverse range of sizes, patterns, and colors, handbags are typically crafted by stitching together multiple pieces of cloth or leather. They serve both functional and aesthetic purposes, complementing various styles and outfits.

The primary types of handbag products include satchels, clutches, tote bags, and bucket bags. Satchels are versatile and timeless bags that find widespread use in various contexts. They are crafted using different materials such as leather, fabric, and synthetic materials. These handbags are distributed through various channels, including online and offline platforms, catering to both the men's and women's segments.

The handbag market research report is one of a series of new reports that provides handbag market statistics, including handbag industry global market size, regional shares, competitors with handbag market share, detailed handbag market segments, market trends, and opportunities, and any further data you may need to thrive in the handbag industry. This handbag market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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