Luxury Handbag Market Value Projected to Expand by 2023-2026

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.

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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.

The report also highlights the competitive landscape of the luxury handbag market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive luxury handbag market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the luxury handbag market growth.

In the report, the North American market is divided into the U.S., Canada, and Rest of North America. Similarly, the Europe market is divided into Germany, the U.K., France, and Rest of Europe. Asia Pacific has been segmented into China, Japan, India, and Rest of Asia Pacific. Middle East &Africa covers the GCC, South Africa, and Rest of Middle East & Africa. Similarly, South America region includes Brazil, and Rest of South America. Porter’s Five Forces analysis explains the factors which are currently affecting the luxury handbag market. The report also provides a value chain analysis which explains the participants of the value chain.

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The global luxury handbag market is characterized by the presence of numerous key players in the market who focus on factors such as price, performance, quality, support services, and innovations to compete in the market. Major players in the luxury handbag market are PVH Corp. (Calvin Klein), Compagnie Financiere Richemont SA (Chloe SAS), Furla S.p.A., GANNI A/S, Giorgio Armani S.p.A. (Armani), Tapestry Inc. (Kate Spade), 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.