Global Handbag Market by Product (Clutch, Satchel, Tote Bag), by Raw Material (Fabric, Leather) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2018, the global handbag market was worth USD 47.0 billion. This market is expected to grow significantly over the forecast period. The product is in high demand due to the increasing number of women working and brand awareness. The availability of designer bags in a variety of styles has led to an increase in demand for handbags over the last few years.

The market will continue to see a significant increase in handbag use by working class women worldwide. The demand for the product has also been fueled by the rapid growth of organized and corporate sectors in countries like China, India, South Korea and Indonesia. Some studies show that women have been participating in STEM (Science, Technology, Engineering, and Mathematics) in the United Kingdom for some time.

The industry has seen significant growth due to rising income and growing brand awareness in developing countries. These countries have seen a rise in luxury goods such as handbags, which has boosted their consumption. Manufacturers in this sector are also launching more affordable bags which has helped to expand the global market. Manufacturers have also adopted omni-channel strategies in order to increase their distribution channels. The product is now more readily available in developing countries like India and China.

The market for designer bags has seen a rise in demand due to the growing luxury product category. The industry is also expanding its product range by offering new quality products in different varieties to satisfy the needs of consumers. The market growth may be affected by the high import duties in this sector.

Product Insights

The market leader in 2018 was the tote bag, accounting for 41.7% of global revenue. The bag is more spacious than other handbags, and can hold multiple goods. It is a popular choice for working women, who need a lot of space to store essentials like files and laptop. These bags are also in high demand because there is a wide selection of bags to suit every consumer's needs.

The product's growth is expected to be driven by shifting consumer preferences towards tote bags over plastic bags. This industry has been focusing on the production and distribution of innovative bags. Gucci, for example, has launched a beach bag in striped raffia that has been very popular among women.

Raw Material Insights

Leather bags dominated the market in 2018, accounting for 48.5% of global revenue. Leather bags have a better durability, dustproof, crack-proof and other properties that are driving their demand around the globe. These luxury goods are popular because of their durability. Exotic leather is being used by manufacturers to meet the demands of premium and high-end customers.

The demand for trendy and innovative leather bags is increasing all over the globe. Tapestry, Inc.'s popular brand Coach launched Coach 1941 in 2015. This is a more expensive leather product line. The market dynamics will be affected by the rising popularity of vegan leather handbags.

Distribution Channel Insights

The offline distribution channel was dominant in the market, accounting for 84.3% of total revenue. In the last few years, exclusive retail shops have grown in popularity. Manufacturers have also increased their distribution channels. This has led to a significant increase in market growth, particularly in the developed countries.

Gucci, for example, transformed its flagship stores into interactive art galleries in 2018 using work by Spanish artist IgnasiMonreal. With innovative artworks, this has increased the consumer's purchasing options. Due to the increased brand awareness of consumers in these countries, manufacturers are opening brand stores.

Online distribution channels are expected to grow at 7.4% annually between 2019 and 2025. Due to the rapid growth of smartphones users around the globe, online shoppers are increasing at an alarming rate. Due to the shift in consumer preference from online to offline shopping, online shipping has been established by some of the industry's leading players.

Gucci's "New Store Concept" launched boutiques in 2015 that offer both in-store and online shopping. Coach has seen a significant increase in online sales and website traffic over the last few years. This means that online sales of the product will continue to rise in the near future.

Regional Insights

With more than 30% of global revenue, North America was the dominant market in 2018, surpassing all other countries. In 2019, the average revenue per head in this market was USD 36.5. Since 2010, it has grown significantly. This market is driven by a high demand for quality handbags. Moreover, the high purchasing power of consumers living in developed countries allows them to purchase luxury goods.

Asia Pacific will see the fastest CAGR, 10.4%, between 2019 and 2025. To meet growing product demand, manufacturers have been expanding their distribution channels in this region. China has seen a notable rise in imports of the product over the past few years. The industry is expected to grow due to rising per capita incomes in developing countries like India and China.

Market Share Insights & Key Companies

Tapestry, Inc., LVMH Moet Shennessy – Louis Vuitton SE, Michael Kors; Compagnie Financiere Richemont SA, Gucci; Fossil Group, Inc., Chanel S.A., Hermes International S.A., Prada S.p.A., Burberry Group PLC, and Ted Baker plc are key players in this sector. To expand their product range, manufacturers will likely invest heavily in the development and improvement of quality products.

New players are expected to be attracted by the rising demand and increasing profit. The focus of producers is on expanding their business in emerging countries around the world. Burberry, for instance, launched Qixi bags in August 2017, namely red "Belt Bag", and red "Pin Clutch", exclusive to China via the WeChat Mini-Program.

Handbag Market Report Scope

The Report Covers Certain Segments

This report predicts revenue growth at both the country and regional levels. It also provides analysis of industry trends for each sub-segment from 2015 to 2025. Grand View Research has divided the global handbag market report by product, raw material and distribution channel.

• Product Outlook (Revenue USD Million, 2015-2025)

  • Tote Bag

  • Clutch

  • Satchel

  • Other

• The Outlook for Raw Materials (Revenue, USD million, 2015-2025)

  • Leather

  • Fabric

  • Other

• Distribution Channel Outlook (Revenue USD Million, 2015-2025)

  • Online

  • Offline

• Regional Outlook (Revenue USD Million, 2015-2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa

These are the most frequently asked questions about this report

b. Global handbag market size was USD 49.35 Billion in 2019, and is forecast to grow to USD 51.89 Billion by 2020.

b. Global handbag sales are expected to increase at a compound annual rate of 5.4% between 2019 and 2025, reaching 67.85 million by 2025.

b. With a 26.9% share in 2019, Europe was the market leader in handbags. This is due to the growing number of startups and increasing instances of product innovation within this region.

b. Tapestry, Inc., LVMH Moet Hennessy – Louis Vuitton SE, Michael Kors; Compagnie Financiere Richemont SA, Gucci; Burberry Group PLC, and Ted Baker plc are some of the key players in this handbag market.

b. The market growth is being driven by the increasing use of handbags by working-class women, rapid growth in the corporate and organised sectors, and rising global demand luxury/premium handbags.

Up Market Research published a new report titled “Handbag Market research report which is segmented by Product (Clutch, Satchel, Tote Bag), by Raw Material (Fabric, Leather), By Players/Companies Tapestry, Inc; LVMH Mo«t Hennessy - Louis Vuitton SE; Michael Kors; Compagnie Financi¨re Richemont SA; Gucci; Burberry Group PLC; and Ted Baker plc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Handbag Market Report Segments:

The market is segmented by Product (Clutch, Satchel, Tote Bag), by Raw Material (Fabric, Leather).

Handbag Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Handbag Market

Overview of the regional outlook of the Handbag Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Handbag Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Handbag Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Clutch

                2. Satchel

                3. Tote Bag

                1. Fabric

                2. Leather

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Handbag Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Handbag Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.