Handbags Market to Grow USD 50710 Million by 2028 with a CAGR of 4.3% | Valuates Reports

BANGALORE, India, Nov. 2, 2022 /PRNewswire/ -- Due to the COVID-19 pandemic, the global Handbags market size is estimated to be worth USD 37590 Million in 2021 and is forecast to a readjusted size of USD 50710 Million by 2028 with a CAGR of 4.3% during the forecast period 2022-2028.

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Major factors driving the growth of the Handbags market:

The handbags market is fueled due to an increase in female employment across all industries and rising brand awareness among consumers globally.  Customers' growing desire for environmentally friendly and sustainably produced handbags is creating significant handbags market expansion potential.

Furthermore, increasing disposable income along with the strategic pricing of handbag products has drawn customers with innovative marketing strategies and made a significant contribution to the handbag sector.

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TRENDS INFLUENCING THE GROWTH OF THE HANDBAGS MARKET:

The fact that many companies are concentrating on developing handbags with cutting-edge features like removable flaps, power units, outer shells, and others are presenting a growth opportunity for the Handbags market. Additionally, the increased creation of these bags, which are vegan-specific, cruelty-free, and environmentally friendly, has positively impacted purchasing trends.

The fashion industry's booming expansion leads to the creation of a broad variety of appealing handbags, which in turn helps the handbags market expand globally. Additionally, marketing initiatives carried out by well-known individuals through endorsements and commercials aid in attracting more customers and charting a road for expanding demand.

Furthermore, the handbag market has been expanding significantly as a result of rising expenditure on goods via online platforms. Due to holiday and seasonal promotions, reduced costs, and the accessibility of a wide variety of products on websites, startup e-retailers, and e-commerce websites have acquired increasing traction.

The demand for the product has grown significantly as a result of the rising participation of women in the worldwide workforce, which increases their spending power. Furthermore, the significant female consumer spending contribution is anticipated to increase the consumption rate. Additionally, the industry is progressing due to the rising female literacy rate, which has increased awareness of the availability of luxury goods and products like handbags.

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HANDBAG MARKET SEGMENTATION

By Type

• Satchel
• Bucket Bag
• Clutch
• Tote Bag
• Backpack
• Baguette Bag
• Hobo Bag
• Athletic Bags

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By Application

• Departmental Store
• Single-Branded Stores
• Online

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HANDBAG MARKET SHARE ANALYSIS:

Because they are more fashionable and have greater spending power, North America and Europe are the two most popular regions in the world for handbag sales. Due to their acceptance of western culture, other regions including the Asia-Pacific, Latin America, the Middle East, and Africa are also said to have witnessed a notable increase in the purchase of handbags.

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During the projected period, the tote bag category is anticipated to be the most profitable. Tote bags are versatile bags that can be used for a number of things. Consumers like tote bags because of their size and construction. Among the factors propelling the market are the rise in disposable income and the rise in demand for designer bags.

Key Companies:

• Michael Kors
• Coach
• Burberry
• Tory Burch
• LVMH
• D&G
• Mulberry
• Prada
• Chanel
• Hermès.

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SIMILAR REPORTS:

-  Testing, Inspection, and Certification TIC for Apparel, Footwear and Handbags market size is projected to reach USD 7788.8 Million by 2027, from USD 5624 Million in 2020, at a CAGR of 4.8% during 2021-2027.

-  Leather Chemicals market is projected to reach USD 7001.7 Million by 2028 from an estimated USD 5533.6 Million in 2022, at a CAGR of 4.0% during 2023 and 2028.

-  Reusable Shopping Bag market size is estimated to be worth USD 10550 Million in 2021 and is forecast to a readjusted size of USD 10550 Million by 2028 with a CAGR of 2.8% during the review period.

-  Athletic Bags market size is estimated to be worth USD 11670 Million in 2021 and is forecast to a readjusted size of USD 11670 Million by 2028 with a CAGR of 2.4% during the review period.

-  Backpack Travel Bag market size is estimated to be worth USD 23500 Million in 2022 and is forecast to a readjusted size of USD 27090 Million by 2028 with a CAGR of 2.4% during the review period.

-  Ladies Handbag market size was USD 25950 Million and it is expected to reach USD 31270 Million by the end of 2027, with a CAGR of 2.7% during 2021-2027.

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