Handbag Market
The global handbag market size is projected to touch USD 78.46 billion by 2028, exhibiting a CAGR of 6.7% during the forecast period. The market stood at USD 47.57 billion in 2020 and is estimated to reach USD 49.63 billion in 2021. Developing tourism and transport industry and rising preferences towards premium fashion products are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled “Handbag Market, 2021-2028.”
The rising demand for premium fashion accessories is likely to boost handbag demand. It is portable and comes in different designs, colors, and shapes. The rising tourism and transport are expected to boost the product’s demand drastically. As per the information provided by the United Nations World Tourism Organization, tourist visits exhibited a 5% growth in 2018 touching 1.4 billion. The product’s portability, strength, elegant designs are likely to attract consumers towards attractive bags. Further, evolving consumer preferences and rising demand for premium fashion accessories are likely to increase sales. Moreover, manufacturers launch high-quality bags with innovative features such as outer shells, power units, and removable flaps to attract consumers’ demand. For example, Evolution Smart Bag launched Autumn Blue Signature Handbag with charging base, removable flap, and EVA outer shell evolution power unit. These factors are likely to bolster market growth during the forecast period.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅- https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/handbag-market-103860
𝐋𝐢𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:
▶ Coach IP Holdings LLC (New York, U.S.)
▶ Louis Vuitton Malletier (Paris, France)
▶ Chanel Ltd (Paris, France)
▶ Guccio Gucci S.p.A. (Florence, Italy)
▶ Prada S.p.A. (Milan, Italy)
▶ Fendi (Rome, Italy)
▶ Burberry (London, U.K.)
▶ Hermès International S.A. (Paris, France)
▶ Kate Spade (New York, U.S.)
▶ Calvin Klein Inc. (New York, U.S.)
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
By product, the market is segmented into satchel, clutch, tote, saddle, body cross, hobo, and others. As per raw material, it is bifurcated into leather and fabric. Based on the end-user, it is classified into women and men. Regionally, it is grouped into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞- https://www.fortunebusinessinsights.com/enquiry/get-a-quote/handbag-market-103860
𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
Rapidly Progressing Fashion Industry to Bolster Market Growth
Evolving consumer preferences and increasing spending capacity have led to the adoption of fashion products. The adoption of a wide range of handbags is likely to foster the product’s sales. As per the data provided by the Business of Fashion Ltd and McKinsey & Company’s report titled ‘The State of Fashion 2019’ the market reached USD 1.3 trillion and is anticipated to employ approximately 300 million people globally. Further, a rising number of sales from the female population is likely to escalate the product’s adoption. According to the information provided by Catalyst.Org, the total female consumer spending reached approximately USD 31.8 trillion in 2019. In addition, the incorporation of promotional campaigns by manufacturers attracts consumers and boosts adoption. For example, as per the National News (UAE), in July 2018, Chanel selected Penelope Cruz as its brand ambassador. These factors are likely to drive the handbag market growth.
However, the availability of alternative products may hamper the progress of the industry.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Rising Per-Capita Income to Boost Market Development in Europe
Europe is projected to dominate the handbag market share because of the rising per-capita income and evolving consumer preferences. The market in Europe stood at USD 16.14 billion in 2020 and is expected to grow positively during the upcoming years. Further, rising demand for premium fashion items and the presence of several major players are likely to fuel product demand. These factors are likely to boost market development.
Asia-Pacific is expected to grow steadily because of the presence of the rapid surge in employment. As a result, the number of consumers willing to purchase premium products has increased significantly. As per the International Labor Organization, the employment ratio in Asia-Pacific increased by 33.1% in 2019. These factors are likely to boost industry growth.
In North America, the positive growth of the small industries has boosted handbag adoption. For example, as per the data published by the Small Business Administration, the number of small businesses in the U.S. is approximately 30.7 million as per 2019 and possesses nearly 59.9 million employees. In addition, the presence of several fashion shows such as Micam Americas Las Vegas, Stylemax Chicago, and Apparel Sourcing USA are likely to boost the market growth.
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
Major Players Launch Innovative Products to Improve Brand Image
Prominent companies operating in the market launch innovative products to satisfy consumer demand and boost brand image. For example, VKY Original launched a slew of classic luxury handbags including tote and messenger bags in November 2019. The handbags are designed using a signature concealed secret lining to increase the bag’s appeal. This launch may enable the company to boost its brand image globally. Moreover, the adoption of acquisition strategies may enable manufacturers to acquire resources and produce quality products. This strategy can boost companies’ annual revenues.
𝐁𝐫𝐨𝐰𝐬𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲: https://www.fortunebusinessinsights.com/handbag-market-103860
𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
November 2019: LVMH a French bag and clothing manufacturer acquired Tiffany & Co. for USD 16.2 billion.
𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
https://www.fortunebusinessinsights.com/north-america-handbag-market-105566
https://www.fortunebusinessinsights.com/fashion-accessories-market-104269
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
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