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We expect the global handbag market to exhibit a CAGR of 6.1% during 2022-2027.
The growing demand of luxury handbags with exclusive designs, enhanced functionality, and superior product quality, is primarily driving the global handbag market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of handbags.
Based on the product type, the global handbag market can be categorized into satchel, bucket bag, clutch, tote bag, and others. Among these, tote bag exhibits a clear dominance in the market.
Based on the material type, the global handbag market has been segmented into leather, fabric, rubber, and others. Currently, leather represents the largest market share.
Based on the distribution channel, the global handbag market can be bifurcated into supermarkets and hypermarkets, departmental stores, specialty stores, discount stores, online stores, and others. Among these, supermarkets and hypermarkets currently account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global handbag market include 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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