The global handbag market size is expected to reach USD 67.9 billion by 2025, 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.
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Handbag Market Share Insights
Key players in this industry include Tapestry, Inc.; LVMH Moët Hennessy - Louis Vuitton SE; Michael Kors; Compagnie Financière Richemont SA; Gucci; Fossil Group, Inc.; Chanel S.A.; Hermès International S.A.; Prada S.p.A.; Burberry Group PLC; and Ted Baker plc. Manufacturers are expected to invest significantly in the development and innovation of quality products in order to expand their product portfolio.
Growing demand for the product and rising profit are expected to attract new players in this industry. Producers are focusing on business expansion in the emerging economies across the globe. For instance, in August 2017, Burberry launched Qixi bags namely red “Belt Bag” and red “Pin Clutch”, exclusively for China through the first WeChat Mini-Program.
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