Handbag Market In-Depth Research On Basis By Raw Material (Leather, Fabric), By Product (Tote Bag, Clutch), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

 

San Francisco, 29 May 2024: The Report Handbag Market Size, Share & Trends Analysis Report By Raw Material (Leather, Fabric), By Product (Tote Bag, Clutch), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

The global handbag market size is estimated to reach USD 124.10 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 6.8% from 2023 to 2030. The market is primarily driven by a combination of factors that cater to both functional and fashion-conscious consumers. First and foremost, fashion trends and brand influence play a significant role. Consumers are constantly seeking the latest styles and designs, often influenced by celebrities and social media influencers who showcase popular handbag brands. In addition, the desire for quality and craftsmanship continues to fuel the market, with consumers willing to invest in premium and luxury handbags known for their durability and timeless appeal.

There has been a remarkable surge in the global workforce's female representation. Women have become indispensable in a wide array of industries, assuming various roles that span from corporate leadership positions to entrepreneurial ventures. This heightened involvement of women in the workforce has sparked a growing demand for accessories tailored to meet the specific needs of working women. Handbags, once considered mere accessories, have undergone a significant transformation, evolving into indispensable tools designed to cater to the multifaceted requirements of today's modern professional life.

Functionality also plays a crucial role, as handbags serve as essential accessories for daily life. With busy lifestyles, consumers seek bags that offer convenience and versatility. This has led to a growing demand for various types of handbags, including tote bags, clutches, and satchels, each tailored to specific needs. E-commerce has also revolutionized the handbag industry, making it more accessible to a global audience. Online shopping offers a wide range of choices, competitive prices, and the convenience of doorstep delivery, further boosting the market's growth.

In response to evolving lifestyles and consumer preferences, there is an escalating demand for lightweight handbags that seamlessly merge functionality with style. Modern consumers seek bags that are easily portable, versatile, and suitable for a variety of occasions. As an increasing number of individuals lead active and mobile lives, lightweight handbags are tailored to meet their needs. Whether it is a crossbody bag for daily commuting or a compact duffel bag for outdoor pursuits, the trend toward lighter options resonates with consumer preferences for convenience.

The global workforce has seen a significant rise in women's participation over the years, with women now integral to various industries in diverse roles, from corporate executives to entrepreneurs. This increased participation drives the demand for accessories, which meet the needs of working women. Handbags have evolved from accessories to essential tools, addressing the multifaceted demands of modern professional life.

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Modern working women seek a blend of style and practicality, making handbags vital to their daily routines. They need to transition seamlessly between professional and personal settings, and handbags fulfill this role adeptly. These versatile companions carry work-related items like laptops, documents, and planners, along with personal essentials such as wallets, cosmetics, and electronic devices. Results of the Omnibus survey conducted by Circana, a media company, in June 2023, indicated that 39% of American women aged 18 to 34 carry a handbag to work or school. Moreover, over 60% of women aged 35 and older always have a handbag with them for activities beyond work or school.

Handbag Market Report Highlights

• Based on raw material, the leather handbag segment held the largest market share of 56.27% in 2022. Growing consumer preference for luxury goods and accessories is a major factor driving the demand for leather handbags. Leather is the primary raw material for luxury handbags and accessories. Rising consumer spending on luxury items in developed and developing economies can be attributed to the rise in working women, who are increasingly willing to invest in leather handbags to create a versatile wardrobe collection
• Based on product, the satchel bag segment is projected to grow at the fastest CAGR of 8.1% over the forecast period. Satchel bags are a versatile type of handbag that can be used for a variety of occasions, from work to school to casual outings. This makes them a popular choice for many consumers
• In terms of distribution channel, the online distribution channel segment is projected to grow at the fastest CAGR of 8.6% over the forecast period owing to the rising popularity of e-commerce and social media channels. Younger consumers increasingly prefer online shopping owing to the digitalization of services
• Based on region, the North America region is expected to grow at a CAGR of 5.4% from 2023 to 2030. The growing influence of the fashion industry over a wider population and increased discretionary spending are expected to fuel the demand for handbags in the region

The increasing use of handbags by working women is projected to be a prominent trend in the market. For instance, according to the data released by the U.S. Bureau of Labor Statistics in April 2021, American women held 57.4% of American jobs in 2023 as compared to 57.1% in 2018. The growth of the market can be attributed to the significant rise in the female working population in the country. Furthermore, the product's demand in the U.S. has been fueled by the tremendous growth of the corporate and organized sectors.

According to a survey conducted by The International Council of Societies of Industrial Design (ICSID) in November 2021, an American woman owns an average of 11 handbags and spends approximately USD 160 on a bag. Thus, the high expenditure by women on handbags in the country contributes to the growth of the market, making it the largest market in the region.

 

Handbag Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 77.39 billion
Revenue forecast in 2030	USD 124.10 billion
Growth rate	CAGR of 6.8% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

In addition, luxury and premium handbags have evolved beyond their utilitarian role, transforming into symbols of status and personal style. The growing purchasing power of consumers, particularly in emerging economies, combined with aspirational buying tendencies, is propelling the desire for high-end handbags. Notably, alongside well-established luxury brands, emerging designers and niche players are entering the market, introducing distinctive designs and craftsmanship. These brands cater to consumers seeking exclusivity and individuality, thus enriching the diversity of the luxury handbag industry.

List of Key Players in the Handbag Market

• Louis Vuitton
• Hermès International S.A.
• Michael Kors
• Fossil Group, Inc.
• Guccio Gucci S.p.A.
• Prada S.p.A.
• Burberry Group Plc
• Tapestry, Inc.
• Chanel
• Compagnie Financière Richemont SA