The global Luxury Handbags market size is expected to reach close to US$ 105.45 Billion. by 2029 with an annualized growth rate of 5.4% through the projected period.
Growth in better brand recognition and comfort of spending in emerging economies is driving the global handbag market substantially, because of increase in purchasing power and increase in disposable income. Industry of handbag is trending in the fashion industry. Handbag is designed fashionably for holding the required items of personal use. It is bigger than pouch or purses and. There are several factors that are pushing the demand for luxury handbags further. Use of handbags is important for woman and increase in workforce and busy lifestyle demanding easy solutions has fueled the growth of handbags market globally. Currently, market of handbags is experiencing a shift from totes to smaller bags with the rise in preference for the cost-effective channels that drive the demand from the brand conscious individuals.
Handbag is the most important accessory in the fashion world which is driving revenue for the market. The primary factors that are driving the growth of handbag market involves the growth in the disposable income in the developing economies and preference for luxury branded goods further fueling the luxury handbags market. The trend that makes a comeback in luxury handbag industry is use of the new styles of logos. Brand recognition and power in luxury logos is driving the growth of luxury handbags market.
Luxury handbag market has substantially affected numerous options of purchasing for customers. Increase in use of social media like Instagram & Facebook and internet helps customers to understand products and methods to purchase the product. Manufacturers of luxury handbags are developing the women’s handbags which are fortified with laptop sleeves, mobile holders & key holders and provide the feel of luxury instead of compromising the quality. Many of the local manufacturers copy branded luxury handbags and sell them at reasonable prices. In addition, demand for luxury handbags for men is also rising as men have identified the luxury handbags as product of lifestyle instead of a functional product.
Industry brands leading in the market maintain a hold in the established market. Markets in the developing regions consists of huge range of domestic brands that participate in the share of the total market revenues. To keep the hold in the market with the change in trends have started to compete in the presence of social media. Therefore, fake products, lessening store presence attached with reducing the growth of GDP pose a challenge for the global handbags market.
Global handbags market segmentation is based on type, material, distribution channel and region. Based on type, handbags market is divided into bucket bag, tote bag, satchel, backpack, clutch, athletic bags, baguette bag and hobo bag. Tote bags and satchel are leading the handbags market. On the basis of material, market is divided into leather, synthetic, cotton and nylon. Synthetic and leather material segment holds the highest shares of market and is anticipated to control the market over the forecast period because of growth in demand for the developing as well as developed market. Based on distribution channel, handbags market is divided into single-branded stores, online distribution channel and departmental stores. Online distribution channels are getting more popular because of convenience and availability of numerous brands.
Geographically, regions involved in increasing the luxury handbags market size are Europe, North America, Asia Pacific, South America and Middle East & Africa. North America have highest share of market over the forecast period followed by Asia Pacific and Europe region.
Key Segments in the “Global Handbags Market” report are:
By Type, market is segmented into:
- Bucket bag
- Tote bag
- Athletic bags
- Baguette bag
- Hobo bag
By Material, market is segmented into:
By Distribution Channel, market is segmented into:
- Single-branded stores
- Online distribution channel
- Departmental stores
By Region, market is segmented into:
- North America
- Asia Pacific
- South America
- Middle East & Africa
What to expect from the upcoming report on ‘Global Handbags Market’:
- Future prospects and current trends of the Handbags market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations across the world
- Supportive initiatives by government likely to influence the market dynamics.
- In-depth analysis of different market segmentations including regional segmentations, applications and types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
- Trends, drivers, opportunities, restraints, challenges and key developments in the market