Global Luxury Handbag Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

“Global Luxury Handbag Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global luxury handbag market report has been segmented on the basis of type, material, end user, sales channel, and region.

Global Luxury Handbag Market: Introduction

Handbag is essential accessory carried by female individuals in order to carry personal items such as tiffin, document files, etc. From the recent past, luxury handbags have been considered as a symbol of prestige due to which its demand has been increasing at a significant rate.

Global Luxury Handbag Market: Market Dynamics

Increasing demand for handbags in order to carry personal stuffs and changing lifestyle of younger generation are key factors expected to drive growth of the target market. In addition, increasing disposable income and spending capacity on premium products are factors expected to support growth of the target market. Availability of handbags in various shapes, colours, and designs which offers aesthetic look to the products is expected to result in high demand for luxury or expensive handbags, thereby supporting revenue growth of the global market. Development and launch of various innovative handbags such as specific compartments for mobiles, make-up coins, etc. which is helpful to organize things in the handbag is another factor expected to augment adoption rate and growth of the global luxury handbag market. Changing consumer preferences towards new design and accessories especially because of everyday changing fashion trends among women population is a primary factor driving demand for luxury handbags, which in turn is expected to support growth of the target market over the forecast period.

However, handbags market is highly fragmented which is major factor expected to hamper revenue growth of the players in the target market. In addition, local sellers offer counterfeit products, and a consumers tend to purchase inexpensive products as compared to authenticate products, which is another factor expected to hinder revenue growth of the global luxury handbag market to a certain extent.

Global Luxury Handbag Market: Segmental Analysis

Among the type segments, the handbag segment is expected to account significant share in the market in terms of revenue, owing to its features such as convenience and easy to use.

Among the material segments, the leather segment is expected to register significant growth rate in terms of revenue, owing to its characteristics such as durability and recyclability.

The women segment is expected to account significant share in the global market in terms of revenue as compared to the men segment, owing to changing fashion trends among women population.

Global Luxury Handbag Market: Regional Insights

Increasing demand for premium bags in order to carry handbags as a fashion accessory is expected to fuel growth of the target market in Asia Pacific. In addition, increasing trend of shopping from Ecommerce websites has helped enable users to know about ongoing fashion trends which is anticipated to support growth of the target market in the region. North America market is expected to account for significant share in the global market, owing to high disposable income, coupled with willingness to pay high cost for premium products. Markets in other three regions are expected to register relatively lower growth rate over the forecast period.

Segmentation and Key Players Operating in Global Luxury Handbag Market:

Segmentation by type:

• Handbag
  • Shoulder Bags
  • Satchel Bags
  • Sling Bags
  • Tote Bags
  • Hobo Bags
• Backpack
• Wallet
• Others (Laptop bags and Messenger Bags)

Segmentation by material:

• Cotton
• Leather
• Nylon
• Synthetic

Segmentation by end user:

• Men
• Women

Segmentation by sales channel:

• Specialty retailers
• Department stores
• E-commerce Websites

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa