The global handbag market is expected to grow at a CAGR of around 5% during 2020-2025. A handbag can be described as a fashion accessory that is used, primarily by women, to hold essential personal utility products. Available in a wide variety of sizes, patterns and colors, handbags are usually manufactured by stitching multiple pieces of cloth or leather together. Shoulder, satchel, handheld and sling bags are the most common types of handbags available in the market. Nowadays, gender-neutral bags are also being widely preferred by consumers of all age groups.
The growing fashion accessories industry, along with an increasing working population across the globe and rapid urbanization, represent as the key factors driving the market growth. Furthermore, a significant rise in the female workforce participation rate in both the developed and emerging economies has contributed to the product demand. Also, majority of the working professionals prefer carrying multiple essential items, such as laptops, tablets, wallets and edibles, in their handbags. This has led manufacturers to develop handbags which are highly functional, and equipped with laptop sleeves, key and mobile holders. Additionally, the proliferation of online retailing portals that provide hassle-free shopping experience while offering a wide range of products is also contributing to the market growth. Visually appealing and creatively designed products, along with their eco-friendly variants, are further creating a positive outlook for the market. Product premiumization and aggressive promotional activities by manufacturers and brands, along with the rising consumer expenditure on maintaining an aesthetic and materialistically sophisticated lifestyle, are projected to drive the market in the coming years.
IMARC Group’s latest report provides a deep insight into the global handbag market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the handbag industry in any manner.
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The competitive landscape of the industry has also been examined with some of the key players being Burberry Group, Chanel International BV, Christian Dior SE, Coach, Etienne Aigner, Furla, Kate Spade & Company, Hermès International, LVMH, Michael Kors, Mulberry, Nicole Lee, Prada Holding BV, etc.
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