Handbag Market Analysis – Luxury Handbags Market, Handbags, Purses, and Luggage Market
Handbag Industry Overview
The size of the global handbag market will increase by over $41 billion between 2018-2023, accelerating at a CAGR of almost 5% during this forecast period. Handbags continue to be an important accessory in the fashion world and is a constant force driving industry revenue. The rising disposable income in emerging economies and a growing preference for high-end luxury branded goods, is driving the premium and luxury handbags market. The use of logos and new logo styles is one of the major trends that will make a comeback in the luxury handbag market. The power of brand recognition and strength in luxury logos is boosting sales. The luxury handbag market is growing in numerous countries across the globe like the United States, Russia, and in many APAC nations such as South Korea and India. The coming years will also see an increase in the demand for luxury leather goods such as bags, footwear, and accessories.
Handbag Market Insights
- The global leather handbags market will grow more than USD 11 billion between 2019-2023, owing to product improvement and the adoption of appropriate distribution channels by manufacturers.
- 36% of handbag market growth between 2019-2023 will come from the Asia-Pacific region. The primary factors driving the handbag market in APAC include the emerging middle-class population, increasing demand for fashion products, and rising disposable income among consumers.
- The adoption of omnichannel retailing, growing preference for affordable luxury leather handbags, and increasing demand for eco or organic leather and biofabricated leather are some of the emerging trends expected to gain traction by 2023.
Latest Reports
Handbag Market Segmentation Analysis by Country
Handbag Market in the United States
The handbag market in the US is currently witnessing steady growth owing to the growing demand for affordable luxury handbags. The arrival of numerous brands and their easy availability through retail stores and online retail channels is also contributing to the market's growth. While the market premium handbags and accessories market in the US continues to grow, it remains extremely competitive. Due to this high competition, one of the key trends expected to gain more traction over the next few years is the increased importance of big data use for handbag companies. Brands are trying to learn more about their customer so that they can avoid fashion styles that don't appeal to the consumer. Using big data also helps spot numerous fashion and pricing trends to help gain a competitive advantage.
Handbag Market in France
Increasing per capita consumption is a primary growth driver for handbag sales France. The desire to own different bags for different occasions is influencing consumer behavior, leading to increased volume growth for the handbag market in France.
Handbag Market in South Korea
The luxury and premium handbags market is growing in South Korea as handbags, including satchels, totes, and wallets, have become desirable and popular fashion accessories for men and women, acting as status symbols. Designer bags created exclusively for men and the country's economic development leading to increased disposable incomes are some of the key factors driving the growth of the handbag market in South Korea.
Within our handbag industry research, we provide deep insights into the handbag market landscape and its segments. Our handbag market segmentation research offerings include:
- Backpacks Handbag Market
- Frameless Backpack Market
- Sports Backpack Market
- External Frame Backpack Market
- Internal Frame Backpack Market
- Hydration Backpack Market
- Totes Handbag Market
- Winged Tote Bag Market
- Tassel Tote Bag Market
- Fringe Tote Bag Market
- Canvas Tote Bag Market
- Duffle Bags Handbag Market
- Barrel Duffle Bag Market
- Sporty duffle bag market
- Endurance duffle bag market
- Gym sack bag market
- Drum duffle bag market
- Ares duffle bag
- Holdall duffle bag market
- Phantom duffle bag market
- Squared Duffle Bag Market
- Wheeled Duffle Bag Market
- Barrel Duffle Bag Market
- Clutch Handbag Market
- Classic Clutch Bag Market
- Envelope Clutch Bag Market
- Day Clutch Bag Market
- Box Clutch Bag Market
- Wallet Handbag Market
- Alligator Wallet Bag Market
- Aluminum Wallet Bag Market
- Belt Wallet Bag Market
- Bifold Wallet Bag Market
- Fanny/waist packs handbag market
- Polyester Waist Pack Market
- Canvas Waist Pack Market
- Cross-Body Handbag Market
- Hobo Handbag Market
- Satchels Handbag Market
Handbag Market Competitive Landscape
Technavio's handbag industry reports monitor the leading players in the global handbags market along with their current and forecasted handbag market share. Our analysis covers regional based handbag companies and global luxury handbag companies. Some of the top luxury handbag market companies covered in our handbag market reports include:
- Burberry
- Chanel
- Christian Dior
- Gucci
- Hermes
- Jimmy Choo
- Hugo Boss
We at Technavio, with our comprehensive understanding of the handbag market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of handbag market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our handbag market reports offer the following insights:
- Handbag market share
- Handbag market size
- Handbag market growth
- Handbag market trends
- Handbag market vendor landscape
- Handbag industry statistics
Technavio's coverage of this research field also extends to the global luggage market. Our luggage market portfolio covers all segments including travel luggage, sports luggage, and business luggage.
View our full luggage industry research portfolio: Download a free sample report
