According to the latest report by IMARC Group, titled "Handbag Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global handbag market is expected to exhibit a CAGR of 6.1% during 2022-2027. Handbags are fashionably designed handheld accessories that are utilized to carry essential items of personal use. They are commonly used by women as a fashion statement or for everyday utility purposes. These bags are available in varied sizes across the globe but are generally larger than a purse or pouch. They can also be available in a vast array of colors and patterns that can be made from materials like rexine, leather or cloth. Some of the most common types of handbags include shoulder, tote and satchel bags.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Handbag Market Trends:
The global market is primarily driven by a confluence of numerous factors, such as rapid urbanization, inflating per capita income levels and the increasing participation of women in the workforce. This is also supported by the growing brand consciousness among the masses. Apart from this, there has been a rising preference for gender-neutral handbags among consumers of all age groups and genders. This has encouraged manufacturers to introduce bags with enhanced functionality and simple designs. These bags are often designed to carry laptops and tablets, along with having specific holders for mobile phones and keys. Moreover, due to an enhanced focus on sustainable development, numerous manufacturers have introduced handbags made from eco-friendly materials, which are gaining widespread prominence among the masses. The market is further driven by the growing preference for online shopping for apparel and fashion accessories as these e-portals offer a vast array of product selections to the users at discounted prices. They also offer flexible payment modes and convenient return/exchange policies, thereby creating a positive outlook for the market. Also, the widespread popularity of luxury handbags with exclusive designs and superior product quality is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing preference for visually appealing fashion accessories and the aggressive promotional activities conducted by various brands.
- On the basis of the product type, the market has been divided into satchel, bucket bag, clutch, tote bag, and others.
- Based on the material type, the market has been classified into leather, fabric, rubber, and others.
- On the basis of the distribution channel, the market has been segmented into supermarkets and hypermarkets, departmental stores, specialty stores, discount stores, online stores, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Burberry Group, Chanel International BV, Christian Dior SE, Coach, Etienne Aigner, Furla, Kate Spade & Company, Hermès International, LVMH, Michael Kors, Mulberry, Nicole Lee, and Prada Holding BV.
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