Global handbags market is forecasted to grow at a CAGR of 4.5% during the forecast period (2019 - 2024).
- The handbags market are driven by the rising fashion industry, with handbags playing as a major fashion statement. Also, the increasing social media influence on the consumers from Instagram and Twitter is responsible for the inclination of potential consumers toward the market. Since the majority of the global young adult population is engaged in these social media platforms, handbag companies are targeting their product range at this age group.
- Some of the major players of the market are Christian Dior SE, Louis Vuitton SE, and Prada Holding BV, which are dominating the handbags market.
Scope of the Report
The market has been segmented by product type, distribution channel, and geography. By product type, the market has been segmented into the satchel, bucket bag, clutch, tote bag, and other product types. By distribution channel, the market has been segmented into online retail stores and offline retail stores. By geography, the market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key Market Trends
Rising Demand Among Working Women
The female of age group ranging 15-64 years is the main consumer of the handbags market, with the gender demographics portraying the share of the female population of more than 50% in this age group, globally, accounting for the potential consumers of the market. Also, the rising women population in the workforce is increasing the purchasing power of the group, and hence, increasing the demand for handbags. The rise in the popularity of premium handbags has been playing a pivotal role in the handbags market, as the working population has been investing significantly on these brands. There has been a wider availability of these products through online channels, which has further made the shopping experience seamless, as there is a convenience in the availability of brands under one platform.
India is Projected to Record Significant Growth in Handbags Market
Indian consumers are increasingly becoming brand conscious about their consumption choices, especially those that reflect their style and personality. Hence, the handbags segment in India has witnessed an evolution in the recent past. The fashion accessories segment has gone from being a mere necessity purchase to gaining a foothold in the lifestyle shopping category. An increase in the growth of e-commerce, with the facilities of online shopping, is also expected to contribute significantly to the growth of the retail market, in the coming few years. The market that had only a few national brands, such as Hidesign, Da Milano, and Baggit, is now flooded with exclusive domestic brands and international players, including Louis Vuitton, Bagzone, Caprese, and many more. Increased access to online shopping sites, such as Flipkart and Amazon, provide considerable discounts and promotional offers.
The market studied is highly competitive, with a considerable number of regional and global players. The major strategies adopted by these companies include product innovations, expansions, and mergers and acquisitions. The major players dominating the global handbags market are Coach, Kate Spade, LVMH, Michael Kors, Ted Baker, Baggit, Hidesign, Fossil, and Gucci. An advanced distribution network provides a competitive advantage to the key market players. Moreover, it is crucial for players to continuously innovate, in order to operate and grow in the market, due to the rapidly changing consumer demands and preferences.
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