Press release
Handbag Market Insights: Demand Dynamics and Forecast to 2033
Handbag Market
The Business Research Company presents an extensive market research report on the Handbag Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The handbag market size has grown strongly in recent years. It will grow from $58.5 billion in 2023 to $63.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to fashion trends and styles, luxury brand influence, rising disposable income, celebrity endorsements, functional versatility.
The handbag market size is expected to see strong growth in the next few years. It will grow to $81.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, rise of secondhand and vintage markets, customization and personalization, cross-industry collaborations, globalization of fashion. Major trends in the forecast period include technological integration, digital influencer marketing, innovations in materials and design, integration of technology, emphasis on inclusivity and diversity.
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Key Market Players:
Major companies operating in the handbag market report are VIP Industries Ltd., Louis Vuitton Malletier, H and M Hennes and Mauritz GBC AB, Chanel Ltd., Hermès International S.A, Fendi, Guccio Gucci S.p.A, Coach IP Holdings LLC, Tapestry, Inc., Victorias Secret and Co, Prada S.p.A, Michael Kors, Burberry, Calvin Klein Inc., ALDO Group Inc., Fossil Group Inc., Kate Spade, Zouk, Ted Bakerr, Loewe (LVMH), Zadig & Voltaire, BAGGIT, Tumi (Samsonite), Anya Hindmarch, Lino Perros, Da Milano Leathers Pvt. Ltd., Aranyani, Deeya International, MCM Worldwide, Proenza Schouler
Market Drivers:
The increasing female workforce is expected to propel the growth of the handbag market going forward. Female workforce refers to the portion of the workforce that consists of women. It represents the women actively engaged in employment or labor within various industries, sectors, and professions. As women increasingly enter the workforce and attain financial independence, their purchasing power rises. This empowerment leads women to invest in accessories such as handbags, catering to professional needs and diverse social and recreational activities. For instance, in March 2023, according to the UK Parliament, a UK-based government body, from October to December 2022, the rate of female employment stood at 72.3%. Therefore, the increase in the female workforce is driving the growth of the handbag market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/handbag-global-market-report
The handbag market covered in this report is segmented -
1) By Product Type: Satchels, Clutches, Tote Bags, Bucket Bags
2) By Material: Leather, Fabric, Synthetic
3) By Distribution Channel: Online, Offline
4) By End User Analysis: Men Segment, Women Segment
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