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Handbags Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • ID: 4622535
  • Report
  • April 2021
  • Region: Global
  • 110 pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Burberry Group PLC
  • Capri Holdings Limited
  • Chanel International BV
  • Chanel SA
  • Hermes International SA
  • Kate Spade & Company
  • MORE
The global handbags market is forecasted to grow at a CAGR of 4.5% during the forecast period (2020 - 2026)

Since the COVID 19 pandemic has forced the major part of the population of the world to sit at home owing to travel restrictions and lockdown, the industry of fashion apparels and accessories has been hit hard by the pandemic as offline retail stores and shopping outlets were shut off for a significant duration of the year. Also, most of the potential consumers limited their spending on fashionable accessories and appeals which directly impacted the sales revenues of top big brands in the handbags market. However, as the pandemic situation is improving gradually, the spending patterns of consumers has strengthened and the market is expected to regain its potential as the economies of the developing nations improve.

The global handbags market is highly driven by consumer preferences towards changing trends and fashion, particularly among the millennials. In order to cater to the growing demand, especially in the luxury handbags segment, key players are trying to form strategic partnerships and expansions.

The handbags market is driven by the rising fashion industry, with handbags playing as a major fashion statement. Also, the increasing social media influence on the consumers from Instagram and Twitter is responsible for the inclination of potential consumers toward the market. Since the majority of the global young adult population is engaged in these social media platforms, handbag companies are targeting their product range at this age group.

However, the presence of counterfeit products is one of the key challenges faced by brands globally.

Key Market Trends

Growing Demand For Leather Goods

Leather is one of the most widely traded commodities in the world. This is due to a continuous demand from the fashion industry driven by footwear, luggage bags, and accessories such as handbags. This is due to the increase in the production of light leather for handbags and its imports from Asian countries such as China, India, and Vietnam. Major importing countries of leather for handbags are the United States and Japan. However, hit by high import tariff rates of leather from China in 2018, India has become one of those opportunistic markets for imports of leather handbags for major companies from the United States and Europen. In addition in 2016, Hermes International witnessed an increase in sales of around 14.5% from Leather Goods and Saddlery, driven by sustained demand and increased production capacity. However, in 2017 the company witnessed revenue growth of 11% from Asia-Pacific and the United States, driven by the sales of re-exports of leather handbags

The growing demand for leather goods is expected to drive the leather handbags sector, due to the rise in the re-export operations conducted by two luxury brand importers: Hermes and Louis Vuitton.

Europe and North America Leading the Global Handbags Market

As western consumers are increasingly becoming brand conscious about their consumption choices, especially those that reflect their style and personality. Hence, the handbags segment in the regions of Europe and North America has witnessed an evolution in the recent past. The fashion accessories segment has gone from being a mere necessity purchase to gaining a foothold in the lifestyle shopping category. An increase in the growth of e-commerce, with the facilities of online shopping, is also expected to contribute significantly to the growth of the retail market, in the coming few years in both the European and North America region.

Competitive Landscape

The market studied is highly competitive, with a considerable number of regional and global players operating in the market studied. The major strategies adopted by these companies include product innovations, expansions, and mergers and acquisitions. The major players dominating the global handbags market are Coach, Kate Spade, LVMH, Michael Kors, Ted Baker, Baggit, Hidesign, Fossil, and Gucci. An advanced distribution network provides a competitive advantage to the key market players. Moreover, it is crucial for players to continuously innovate, in order to operate and grow in the market, due to the rapidly changing consumer demands and preferences.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Burberry Group PLC
  • Capri Holdings Limited
  • Chanel International BV
  • Chanel SA
  • Hermes International SA
  • Kate Spade & Company
  • MORE
1 INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Satchel
5.1.2 Bucket Bag
5.1.3 Clutch
5.1.4 Tote Bag
5.1.5 Others
5.2 By Distribution Channel
5.2.1 Online Retail Stores
5.2.2 Offline Retail Stores
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Italy
5.3.2.7 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of the Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of the Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Burberry Group PLC
6.4.2 LVMH
6.4.3 Prada Holding S.P.A.
6.4.4 Kering Holland NV
6.4.5 Capri Holdings Limited
6.4.6 Chanel International BV
6.4.7 Kate Spade & Company
6.4.8 Chanel SA
6.4.9 Kering SA
6.4.10 Hermes International SA

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 IMPACT OF COVID-19 ON THE MARKET
Note: Product cover images may vary from those shown

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  • Burberry Group PLC
  • LVMH
  • Prada Holding S.P.A.
  • Kering Holland NV
  • Capri Holdings Limited
  • Chanel International BV
  • Kate Spade & Company
  • Chanel SA
  • Kering SA
  • Hermes International SA
Note: Product cover images may vary from those shown

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