New York, United States, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The handbag is one of the most popular categories of personal items right now. The accessibility, popularity, and desirability of various handbags have boosted their widespread acceptance and potent functionality. In today's society, handbags are commonplace and have a variety of uses for their owners. Nowadays, people frequently prefer canvas handbags for shopping, businessmen often favor leather bags, and women frequently favor clutches or wristlets for special occasions or a night out.
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Market Dynamics
Rising Global Demand for Premium, Lightweight, and Luxury Handbags Drives the Global Market
Leather is regarded as one of the most sought-after materials for creating luxury goods. Leather-based purses are more popular than those made of different materials, including fabric, nylon, canvas, and others. Hermès International S.A., Louis Vuitton, Gucci, and Prada are among the brands that produce high-end leather handbags. Lightweight purses are more popular with shoppers because they are more manageable and less taxing on the shoulders. These handbags are made of the strongest fiber in the world, Dyneema, nylon, neoprene, and other materials (a variety of synthetic rubber). Due to their rising disposable wealth, consumers globally may purchase high-end, costly, high-quality, and lightweight handbags.
Integration of Technology and Innovative Designs Creates Tremendous Opportunities
To survive the tough competition in the luxury goods and accessories market, handbag manufacturers must adopt cutting-edge technology and significantly alter their product ranges. Market participants are investing heavily in R&D to produce handbags most suited for various purposes. For instance, the Paris, France-based premium leather and ready-to-wear clothing brand Celine offers "Phone Mini Bags" with "My Headphone Plugs Included." Customers can use these to listen to music without using their phones. The growing demand for the latest handbag technology is expected to create tremendous opportunities for market growth over the forecast period.
Regional Analysis
North America is the most significant shareholder in the global handbag market and is anticipated to grow at a CAGR of 5.50% over the forecast period. The growing influence of the fashion industry over a wider audience is expected to increase handbag demand among North American consumers. Also, foreign producers' sales of North American handbags have periodically increased. The continued appeal of accessories will likely maintain market expansion throughout the projection period. In addition, the launch of new products by well-established market players and recent advancements have increased demand for handbags in North America.
Asia-Pacific is expected to grow at a CAGR of 7.30%, generating USD 26,923.71 million during the forecast period. The rise of online shopping portals and increased consumer spending power has fueled the demand for handbags in Asia-Pacific. Significant market drivers for handbags include rising fashion consciousness and spending on apparel, accessories, and other personal items. For instance, the sales of handbags in the Asia-Pacific increased significantly between 2019 and 2020, by 261%, according to data published by Net-a-Porter in May 2020.
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Key Highlights
- Based on product, the global handbag market is bifurcated into tote bags, clutches, satchels, and others. The tote bags segment is the highest contributor to the market and is anticipated to grow at a CAGR of 5.95% over the forecast period.
- Based on raw materials, the global handbag market is bifurcated into leather, fabric, and others. The leather segment owns the highest market share and is expected to grow at a CAGR of 6.60% during the forecast period.
- Based on the distribution channel, the global handbag industry is bifurcated into online and offline. The offline segment is the highest contributor to the market and is expected to grow at a CAGR of 6.10% during the forecast period.
- North America is the most significant shareholder in the global handbag market and is anticipated to grow at a CAGR of 5.50% over the forecast period.
Competitive Players
- Louis Vuitton
- Hermès International S.A
- Michael Kors Fossil Group
- Guccio Gucci S.p.A
- Prada S.p.A
- Burberry Group Plc
- Tapestry Inc.
- Chanel Compagnie
- Financière Richemont SA.
Recent Developments
- November 2022 - In India, Charles & Keith launched a limited-edition line inspired by football. With a selection of sporty handbags and shoes, the limited-edition collection is made to commemorate the World Cup season.
- November 2022 - The Fabulous World of Dior, a spectacular presentation illuminating the revered halls of the legendary department store, was introduced by Dior in collaboration with Harrods this holiday season.
Segmentation
- By Product
- Tote Bag
- Clutch, Satchel
- Others
- By Raw Material
- Leather
- Fabric
- Others
- By Distribution Channel
- Online
- Offline
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East And Africa
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