The Handbag Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Handbag Global Market Report 2024, The handbag market size has grown strongly in recent years. It will grow from $58.5 billion in 2023 to $63.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to fashion trends and styles, luxury brand influence, rising disposable income, celebrity endorsements, functional versatility.
The handbag market size is expected to see strong growth in the next few years. It will grow to $81.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, rise of secondhand and vintage markets, customization and personalization, cross-industry collaborations, globalization of fashion. Major trends in the forecast period include technological integration, digital influencer marketing, innovations in materials and design, integration of technology, emphasis on inclusivity and diversity.
The increasing female workforce is expected to propel the growth of the handbag market going forward. Female workforce refers to the portion of the workforce that consists of women. It represents the women actively engaged in employment or labor within various industries, sectors, and professions. As women increasingly enter the workforce and attain financial independence, their purchasing power rises. This empowerment leads women to invest in accessories such as handbags, catering to professional needs and diverse social and recreational activities. For instance, in March 2023, according to the UK Parliament, a UK-based government body, from October to December 2022, the rate of female employment stood at 72.3%. Therefore, the increase in the female workforce is driving the growth of the handbag market.
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The handbag market covered in this report is segmented –
1) By Product Type: Satchels, Clutches, Tote Bags, Bucket Bags
2) By Material: Leather, Fabric, Synthetic
3) By Distribution Channel: Online, Offline
4) By End User Analysis: Men Segment, Women Segment
Major companies operating in the handbag market are innovating new products such as stylish Tribeca handbag to increase their profitability in the market. The Tribeca handbag is a popular and stylish handbag. For instance, in January 2024, Michael Kors LLC, a US-based retail and design company launched Tribeca handbag. The Tribeca handbag serves as a fashionable accessory that effortlessly enhances any ensemble. Crafted from supple, quilted leather, it comes in diverse styles like cross-body and shoulder bags. This luxe and chic handbag is adorned with a polished push-lock fastening, imparting a touch of sophistication. Practicality meets style as it accommodates personal items such as a wallet, phone, and keys, making it an ideal and fashionable choice for everyday use.
The handbag market report table of contents includes:
- Executive Summary
- Handbag Market Characteristics
- Handbag Market Trends And Strategies
- Handbag Market – Macro Economic Scenario
- Global Handbag Market Size and Growth
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- Global Handbag Market Competitive Benchmarking
- Global Handbag Market Competitive Dashboard
- Key Mergers And Acquisitions In Handbag Market
- Handbag Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- VIP Industries Ltd
- Louis Vuitton Malletier
- H and M Hennes and Mauritz GBC AB
- Chanel Ltd.
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