Luxury Handbag Market Expected to Reach $89.9 Billion by 2026

The luxury handbag market size was valued at $58.3 billion in 2018 and is expected to reach $89.9 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.

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In an age of fast changing trends, luxury handbag manufacturers have started to keep an eye on the new consumer class, HENRYs (High-Earners-Not-Rich-Yet), which is on the rise nowadays and is anticipated to become increasingly relevant in the future. In addition, companies are committing to make significant investments to stimulate interest of the younger segment of the population, i.e. millennials and Gen Z, also known as customers of the future. According to the Equifax, a consumer credit agency, HENRYs earn between $100,000 and $250,000 and have digital savvy, love online shopping, and are big spenders on luxury products. In addition, continuous efforts of luxury handbag manufacturers on the evolution of their product offerings, coupled with rise in per capita income of target customers are some of those key reasons behind the growth of the global luxury handbag market.

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The global luxury handbag market is segmented on the basis of type, distribution channel, and region. By type, it is classified into handbag, backpack, wallet, and others. By distribution channel, it is segmented into duty-free stores, online stores, discount stores, hypermarkets, and specialty stores. By region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (German, France, the UK, Italy, Spain, the Netherlands, and Rest of Europe), Asia-Pacific (Japan, China, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key players profiled for luxury handbag industry include LVMH, Furla SpA, Longchamp, Luxottica Group, Mulberry Group, Vera Bradley, Guccio Gucci S.p.A, Samsonite International S.A./Tumi brand, Valentino S.p.A., and ZV France SAS

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