Wilmington, Delaware, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global leather handbags was projected to attain US$ 28.1 billion in 2021. It is anticipated to garner a 4.5% CAGR from 2022 to 2031. By 2031, the market is likely to attain US$ 41.3 billion by 2031.
One of the most popular materials for handbags is leather, which is known for its resilience and durability. Due to its inherent flexibility, leather purses are more resilient and long-lasting.
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Leather is a superior material for bags, purses, and other accessories since it does not readily absorb water or chemicals like other materials do. These elements are driving the expansion of the leather handbag industry.
Global Leather Handbags Market: Key Players
The various significant companies dealing with leather handbags recommend product development as a key business strategy. The sector is quite competitive, with many different national and international companies. The following companies are well-known participants in the global leather handbags:
- Michael Kors
- Tata CLiQ Luxury
- Richmond
- KERING
- HIDESIGN
- Burberry Limited
- LVMH
- H&M Hennes & Mauritz AB
- Fossil Group
- Jacobs International, LLC
- Prada Holding BV
- Fendi
- Louis Vuitton Malletier
- CHANEL
Key Findings of the Market Report
- It is projected that consumer fashion consciousness will increase, driving up demand for leather handbags.
- People are becoming more conscientious about fashionable accessories as their understanding of fashion has grown.
- These purses are seen as a status symbol and a fashion statement.
- Particularly when they come from well-known brands, leather purses are connected to status and distinction.
- Their sophisticated appearance and visual appeal are expected to boost the market share of leather handbags.
- Demand for the product is fueled by attributes including the luxury appearance, flexibility, durability, and elegance of the leather handbags.
- In the next few years, there should be plenty of opportunities in the lucrative leather handbag industry due to the growing desire for eco-friendly, cruelty-free leather bags.
Market Trends for Leather Handbags
- The market demand for luxury leather handbags is predicted to be significantly impacted by the increase in the number of working women. Women's discretionary income is predicted to improve as a result of their increased employment rates, giving them greater purchasing power and ability to spend money on high-end leather handbags.
- The development of the leather handbag market is predicted to benefit from the expansion of the e-commerce sector. Customers now have easier access to a large selection of leather handbags from different companies thanks to e-commerce platforms. Customers may purchase with a great degree of ease when they shop online.
- Formal and casual handbags are included in the global leather handbag market segmentation based on type. It is projected that the formal handbag category would hold a significant market share. This is due to the formal and professional look of these purses.
- Formal leather purses improve a person's overall appearance in the office. These bags are seen as status symbols.
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Market for Leather Handbags: Regional Outlook
Various reasons are propelling the growth of the leather handbags throughout the region. These are:
- It is projected that North America will hold a significant portion of the market due to rising disposable income levels and a trend toward upscale, branded leather handbags. There is a great demand for stylish, high-end leather handbags. The industry is mostly being pushed by the increasing propensity of the customers to buy branded, high-end accessories.
- Asia Pacific is expected to develop at a significant rate in the near future due to the increase in the number of working women, according to the leather handbags market projection. A sizable client base and the rising level of life in this area are also aiding growth in the industry.
Few of key developments by the players in this market are:
| Company name | Key Developments |
| Louis Vuitton |
|
| Burberry |
|
| HIDESIGN |
|
Global Leather Handbags Market Segmentation
Type
- Formal
- Casual
Product Type
- Shoulder Bags
- Satchel Bags
- Tote Bags
- Sling Bags
- Others
Price
- Low
- Medium
- High
Size
- Small
- Regular
- Oversized
Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Hypermarkets/Supermarkets
- Specialty Stores
- Retail Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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