Transparency Market Research delivers key insights on the luxury handbag market. In terms of revenue, the global luxury handbag market is estimated to expand at a CAGR of over 5.9% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global luxury handbag market report.
In this market report, TMR predicts the rising awareness about innovative products and luxury brands among consumers to be a factor that encourages the growth of the luxury handbag market. The market has been positively impacted due to availability of several buying options for consumers. Rise of Internet and social media such as Facebook and Instagram has helped buyers understand products and methods to buy them.
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Additionally, multi-brand retail outlets help in the expansion of infrastructure and drives the economy. They also help small retailers sell their products to large retailers. The growing population of working women has driven the demand for luxury handbags. Luxury handbag manufacturers are developing innovative designs of women’s handbags that are more functional, and embedded with laptop sleeves, key holders, mobile holders, etc. offering the feel of luxury, without compromising on quality.
Factors Influencing Luxury Handbag Market Growth
Increasing per-capita income, changing lifestyles, growing awareness about different luxury brands, and strong retailing culture are likely to bolster the luxury handbag market. Fashion handbags have become a part of couture, and are extensively promoted through fashion shows, ramp walks, and fashion exhibitions. Therefore, investment toward the promotion of luxury handbags has increased greatly. Besides, several celebrities have embraced luxury handbag brands to create a stir across the global market. This in turn is expected to fuel the luxury handbag market.
A notable factor influencing the growth of the global luxury handbag market includes use of luxury handbags by men as well. The market currently is not restricted to women alone, and several new handbag lines for men have come to the fore in the market. Backpacks are among the most common bags used by men of varying age groups. Besides, use of backpacks and knapsacks by travel enthusiasts has also increased in recent years. These are several factors that boosts the global luxury handbag market.
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Innovation holds key to the growth of the luxury handbag market, as innovative products derive larger consumer traction. Increasing dependence on innovative luxury products by consumers is projected to propel the demand for luxury handbags over the next few years. The growing emphasis on smart technologies and research & development is estimated to create significant opportunities in the luxury handbag market.
Expansion of Luxury Handbag Market
The luxury handbag market has been classified based on product, material, end-user, and distribution channel. Based on product, the market can be categorized into handbag, backpack, wallet, and others. The handbag segment accounted for a prominent market share in 2020, as there are numerous varieties and types available in the handbag segment such as tote bags, hobo bags, sling bags, etc., offering multiple buying options to the customer.
In terms of material, the leather segment is expected to dominate the luxury handbag market in the near future. Stylish handbags made of leather are instantly noticed by a consumer. Leather is expected to be followed by the synthetic segment due to rising demand for customizable and unique designs, which are more often used by women rather than men.
Based on end-user, the market is largely dominated by women, and the segment is expected to expand at a steady pace as the luxury handbag market is primarily generating revenue from the women’s segment. However, the men’s segment is projected to expand at a faster rate in the coming years due to growing demand for male luxury products. Men have started spending more on luxury bags.
Based on distribution channel, the market is currently dominated by the offline channel. However, in the near future, sales via online channels is anticipated to rise at a fast pace, owing to the growing number of eCommerce platforms such as Amazon, Myntra, and eBay. Small manufacturers can sell their handbags through these platforms without investing in a standalone shop.
Luxury Handbag Market: Prominent Region
Europe dominated the global luxury handbag market in terms of revenue in 2020. This trend can be attributed to strong presence of luxury houses in the region. On the other hand, one of the fastest growing regional markets in the global luxury handbag market in the upcoming years is expected to be Asia Pacific due to major contributions from countries such as China, India, Japan, Macau, and Hong Kong. Japan and China are the major contributors to the growth of the market in this region due to the presence of a large manufacturing base..
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India is a promising market due to which luxury handbag players are making huge investments in luxury products, backed by growing standards of living in the country. The second-largest regional market in the global luxury handbag market is North America. The U.S. and Canada are two of major and most prominent countries in the global luxury handbag market in North America. Key luxury brands introducing innovative designs in GCC countries are encouraging the growth of the luxury handbag market in Middle East & Africa.
Luxury Handbag Market: Key Players
The competition landscape of the luxury handbag market is highly fragmented with leading players accounting for majority of revenue share. Key players operating in the luxury handbag market include PVH Corp. (Calvin Klein), Compagnie Financiere Richemont SA (Chloe SAS), Furla S.p.A., GANNI A/S, Giorgio Armani S.p.A. (Armani), Loeffler Randall, Macy’s Inc., LVMH Moët Hennessy Louis Vuitton SE (Marc Jacobs Int. LLC), Michael Kors Holdings Limited, Rebecca Minkoff, Sungjoo Group (MCM), The Cambridge Satchel Company, MAUS Freres SA (The Lacoste Group), Vera Bradley Sales, LLC., MILLY NY, Tapestry, Inc. (Coach, Inc.), and Longchamp S.A.S.
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