Handbags Market, By type (Satchel, Bucket Bag, Clutch, Tote Bag, Backpack, Baguette Bag, Hobo Bag, Athletic Bags), By Application (Departmental Store, Single-Branded Stores, Online), and Regional Forecast to 2033

HANDBAGS MARKET OVERVIEW

The global handbags market size was USD 39206.37 million in 2024 and is projected to touch USD 60011.01 million by 2033, exhibiting a CAGR of 4.3% during the forecast period.

It provides the user with a lot of features that make this particular product service work efficiently and effectively. Everybody uses handbags for a range of purposes in their everyday life, and they are composed of different materials such as jute, leather, nylon, and mesh. For shopping, people usually prefer canvas handbags; for events or a night out, women usually prefer clutches or wristlets; and for professionals in the corporate world, leather bags are usually preferred. This factor has augmented the Handbags Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. Growing consumer desire for high-end, luxury brands and rising disposable income in emerging economies are driving the market for premium and luxury handbags. The use of logos and new logo designs is one trend that will reappear in the market for luxury handbags. The force of brand recognition and the potency of luxury trademarks increase sales. In the years to come, there will be more high-quality leather goods available, such as purses, shoes, and accessories. Its ability to adapt to the increasingly complex modern production processes makes it an essential tool for quality control, which is driving up its market share. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

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GLOBAL CRISES IMPACTING HANDBAGS MARKET - COVID-19 IMPACT

"Market Growth Obstructed by Pandemic due to Lockdown"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to machinery and equipment. Therefore, a small influence from COVID-19 is anticipated on the Handbags Market share.

LATEST TREND

"Evolution to Innovative Products to Increase ""Market Growth"

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. Numerous businesses are refocusing their attention on handbags with cutting-edge features like detachable flaps, power units, outer shells, and others, which is helping the market gain traction. For example, Evolution Smart Bag created the Autumn Blue Signature Handbag, which features a charging base, an interior bag, an EVA outer shell, a detachable flap, and an evolution power unit. Additionally, the increasing manufacturing of these cruelty-free, vegan-specific bags has improved consumer behavior. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

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HANDBAGS MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Satchel, Bucket Bag, Clutch, Tote Bag, Backpack, Baguette Bag, Hobo Bag, Athletic Bags.

• Satchel: The market is expected to be dominated by the Satchel segment during projection period. SatchelIts usage is probably going to increase due to its adaptability and ease of carrying more things while maintaining their attractive appearance.

• Bucket Bag: A ""bucket bag"" is a type of handbag that is distinguished by its large top opening, drawstring clasp, and cylindrical or bucket-like shape. One zip pocket, two slide pockets, three credit card slots, an adjustable and detachable shoulder strap, and two handles, for example, make the Carmen Tote incredibly functional and practical for the majority of users.

• Clutch: The desire for high-end purses at social gatherings is anticipated to drive clutch bag sales. Many consumers like thin, basic purses for social gatherings because they add a touch of flair.

• Tote Bag: The market is expected to be dominated by the tote segment because the product is larger than other kinds of handbags. Major players in the market are pushing for the use of plant materials in the production of clutch bags and other handbags in response to global government prohibitions on animal leather.

• Backpack: Because the items are appropriate for a range of settings and situations, including semi-formal, formal, and informal ones, the clutch, satchel, and other (hobo, body cross, and saddle) categories are also growing their market share.

• Baguette Bag: The idea behind Baguette was to create a compact, streamlined bag that could be worn on a short strap and changed to suit various fabrics, colors, and looks without losing its distinctive style. It stood in contrast to the huge totes that were common purses at the time.

• Hobo Bag: A hobo bag is a type of purse or handbag that is usually huge and has a long strap that is meant to be worn over the shoulder, a crescent form, and a slouchy stance.

• Athletic Bags: Because to their endurance-focused design, they are perfect for transporting large machinery.

By Application

Based on application, the global market can be categorized into Departmental Store, Single-Branded Stores, Online.

• Departmental Store: Other market segments include duty-free stores, online merchants, discount stores, hypermarkets, and specialty stores. Over the course of the forecast period, specialty stores are expected to develop at the fastest rate and dominate the global market. Speciality stores can draw clients with their intriguing goods by offering a broad variety of distinctive products.

• Single-Branded Stores: Customers buy products and bags from single-branded establishments in order to heed the knowledgeable staff's suggestions. The capacity of customers to physically select and compare products, along with the growing number of affluent individuals in developing nations such as China, are driving the market for specialty stores. Additionally, by allowing consumers to take their purchases home right away and without having to wait, single-branded stores meet their customers' urgent demands.

• Online: Social networks and new technology are expected to drive e-commerce's growth in the years to come, creating new trends in handbag purchasing. The e-commerce industry is expanding, and aggressive marketing tactics are expected to promote market growth throughout the course of the projection period.

MARKET DYNAMICS

Market Dynamics Include Driving And Restraining Factors, Opportunities And Challenges Stating The Market Conditions.

Driving Factors

"Increase In Internet Sales to Boost the Market"

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. E-commerce has contributed to building a foundation of customer trust since it makes communication fair and efficient, which helps consumers make decisions more effectively. Quick access, 24/7 availability, worldwide reach, and a large selection of products are some advantages of e-commerce. Due to these characteristics, Internet retail has a competitive edge over traditional ways of purchase, which has caused the business to grow exponentially in recent years. Chinese customers' purchasing habits have changed as a result of the country's fast growth in online retailing as well as shifts in internet usage and information technology. Furthermore, about 80% of internet users in European countries buy products online. This proportion of consumers illustrates how internet purchasing benefits the market. This particular product has recorded to be profiting for the market growth. This particular factor has been proved to a boon for this particular product market. These factors are anticipated to drive the Handbags Market growth during the forecast period.

"Expansion Of Emerging Markets""to Expand the Market"

This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. This particular product market has touched new levels of lucrative revenue numbers and has also recorded to be the boon for this particular product market growth. Similar factors, such as the rise of a young population, increased disposable income, an increase in the number of working women, and a surge in the affordability of luxury products, are expected to drive market expansion in India. Because of global travel and media, Indian consumers are becoming more interested in specialist goods and high-end brands. Louis Vuitton and Gucci have been in the nation for a long time. Singaporeans value personal accessories and are image-conscious. The market is dominated by global handbag brands that blend cutting-edge style with practicality. The availability of retail handbags and more disposable income are also advantageous to metropolitan New Zealanders. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the Handbags Market growth in the present times and also during the forecast period.

Restraining Factor

"Strong Market Presence of Substitute Products to Restrain Industry Development to Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. Bag-packs, briefcases, drawstring bags, and other alternatives to handbags are becoming more and more common in the global market and are said to be hurting the expansion of the handbag industry. In a same vein, the market has suffered as a result of many men choosing these alternatives to handbags. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. 

Opportunity

"Premiumization To Create Opportunity for the Product in the Market"

This particular opportunity has been attributing the market growth immensely. The process by which manufacturers emphasize a product's superior quality and uniqueness to make it more appealing to consumers is known as premiumization. It is driven by a desire to demonstrate success and a demand for high-end products. Customers desire high-quality products as a result of rising per capita wealth. Luxury handbags are premium goods due to their high cost and value-added features and specifications. Such attributes attract customers who can afford premium goods. As a result, it is projected that end consumers will adopt luxury handbags more frequently, which will quicken market growth.

Challenge

"Existence Of Counterfeit Handbags As A Result Of Unethical Business Practices ""Could Be A Potential Challenge Fo""r Consumers"

This particular factor has been drastically challenging for the market growth and has become another major Restraining Factor. Fake goods could pose a danger to the global handbag industry. The existence of counterfeit handbags as a result of unethical business practices by market participants leads to an unfair competitive environment in terms of price standardization and market share loss. Increased use of e-commerce platforms has led to a rise in sales of counterfeit goods. This will result in certain limitations on the global handbag market's growth.

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HANDBAGS MARKET REGIONAL INSIGHTS

• North America

The North American region has augmented a lot in the past few years in this particular product market. The United States Handbags Market has anticipated to augment immensely over the forecast period. Because of growing innovation and technological developments in all of the region's manufacturing sectors, North America held the second-largest market share in 2019. The fashion industry's increasing influence over a wider audience is expected to boost demand for handbags in the North America area, where consumers have a high degree of discretionary spending. Although it is still quite competitive, the US market for luxury handbags and accessories is continuously growing. One of the major trends that is expected to gain greater traction over the next few years as a result of this fierce competition is the growing significance of big data for handbag companies.

• Europe

The European market for this particular market has been accounted for attributing the overall global shares for this particular product service market.

• Asia

Asia-Pacific is anticipated to expand at the fastest rate during the projection period due to a rise in the demand for cutting-edge technologies. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue. The growth in consumer spending power and the proliferation of online shopping portals have increased demand for handbags in the Asia Pacific area. The market has grown as a result of consumer spending on accessories and personal goods as well as growing fashion consciousness.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Top Companies

• Michael Kors (U.S.)
• Coach (U.S.)
• Burberry (U.K.)
• Tory Burch (U.S.)
• D&G (Italy)
• Mulberry (U.K.)
• Prada (Italy)
• Chanel (U.K.)
• Hermès (France)

KEY INDUSTRY DEVELOPMENT

October 2023: This particular company has attributed the market growth in terms of revenue and shares system. This particular development and investment the global market has been recorded to be a boon for the market growth. In order to introduce its new line of upscale handbags in India, the U.S.-based apparel and accessory brand Anne Klein teamed up with the Indian fashion e-commerce company Myntra.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.market affecting the forecasting period. With detailed studies done, it also offers a comprehensive.