Handbag Market Size, Share, Growth, Trends and Industry Analysis Report, 2019 to 2025
by Susan Hill Business ConsultantThe global handbag market size is expected to reach USD 67.9
billion by 2025, according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 5.4% over the forecast period. Growing brand awareness
of luxury bags as a fashion symbol among adults in the developing countries
including India, China, and Brazil is expected to remain a key trend in the
market. Furthermore, rising female workforce on a global level is expected to
promote the usage of handbags over the next few years.
By product, tote bag dominated the market in 2018.
Consumers prefer these bags due to their large space. Necessary items such as
mobile phone, wallet, laptop, sunglasses, documents, and makeup of the
consumers can be fitted in these types of bags. As a result, these products
have gained significant popularity among the working class women. Manufacturers
have been expanding the product line of tote bags with new designs and better
quality. In 2015, Furla, an Italian luxury company, launched Twist Tote bag
under its Spring Summer collection. These tote bags are available in a wide
range of colors including ocean onyx, petalo onyx, and emerald onyx.
Leather bags dominated the market in 2018 and
accounted for 48.5% share of the global revenue. Better quality and durability
of the leather are driving the demand for the product across the world.
Moreover, rising per capita income in the developing countries is fueling the
demand for luxury goods, including leather bags.
Asia Pacific is expected to witness the fastest
growth from 2019 to 2025. Availability of affordable brands, along with rising
per capita income of consumers, is driving the market for the product in this
region. In 2018, Coach, one of the leading brands of this industry, launched
platinum ‘Parker’ Diwali handbag in India for the Indian festive season. These
bags are made of leather and available in two different sizes.
Key competitors in this industry include Tapestry,
Inc.; LVMH Moët Hennessy - Louis Vuitton SE; Michael Kors; Gucci; Fossil Group,
Inc.; Ted Baker plc; Hermès International S.A.; Prada S.p.A.; Chanel S.A.;
Burberry Group PLC; and Compagnie Financière Richemont SA. Industry
participants are emphasizing on the establishment of new online distribution
channels as customers are increasing their spending on utilizing e-commerce portals
as a selling window.
Further
key findings from the study suggest:
- North America held the largest share of more than 30.0% in 2018
- The online distribution channel is expected register the fastest
CAGR of 7.4% from 2019 to 2025
- The tote bag product segment held the largest share of 41.7% in
terms of revenue
- By raw material, leather dominated the market in 2018 and accounted
for 48.5% share of the overall revenue.
Access
full research report on global handbag market:
www.grandviewresearch.com/industry-analysis/handbag-market
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Created on Oct 10th 2019 08:32. Viewed 494 times.