Luxury Handbags Market Research Report Information By Type (Clutches, Crossbody Bags, Shoulder Bags, Satchels, Hobo Bags, Tote Bags, Briefcases, and Others), By Material Type (Leather, Cotton, Synthetic, and Others), By Consumer Group (Men, Women, and Unisex), By Distribution Channel (Store-Based and Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

Global Luxury Handbags Market Overview:

The Luxury Handbags Market Size was valued at USD 30,849.5 million in 2021. The luxury handbags market industry is projected to grow from USD 33,070.66 million in 2022 to USD 53,802.99 million by 2030, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2022 - 2030). Increasing per capita disposable income in various emerging countries and the presence of various top brands are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Luxury Handbags Market Trends

• Rising female employment rate and increasing inclination towards fashion products to boost the market growth

The demand for the product has grown significantly due to the rising participation of women in the workforce, which increases their purchasing power. For example, the International Labor Organization data estimates that 48.5% of women participated in labor in 2018. Furthermore, the significant female consumer spending contribution is anticipated to increase the consumption rate. For instance, the estimated value of female consumer spending globally in 2019 is USD 31.8 trillion. Additionally, the market is progressing because of the rising female literacy rate globally, which has increased awareness of the availability of goods and products like luxury handbags. For instance, the World Bank estimates 83.024% of adult females were literate in 2019.

Customers' growing demand for environmentally friendly and sustainably produced luxury handbags also creates significant market expansion potential. Manufacturers and brands of luxury handbags, including Bellroy, Angela Roi, ABLE, BAGGU, von Holzhausen, Pixie Mood, GUNAS, and A A K S, sell handbags manufactured from sustainable, plant-based and vegan leather as well as other materials. For instance, in June 2020, Guccio Gucci S.p.A. introduced all-sustainable collections, including footwear, outwear, pants, tote bags, backpacks, mini bags, and accessories made from recycled, organic products and sustainable sources.

A wide range of attractive luxury handbags is produced due to the luxury fashion industry's robust growth, helping the market expand globally. For instance, data from the Business of Fashion Ltd. and McKinsey & Company's research on "The State of Fashion 2019" indicate that the fashion industry is expected to employ 300 million people and is valued at USD 1.3 trillion. Furthermore, advertising and endorsement initiatives run by well-known personalities attract more consumers and navigate the path to expanding demand. For instance, in July 2018, Penelope Cruz was selected by Chanel to serve as its brand ambassador, which has enhanced the luxury handbags market CAGR across the globe in recent years.

The market has been expanding significantly due to increased spending on goods via online platforms. Due to festive and seasonal sales, discounted prices, and the accessibility of various products on websites, startup e-commerce, and e-retailers websites have gained more traction. For instance, in 2020, consumers spent approximately USD 2.4 trillion on online purchases, another factor driving the growth of the luxury handbags market revenue.

Luxury Handbags Market Segment Insights

Luxury Handbags Type Insights

The luxury handbags market segmentation, based on type, includes clutches, crossbody bags, shoulder bags, satchels, hobo bags, tote bags, briefcases, and others. The tote bags segment held the majority share in 2021. Tote bags are multipurpose bags that can be used for various purposes. Consumers prefer tote bags because of their size and material. When compared to other luxury handbags, totes are larger. These bags make it simpler for customers to carry essentials to universities, offices, and other places. Tote bag sales are also being driven by the growing popularity of Korean fashion and aesthetics among younger consumers.

Luxury Handbags Material Type Insights

The luxury handbags market segmentation, based on material type, includes leather, cotton, synthetic, and others. The leather segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Leather is the primary raw material for luxury handbags. In developed and developing economies, luxury consumer spending is the main driver of the leather handbag market. Many working women globally are willing to invest money in leather handbags. Hence, rising disposable income for luxury handbags positively impacts market growth.

Luxury Handbags Consumer Group Insights

Consumer groups have bifurcated the luxury handbags market data into men, women, and unisex. The women segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Women are frequently drawn to appealing fashions and accessories like goods and luxury handbags. The gradual rise in working women and the high demand for unique, elegant luxury handbags are major drivers of market expansion globally.

Figure 2: Luxury Handbags Market by Consumer Group, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Luxury Handbags Distribution Channel Insights

Based on Distribution Channel, the luxury handbags industry has been segmented into store-based and non-store-based. The store-based distribution channel held the largest segment share in 2021. The inclination of customers to buy luxury goods from exclusive stores or company stores is a key driver in this market segment's expansion. These company stores offer customers personalized products and make it simple to assess the handbags' quality personally.

Luxury Handbags Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Europe market accounted for USD 12,278.10 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. It is attributed to the region's rising demand for fashion, luxury goods, jewelry, and couture. The existence of well-known brands like Gucci, Burberry, and Louis Vuitton also drives the market demand in this area.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: LUXURY HANDBAGS MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Asia-Pacific luxury handbags market accounts for the second-largest market share and is expected to grow at the fastest CAGR from 2022 to 2030. The market demand for this region is also driven by rising demand in several growing economies like China and India. Moreover, strong market competitors coupled with a strong distribution network increase demand in the market. Further, the China luxury handbags market held the largest market share, and the India luxury handbags market was the fastest-growing market in the Asia-Pacific region.

The North America Luxury Handbags Market accounts for a significant share of the luxury handbags market. Rising personal disposable income among the population drives this region's market demand. The demand for luxury handbags is rising due to the region's rapidly expanding fashion industry. Moreover, the US luxury handbags market held the largest market share, and the Canada luxury handbags market was the fastest-growing market in the North America region.

Luxury Handbags Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the luxury handbags industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the luxury handbags industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the luxury handbags industry has provided handbags with some of the most significant benefits. In the luxury handbags market, major players such as PVH Corp. (US), MCM Worldwide (Germany), Michael Kors GmbH (Switzerland), Ralph Lauren Corporation (US), and others are working on expanding the market demand by investing in research and development activities.

Dolce & Gabbana S.R.L. (Italy), also known by the initials D&G, is an Italian luxury fashion house founded in 1985 in Legnano by Italian designers Domenico Dolce and Stefano Gabbana. The brand, which focuses on ready-to-wear, handbags, accessories, and cosmetics, licenses Luxottica to use its name and branding for eyewear. In 2019, the size range of Dolce & Gabbana S.R.L. (Italy) has been increased to UK 22. Even while other luxury fashion houses cater to women with sizes up to UK 16, the Italian label was one of the first to embrace body positivity and more inclusivity for women.

Also, Chanel S.A. (France) is a French luxury fashion house in Paris. With a focus on luxury goods, accessories, and ready-to-wear for women, Chanel licenses its name and branding to Luxottica for eyewear. Chanel is credited with revolutionizing ready-to-wear and haute couture by swapping out structured, corseted shapes for more functional garments that women still found attractive. In 2019, Chanel SA introduced a spring/summer collection of various handbag styles. Currently, these handbags come in a variety of colors, including pink, blue, and yellow. These handbags also have calfskin and gold-tone metal accents.

Key Companies in the market include

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   PVH Corp. (US)

  
  


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  MCM Worldwide (Germany)

  
  


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  Michael Kors GmbH (Switzerland)

  
  


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  Ralph Lauren Corporation (US)

  
  


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  Cartier International SNC (France)

  
  


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  Guccio Gucci S.p.A. (Italy)

  
  


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  Giorgio Armani S.p.A. (Italy)

  
  


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  Valentino S.p.A. (Italy)

  
  


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  Burberry Group PLC (UK)

  
  


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  Chanel S.A. (France)

  
  


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  Dolce & Gabbana S.R.L. (Italy)

  
  


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  Prada S.p.A. (Italy)

  
  


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  Atelier (US)

  
  


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  Louis Vuitton (France)

  
  


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  Tory Burch LLC (US), among others

  
  

Luxury Handbags Industry Developments

November 2019: The traditional luxury handbag line-up by VKY Original, including totes and messenger bags with their distinctive secret interior, has been introduced.

November 2019: The luxury goods company Tiffany & Co. will be purchased by the French clothes and handbag company LVMH for USD 16.2 billion.

Luxury Handbags Market Segmentation

Luxury Handbags Type Outlook

• Clutches


• Crossbody Bags


• Shoulder Bags


• Satchels


• Hobo Bags


• Tote Bags


• Briefcases


• Others

Luxury Handbags Material Type Outlook

• Leather


• Cotton


• Synthetic


• Others

Luxury Handbags Consumer Group Outlook

• Men


• Women


• Unisex

Luxury Handbags Distribution Channel Outlook

• Store-Based


• Non-Store-Based

Luxury Handbags Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America