$ 78.46 billion in handbag market revenue by 2028 |
Pune, India, November 01, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights ™, the handbag market The size is expected to reach USD 78.46 billion by 2028, with a CAGR of 6.8% during the forecast period. shares this information in its report, titled “Handbags Market, 2021-2028”. According to the report, the market was worth $ 47.57 billion in 2020.
Increase the availability of ecological bags to stimulate the market
Handbags have always been a fashion statement among consumers, and with an enhanced sense of fashion in the days of social media influencers, pop culture and globalization, the demand for luxury consumer goods has only increased in recent years.
However, as awareness of the environment and cruelty to animals spreads, several bag brands are using new, eco-friendly materials to create sustainable handbags. For example, New York-based Angela Roi is committed to developing vegan and leather-free tote and bucket bags. Cuyana, another United States-based bag company, offers bags made from recycled and recycled materials. The growing presence of these products is expected to fuel the growth of the market in the coming years.
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List of Key Companies Covered by the Handbags Market Report:
- Calvin Klein Inc. (New York, United States)
- Hermès International SA (Paris, France)
- Fendi (Rome, Italy)
- Guccio Gucci SpA (Florence, Italy)
- Louis Vuitton Malletier (Paris, France)
- Kate Spade (New York, United States)
- Burberry (London, UK)
- Prada SpA (Milan, Italy)
- Chanel SA (Paris, France)
- Coach IP Holdings LLC (New York, United States)
The market has been segmented as follows:
Depending on the type of product, market segments include tote bags, pouches, saddlebags and others. In terms of raw material, the market has been divided into leather and fabric. Based on the end user, the market has been divided into male and female. By region, the market has been pummeled in North America, Europe, Asia-Pacific, South America, Middle East and Africa.
What does the report offer?
The report provides a detailed analysis of the main aspects of the market, namely, dominant companies, end-users, and major product types. Apart from this, the report contains tangible information on current and upcoming market trends and highlights major developments in the industry. In addition to these factors, the report provides an overall understanding of the major drivers, restraints, and segments that are contributing to the market growth.
Declining Household Income Amid COVID-19 Will Disrupt Market Growth Prospects
The COVID-19 pandemic, while causing an unprecedented slowdown in national economies, has resulted in even more severe setbacks for individual household incomes. According to the World Bank’s high-frequency surveillance telephone surveys, on average, 36% of people working before the pandemic epidemic were unemployed between April and July, while 62% of households reported a reduction in their total income. . In India, to take a country-specific example, a 5.4% drop in per capita income is envisioned, according to a report by the State Bank of India, the country’s largest lender. Under such dire circumstances, the demand for disposable consumer goods, such as handbags, is likely to decline dramatically. This is reflected in the 2020 values of the global market, with its CAGR falling by 25.6% and its size should reach $ 49.63 billion in 2021.
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Fortune Business Insights ™ Predicts Europe to Dominate Market with High Personal Income
Europe is expected to dominate the handbags market share during the forecast period owing to the high disposable incomes of consumers in the region. In 2020, the size of the European market was $ 16.14 billion. The market in the Asia-Pacific region is expected to make prolific progress owing to the increase in employment and the rapid expansion of the consumer goods industry. In addition, the growth of the young population in the region has also boosted the demand for fashion items, such as handbags. In North America, the market will be driven by the growing popularity of unisex handbags designed specifically for commercial activities.
Acquisitions and new product launches will be the dominant growth strategies for key players
Leading players in the handbag industry are making strategic acquisitions to consolidate their leadership position in this industry. This strategy has become the main growth accelerator for several fashion brands and has proven to be financially beneficial for startups and small entities. In addition to this, large bag manufacturers are increasingly focusing on developing products that use recyclable and sustainable materials to sustain their brands, thus contributing to the growth of the handbag market.
Key industry developments:
- January 2021: LVMH Moët Hennessy Louis Vuitton SE announced the successful acquisition of Tiffany & Co., the US-based jewelry brand. The buyout was important for LVMH because Tiffany’s jewelry and watch offerings perfectly complement LVMH’s 75 Maisons.
- November 2019: Prada announces the launch of Re-Nylon, a new project in which the company will showcase its iconic bags in regenerated nylon called Econyl. Produced by the manufacturer of textile yarns Aquafil, Econyl is obtained through the recycling and purification of plastic waste extracted from fishing nets, fiber waste and the oceans.
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