Luxury Handbag Market 2024 is estimated to expand at a CAGR of 10.0%

March 23, 2021

Luxury handbags are an important accessory in day to day life. Luxury handbags include shoulder bags, satchel bags, handheld bags, sling bags, tote bags, hobo bags, backpacks, wallets, and others. These bags are used by both men and women.

The luxury handbag market has been significantly impacted since the number of buying options for consumers is rising. Rise of internet and social media such as Facebook and Instagram has helped buyers understand their products and methods to buy them. Additionally, multi-brand retail outlets help in the expansion of infrastructure and drive 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 the latest women’s handbags that are more functional, fortified with laptop sleeves, key holders, mobile holders, etc. and offer the feel of luxury, without compromising on quality. However, availability of counterfeit and copy of the original products is one of the key factors hindering the luxury handbags market. Local players copy branded luxury handbags and sell them at a premium price. Furthermore, demand for male luxury handbags is growing as men have started identifying luxury handbags as a lifestyle product rather than a functional product.

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Based on types, the market is segmented into handbags, backpacks, wallets, and others. In terms of luxury handbags, the handbag segment constituted the biggest market share, followed by the backpack segment, in 2016. The handbag segment is further divided into shoulder bags, satchel bags, handheld bags, sling bags, tote bags, hobo bags, and others. Tote handbag segment held the largest market share followed by handheld bags in 2017.

Based on material, the luxury handbag market is segmented into cotton, leather, nylon, and synthetic. Many retailers and manufacturers are recognizing the material of the luxury handbag as an important aspect globally. Moreover, luxury handbags are making the market more competitive in terms of quality, cost, and variety of handbags. Due to these factors, manufacturers are now focusing on improving their luxury handbag quality and functionality. The leather and synthetic material segment held the highest market share and is projected to continue its dominance throughout the forecast period due to growing demand in developing markets as well as developed markets.

In terms of gender, majority of share is captured by women due to the changing beauty trends among women and rising consumer awareness about personal grooming. Based on distribution channel, the luxury handbag market is dominated by the offline channel as the user can gauge the quality of the product by touch, while in online channels the user cannot touch the product. However, in the coming years, the online channel is projected to grow at a faster rate with the growth of internet and social surfing.

Based on geography, the luxury handbag market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among all the regions, in terms of revenue, Europe held the major market share, accounting for around 31.8% in 2016, followed by Asia Pacific. This trend is anticipated to continue in terms of revenue generation over the estimated period. However, the market in the Asia Pacific region is estimated to grow at the highest growth rate during the forecast years. The growth of the global market is directly related to the growth of the international trade flow and economic environment. Asia Pacific and Europe appeared to be the most attractive markets for luxury handbags particularly in hobo bags, sling bags, and handheld bags. Furthermore, rising consumer spending capacities, disposable incomes, and changing fashion trends have led to the rapid growth of the Asia Pacific luxury handbag market.

Some of the key players of the luxury handbag market profiled in this report 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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The demand within the global luxury handbags market is expected to grow at a stellar pace in the years to follow. This assertion is based on the growing adoption of the latest fashion trends amongst the masses. Handbags account for an important accessory used by men and women of various age groups. The fashion industry has succeeded in influencing the buying decisions of the masses. Therefore, apparel companies also focus on their customer relationship management (CRM) game through the use of fashion trends. The promotion of bags and apparels through fashion sites and channels has given a thrust to the growth of the global luxury handbags market.

Fashion handbags have become a part of couture, and are extensively promoted through fashion shows, ramp walks, and fashion exhibitions. Therefore, the volume of revenues invested in the promotion of luxury handbags has increased by a dramatic chase. Besides, several celebrities have embraced luxury handbag brands to create a stir across the global market.
Use of luxury handbags is not restricted to women alone, and several new handbag lines for men have come to the fore of the market. Backpacks are amongst the most common handbags used by men of varying age groups. Besides, use of backpacks and knapsacks by travel enthusiasts has also increased in recent years.
The sale of luxury handbags across e-commerce channels provides a sound opportunity for growth to the leading market vendors. The fashion industry has attracted formidable revenues from key investors over the past decade. These investors have closely analysed the affinity of the masses towards following the latest fashion trends.

The next decade could witness the manufacturing of fashion handbags that are cruelty-free. This assertion is based on the growing agitation by animal rights activists to stop the procurement of animal skin for manufacturing apparels and fabrics.

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