Handbag Market Key Drivers
“The Business Research Company recently released a comprehensive report on the Global Handbag Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The handbag market size has grown strongly in recent years. It will grow from $58.5 billion in 2023 to $63.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to fashion trends and styles, luxury brand influence, rising disposable income, celebrity endorsements, functional versatility.
The handbag market size is expected to see strong growth in the next few years. It will grow to $81.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, rise of secondhand and vintage markets, customization and personalization, cross-industry collaborations, globalization of fashion. Major trends in the forecast period include technological integration, digital influencer marketing, innovations in materials and design, integration of technology, emphasis on inclusivity and diversity.
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Market Drivers and Trends:
The increasing female workforce is expected to propel the growth of the handbag market going forward. Female workforce refers to the portion of the workforce that consists of women. It represents the women actively engaged in employment or labor within various industries, sectors, and professions. As women increasingly enter the workforce and attain financial independence, their purchasing power rises. This empowerment leads women to invest in accessories such as handbags, catering to professional needs and diverse social and recreational activities. For instance, in March 2023, according to the UK Parliament, a UK-based government body, from October to December 2022, the rate of female employment stood at 72.3%. Therefore, the increase in the female workforce is driving the growth of the handbag market.
Major companies operating in the handbag market are innovating new products such as stylish Tribeca handbag to increase their profitability in the market. The Tribeca handbag is a popular and stylish handbag. For instance, in January 2024, Michael Kors LLC, a US-based retail and design company launched Tribeca handbag. The Tribeca handbag serves as a fashionable accessory that effortlessly enhances any ensemble. Crafted from supple, quilted leather, it comes in diverse styles like cross-body and shoulder bags. This luxe and chic handbag is adorned with a polished push-lock fastening, imparting a touch of sophistication. Practicality meets style as it accommodates personal items such as a wallet, phone, and keys, making it an ideal and fashionable choice for everyday use.
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Major Key Players of the Market:
Major companies operating in the handbag market report are VIP Industries Ltd., Louis Vuitton Malletier, H and M Hennes and Mauritz GBC AB, Chanel Ltd., Hermès International S.A, Fendi, Guccio Gucci S.p.A, Coach IP Holdings LLC, Tapestry, Inc., Victorias Secret and Co, Prada S.p.A, Michael Kors, Burberry, Calvin Klein Inc., ALDO Group Inc., Fossil Group Inc., Kate Spade, Zouk, Ted Bakerr, Loewe (LVMH), Zadig & Voltaire, BAGGIT, Tumi (Samsonite), Anya Hindmarch, Lino Perros, Da Milano Leathers Pvt. Ltd., Aranyani, Deeya International, MCM Worldwide, Proenza Schouler
Handbag Market 2024 Key Insights:
• The handbag market is expected to grow to $81.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• The Impact of Increasing Female Workforce on the Handbag Market
• The Stylish Tribeca Handbag Shaping the Market Landscape
• North America was the largest region in the handbag market in 2023
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