Handbag Market To Reach $124.10 Billion By 2030 | CAGR 6.8%

Handbag Market Growth & Trends

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.

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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

Handbag Market Segmentation

Grand View Research has segmented the global handbag market based on raw material, product, distribution channel, and region:

Handbag Raw Material Outlook (Revenue, USD Million, 2017 - 2030)

• Leather

• Fabric

• Others

Handbag Product Outlook (Revenue, USD Million, 2017 - 2030)

• Tote Bag

• Clutch

• Satchel

• Others

Handbag Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Online

• Offline

Handbag Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Central and South America

  • Brazil

• Middle East and Africa

  • South Africa

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