Global Luxury Handbags Market size can touch USD 33.94 Bn by 2024. It is anticipated to exhibit a CAGR of 6.8% over the forecast period.
Luxury handbags are bags made of high-end material and targeted at customers with high disposable income levels. The global luxury handbags market report by Market Research Future (MRFR) contains drivers, restraints, opportunities, and trends for the period of 2019 to 2024 (forecast period). The impact of the COVID-19 pandemic on its sales, production, and aftermarket service has been explored in detail in the report.
The market is expected to be buoyant owing to the penchant for luxury items by high-end customers. The increasing expendable income levels of customers and the high cost imposed on these handbags owing to their status or style statement can induce the market demand highly. Investments in luxury goods, entry of new players in the retail space, and presence of ecommerce companies is likely to benefit the market. New players are trying to enter the market due to heavy demand for luxury goods. Other players unable to gain entry are operating online for gaining access to customers and understanding customer insights. The number of tourists entering Hong Kong and other places for the prime purpose of shopping will facilitate market growth. Launch of new products which focus on finish and style are likely to demand a high share in the Global Luxury Handbags Market. For instance, Galvan has launched a new line of luxury handbags for its ready wear collection in 2019. Rising focus on minimalism and penchant for luxury clothing are expected to be major trends driving the market in the coming years.
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Giorgio Armani S.p.A, Guccio Gucci S.p.A, Chanel S.A., Ralph Lauren Corporation, Cartier International SNC, PVH Corp., Tory Burch LLC, Valentino S.p.A., Atelier, Prada S.p.A, MCM Worldwide, Michael Kors GmbH, Dolce & Gabbana S.R.L., Louis Vuitton, and Burberry Group PLC are noteworthy players of the Global Luxury Handbags Market.
The global luxury handbags market has been segmented based on type, material type, consumer group, and distribution channel.
By type, the market has been segmented into clutches, crossbody bags, shoulder bags, satchels, hobo bags, tote bags, briefcases, and others. Clutches had accounted for the largest market share in 2020 owing to the practical design and use of these bags. On the other hand, briefcases can register a strong growth rate during the forecast period owing to preference among men.
Based on material type, the market has been segmented into synthetic, cotton, leather, and others. The leather segment is bound to dominate the global luxury handbags market till 2024.
By consumer group, the market has been categorized as men, women, and unisex. The women segment had dominated in 2020 and will continue its reign till 2024.
The global luxury handbags market has been segmented by distribution channel into store-based and non-store-based.
Global Luxury Handbags Market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America and Europe are regions projected to generate significant amounts of revenue respectively for the market. This can be attributed to availability of luxury handbags in the region, presence of premium retail stores, and high expendable income levels of customers.
APAC is expected to fetch in revenue owing to significant change in fashion, rising numbers of affluent customers, and constant trade of luxury goods between India and China. Presence of key market players in the region with a dense distribution network are prime factors working in favor of the regional luxury handbags market growth. Huge demand for luxury handbags in Australia owing to a considerable number of affluent Chinese residing in the region can influence the market considerably.
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