Handbags Market Size, Share, Growth & Industry Trends [2031]

Segments - Handbags Market by Product Types (Tote Bags, Clutch, Satchel, and Others), Raw Materials (Leather and Fabric), Distribution Channels (Online and Offline), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2021-2028

Author : Debadatta Patel

Fact-checked by : PARTHA PAUL

Editor : Shruti Bhat

Report Description

The global handbags market was estimated at USD 47.1 billion in 2018 and is expected to expand at substantial CAGR during the forecast period, between 2021 and 2028. A handbag, also known as a purse is a handy medium that is used to hold any personal items like money, phones, and cosmetics. Traditionally, handbags were used by women and were marketed by key companies according to the needs of women. However, in recent times, handbags are made for both, men and women adhering to both their needs. These bags are made of different materials and are enclosed with either a zip or a clasp. With the rising brand consciousness of consumers, many handbags are custom made and are made with intricate designs, colors, materials, and clasps to attract consumers. Handbags are not just a tool for carrying things around, but also a style statement.

Market Trends, Drivers, Restraints, and Opportunities:

Rising women workforce is a major driver for the handbags market as the requirement for handbags among women has increased substantially.
Increasing brand awareness and rising disposable income influence people to buy expensive handbags of specific luxury brands which drives the market.
Rising prevalence of the internet and online shopping has played a major role in the growth of the handbags market.
Social media marketing by key players and the presence of various social media and fashion influencers has encouraged the younger generation to buy expensive and fashionable handbags.

Scope of the report:

The report on the global handbags market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes	Details
Report Title	Handbags Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
Base Year	2020
Historic Data	2018 & 2019
Forecast Period	2021–2028
Segmentation	Product Types (Tote Bags, Clutch, Satchel, and Others), Raw Materials (Leather and Fabric), Distribution Channels (Online and Offline)
Regional Scope	Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Report Coverage	Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report	Tapestry Inc.; LVMH Moët Hennessy - Louis Vuitton SE; Michael Kors; Compagnie Financière Richemont SA; Gucci; Fossil Group, Inc.; Chanel S.A.; Hermès International; Prada S.p.A.; Burberry Group PLC; and Ted Baker plc.

Handbags Market Segment Insights:

The tote bags segment is projected to hold major market share

Based on product types, the handbags market can be segmented into tote bags, clutch, satchel, and others. The tote bag segment held the major market share in 2018 in terms of revenue due to rising popularity of tote bags and new designs and variety of choices available in the market. As compared to other handbags, tote bags are convenient, offer large storage space, and look fashionable too which shifted consumer preference. Due to the elimination of plastic bags, tote bags are commonly used for shopping purposes. These bags can carry large items like laptops, iPads, and files. Luxury brands and many other companies have started launching their tote bags based on new fashion trends, which is expected to drive the segment. Clutches are very small bags that offer small storage space and can only be used to keep phones, money, and some cosmetic items. However, with rising disposable income and brand consciousness, many consumers buy these bags as they add a fashion statement and are made in various innovative designs and colors.

The leather segment dominated the market

Based on raw materials, the market can be bifurcated into leather and fabric. The leather segment dominated the market due to rising demand for leather handbags. Leather is durable, dustproof, and crack proof which encourages people to buy leather hand bags. Also, marketing techniques and the integration of innovative products in the market are major drivers of this segment. High end, premium leather used by key players makes them more exotic and expensive which further fuel the market. However, due to rising awareness about vegan leather handbags is expected to affect the market dynamics.

The offline segment is estimated to grow at a rapid pace

Based on distribution channels, the market can be divided into online and offline. The availability of exclusive retail stores derives the offline segment is estimated to grow at a rapid pace. People prefer to shop handbags through offline mode due to the availability of exclusive discounts and customer service increased in the recent times. Additionally, the widespread awareness about brand thefts and duplication also resulted in the rising popularity of the offline segment. However, due to the spread of COVID 19, the online segment witnessed significant growth as people could purchase handbags from the official websites of the brands, to follow the safety protocols and to stay quarantined. The ease of payment and reasonable prices also encouraged people to buy handbags through e-commerce.

North America is anticipated to dominate the market

In terms of regions, the global handbags market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constituted a significant share of the market in 2020 due to mergers and acquisitions conducted by key market players. Moreover, increasing marketing and social media influencing by key companies and growing fashion and brand awareness in the US are driving the market. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period due to the rising disposable income and standard of living of the people, especially in developing countries like India, China, and Japan.

Segments

Segments covered in the report
By Product Types

Tote Bags
Clutch
Satchel
Others

By Raw Materials

Leather
Fabric

By Distribution Channels

Online
Offline

By Regions

North America
Europe
Latin America
Asia Pacific
Middle East & Africa

By Key Players

Tapestry Inc.
LVMH Moët Hennessy - Louis Vuitton SE
Michael Kors
Compagnie Financière Richemont SA
Gucci
Fossil Group, Inc.
Chanel S.A.
Hermès International
Prada S.p.A.
Burberry Group PLC
Ted Baker plc

Competitive Landscape

Key players of the global handbags market include Tapestry Inc.; LVMH Moët Hennessy - Louis Vuitton SE; Michael Kors; Compagnie Financière Richemont SA; Gucci; Fossil Group, Inc.; Chanel S.A.; Hermès International; Prada S.p.A.; Burberry Group PLC; and Ted Baker plc. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Global Handbags Market keyplayers

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Handbags Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Handbags Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Handbags Market - Supply Chain
  4.5. Global Handbags Market Forecast
     4.5.1. Handbags Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Handbags Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Handbags Market Absolute $ Opportunity
5. Global Handbags Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Handbags Market Size and Volume Forecast by Types
     5.3.1. Tote Bags
     5.3.2. Clutch
     5.3.3. Satchel
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Handbags Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Handbags Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Handbags Demand Share Forecast, 2019-2026
7. North America Handbags Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Handbags Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Handbags Market Size and Volume Forecast by Types
     7.4.1. Tote Bags
     7.4.2. Clutch
     7.4.3. Satchel
     7.4.4. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Handbags Demand Share Forecast, 2019-2026
8. Latin America Handbags Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Handbags Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Handbags Market Size and Volume Forecast by Types
     8.4.1. Tote Bags
     8.4.2. Clutch
     8.4.3. Satchel
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Handbags Demand Share Forecast, 2019-2026
9. Europe Handbags Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Handbags Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Handbags Market Size and Volume Forecast by Types
     9.4.1. Tote Bags
     9.4.2. Clutch
     9.4.3. Satchel
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Handbags Demand Share Forecast, 2019-2026
10. Asia Pacific Handbags Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Handbags Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Handbags Market Size and Volume Forecast by Types
     10.4.1. Tote Bags
     10.4.2. Clutch
     10.4.3. Satchel
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Handbags Demand Share Forecast, 2019-2026
11. Middle East & Africa Handbags Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Handbags Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Handbags Market Size and Volume Forecast by Types
     11.4.1. Tote Bags
     11.4.2. Clutch
     11.4.3. Satchel
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Handbags Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Handbags Market: Market Share Analysis
  12.2. Handbags Distributors and Customers
  12.3. Handbags Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Tapestry Inc.
     12.4.2. LVMH Moët Hennessy - Louis Vuitton SE
     12.4.3. Michael Kors
     12.4.4. Compagnie Financière Richemont SA
     12.4.5. Gucci
     12.4.6. Fossil Group, Inc.
     12.4.7. Chanel S.A.