Handbag Market

According to a new report published by Introspective Market Research, titled, “Handbag Market by Product Type, Raw Material, End Users, Distribution: Global Opportunity Analysis and Industry Forecast, 2024–2032,” 

the global Handbag market size was valued at $ 7828 Million in 2023, and is projected to reach $ 13320 Million by 2032, registering a CAGR of 6.10% from 2024 to 2032.

A handbag is one of the most well-liked accessories for women and fits well with any ensemble. The items that shoppers value the most when they buy are handbags and purses. This is because these products aren't changed daily, in contrast to changing clothes. It also says that working women need a minimum of one purse, and that American women own three or more purses. In addition, women need purses to carry around a range of items, such as cell phones, makeup, hairbrushes, house keys, and car keys. Handbags are among the key accessories for women's fashion that express the wearer's identity and personality. Handbags also come in a range of sizes, designs, and brands. The trend of wearing designer clothing has also affected women's purchasing decisions.

Consumer awareness of environmental issues is growing. Lightweight materials are usually regarded as being more environmentally friendly since they have a lower total carbon footprint. This is consistent with the growing need for ecologically friendly products across multiple industries. The rise in disposable income that has taken place worldwide is another element. With more money to spend on luxury goods, premium lightweight handbags are starting to look like a more enticing option. This trend is influenced by how convenient online shopping is. With just a few clicks, you can browse a wide selection of high-end lightweight handbags from the comfort of your home, making luxury brands more accessible than before. Social media also matters because it is a constant source of high-end handbags and fashion models.

Tastes and fashions in handbags are constantly evolving. Businesses need to adapt to these changes and be adaptable to stay relevant. Manufacturers need to adjust their products appropriately since consumers can prefer eco-friendly materials or value functionality over luxury. The availability of phoney handbags hurts actual goods sales, particularly when those purchases are made online. This can hurt brand reputation and reduce profits for respectable handbag companies. Notwithstanding these restrictions, the handbag industry is inventive and resilient. Manufacturers are searching for ways to mitigate these challenges, such as creating distinctive brand identities, setting up efficient production processes, and securing sustainable resources.

Since they provide people with frank and accurate opinions, social media influencers and well-known personalities with large fan bases can also have a big impact on the sales of these handbags. Social media users and content creators have popularised an entire lifestyle of wealth and persona consisting of pricey handbag items from designer brands, where consumers of these products belong in society and prestige. As a result, social media sites are an essential resource for learning about new handbags. Information from social media is more trustworthy than that from sponsored content or corporate ads. Two handbag companies with great brand equity and perceptions that social media can impact are Dior and Chanel.

The handbag industry presents ongoing challenges to brands due to a highly competitive environment that demands adaptability and ingenuity. It is difficult for new entrants to get momentum and for incumbent enterprises to hold onto market share due to the significant brand saturation in the industry. These problems are made worse by the growth of e-commerce, whose distribution and marketing strategies are very different from those in traditional retail settings.

Global Handbag Market, Segmentation

The Handbag market is segmented on the basis of Product Type, Raw Material, End Users, Distribution, and region.

Product Type:

The product type segment is further classified into into Tote bag, Clatch, Satchel, Other (Hobo, Body Cross, Saddle). Among these, the tote bag sub-segment accounted for the highest market share in 2023. A tote bag is a large, typically unfastened bag with handles that protrude parallel from the sides of the bag. Tote bags are a common material used to make reusable grocery bags. The traditional tote bag is made of sturdy fabric and may have thick leather accents on the handles or bottom; leather tote bags often have patterned surfaces. Options for fabrics include nylon and other low-maintenance synthetics, as well as jute and natural canvas. These could degrade if exposed to sunlight over an extended period. Many low-cost bags are constructed from recycled materials, minimally processed natural fibres, or by-products of organic resource refinement processes. Tote bags have recently been promoted as a more environmentally friendly option to single-use plastic bags.

End Users:

The End Users segment is further classified into Men, Women, Unisex. Among these, the women sub-segment is anticipated to show the fastest growth by 2032.Women's purses and handbags are stylish accessories designed to store personal items like wallets, makeup, cell phones, and other essentials. They are available in a range of sizes, shapes, materials, and styles to suit different client tastes and occasions. Market data indicates that the women's purse and handbag sector is continuing to rise because of the increasing number of working women, changing fashion trends, and rising disposable income. Furthermore, e-commerce platforms have grown in popularity, making it easier for shoppers to access a wide selection of purses and handbags from the convenience of their homes.

Region:

The Handbag market in Asia-Pacific is projected to show the fastest growth by 2032. The structure of the worldwide handbag market saw a dramatic change in 2023 when the Asia Pacific area became the clear leader. Strong cultural, technical, and economic factors contribute to its power. The rising middle class in Asia-Pacific has more disposable money because of the region's economic expansion. This increased purchasing power raises the demand for premium products like designer handbags. Unlike previous generations, consumers today are not just concerned with necessities. An increasing percentage of people's income is going into expressing their own styles and splurging on expensive fashion products.

Some of the leading Handbag market players are

• Coach (United States)
• Michael Kors (United States)
• Kate Spade (United States)
• Portchester (United States)
• Giggle Handbag (United States)
• Mulberry (United Kingdom)
• Burberry (United Kingdom)
• Louis Vuitton (France)
• Chanel: Neuilly-sur-Seine (France)
• Hermès (France)
• Longchamp (France)
• Givenchy (France)
• Balenciaga (France)
• Dior (France)
• Celine (France)

Key Industry Developments

• In March 2023, Hermès International S.A. announced the launch of six new handbags for Fall/Winter 2023: Sac Mini Médor, Sac So Medor, Drawstring Tote Bag, Arcon Bag, Fringe Birkin, and Harness Birkin. The collection was classic and modern at the same time, with an entirely feminine look.
• In Feb 2023, Gucci, with support of Kering, is pleased to announce the launch of the first hub for circular luxury in Italy. The “Circular Hub” will aim to accelerate the circular transformation of the Italian fashion industry's production model, through the redefinition of the entire value chain. Starting from raw materials and design, through to production optimisation and logistics, the Circular Hub will be an open innovation platform for the design and manufacturing of circular products and the scouting of new solutions.

Key Findings of the Study / Key Industry Developments. 

• Tote Bag Segment Is Expected to Dominate the Market During the Forecast Period.
• Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
• Technology Integration and Social Media Enhance the Demand.