Handbags Market Expected to Reach USD 78.46 Billion by 2028

Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) — The world handbag market The size is expected to reach USD 78.46 billion by 2028, showing a CAGR of 6.7% during the forecast period. The market stood at USD 47.57 billion in 2020 and is expected to reach USD 49.63 billion in 2021. The development of the tourism and transportation industry and the growing preference for high-end fashion products are expected to fuel the market growth. Fortune Business Insights™ provides this information in its report titled “Handbag Market, 2021-2028”.

Growing demand for high-end fashion accessories is expected to boost the demand for handbags. It is portable and comes in different designs, colors and shapes. The growth of tourism and transport is expected to significantly boost demand for the product. According to information provided by the United Nations World Tourism Organization, tourist visits recorded a growth of 5% in 2018, reaching 1.4 billion. The product’s portability, strength and stylish designs are likely to attract consumers towards attractive bags. Additionally, changing consumer preferences and growing demand for high-end fashion accessories are likely to boost sales. Moreover, manufacturers are launching high quality bags with innovative features such as outer shells, power packs and removable flaps to attract consumer demand. For example, Evolution Smart Bag launched the Autumn Blue Signature Handbag with charging base, removable flap and EVA outer shell evolution power unit. These factors are expected to support the growth of the market over the forecast period.

Impact of COVID-19

Cessation of manufacturing to hamper market progress

This market is expected to be negatively affected during the COVID-19 pandemic due to the shutdown of manufacturing activities. Rising COVID-19 infections have led to the imposition of strict lockdown regulations by governments. Supply chain disruptions are likely to reduce sales. Additionally, restrictions on tourism and transportation and lack of raw materials may hamper the progress of the market. However, adopting smaller capacities, production machinery and part-time crews can allow companies to even out costs and recoup losses. This factor could drive the market growth during the pandemic.

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List of Key Players Featured in this Market Report:

  • Coach IP Holdings LLC (New York, USA)
  • Louis Vuitton Malletier (Paris, France)
  • Chanel Ltd (Paris, France)
  • Guccio Gucci SpA (Florence, Italy)
  • Prada SpA (Milan, Italy)
  • Fendi (Rome, Italy)
  • Burberry (London, UK)
  • Hermes International SA (Paris, France)
  • Kate Spade (New York, USA)
  • Calvin Klein Inc. (New York, USA)

Report Highlights

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

segments

By product

  • Satchel
  • Clutch
  • tote
  • Saddle
  • body cross
  • Hobo
  • Others

By raw material

Per end user

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Drivers and Restrictions

The fashion industry is advancing rapidly to support market growth

Changing consumer preferences and increasing purchasing ability have led to the adoption of fashion products. The adoption of a wide range of handbags is likely to promote sales of the product. According to data provided by Business of Fashion Ltd and McKinsey & Company’s ‘The State of Fashion 2019’ report, the market has reached $1.3 trillion and is expected to employ around 300 million people worldwide. Moreover, an increasing number of sales from the female population is likely to intensify the adoption of the product. According to information provided by Catalyst.Org, the total consumer spending by women reached approximately USD 31.8 trillion in 2019. Moreover, the integration of promotional campaigns by manufacturers attracts consumers and drives adoption. For example, according to the National News (UAE), in July 2018, Chanel chose Penelope Cruz as its brand ambassador. These factors are likely to drive the growth of the handbags market.

However, the availability of alternative products may hamper the progress of the industry.

Regional outlook

Rising per capita income to drive market development in Europe

Europe is expected to dominate the handbags market share due to rising per capita income and changing consumer preferences. The market in Europe stood at USD 16.14 billion in 2020 and is expected to grow positively over the next few years. Moreover, the growing demand for high-end fashion items and the presence of several major players are likely to fuel the demand for the products. These factors are likely to drive the development of the market.

Asia-Pacific is expected to experience steady growth owing to the presence of a rapid increase in employment. As a result, the number of consumers willing to buy high-end products has increased significantly. According to the International Labor Organization, the employment rate in Asia-Pacific increased by 33.1% in 2019. These factors are expected to drive the growth of the industry.

In North America, the positive growth of small industries has boosted the adoption of handbags. For example, according to data published by the Small Business Administration, the number of small businesses in the United States is approximately 30.7 million in 2019 and has nearly 59.9 million employees. Also, the presence of several fashion shows such as Micam Americas Las Vegas, Stylemax Chicago, and Apparel Sourcing USA is expected to drive the growth of the market.

Competitive landscape

Major Players Launch Innovative Products to Enhance Brand Image

Leading companies operating in the market are launching innovative products to meet consumer demand and boost brand image. For example, VKY Original launched a host of classic luxury handbags including tote bags and messenger bags in November 2019. The handbags are designed using a hidden secret lining to increase the attractiveness of the bag. This launch could allow the company to boost its brand image internationally. Additionally, adopting acquisition strategies can enable manufacturers to acquire resources and produce quality products. This strategy can increase annual business revenue.

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Detailed Table of Contents:

  • introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Emerging trends
  • key ideas
    • Overview of parent/related markets
    • Industry SWOT Analysis
    • Supply chain and regulatory analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative analysis (compared to COVID)
      • Impact of COVID-19
      • Supply chain challenges
      • Potential opportunities due to COVID-19

TOC Continued…!

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industry development

  • November 2019: LVMH, a French bag and clothing maker, acquired Tiffany & Co. for $16.2 billion.

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