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
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.
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 (000’ 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.
12.4.8.
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
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.
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