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Future of the Handbag Market: Strategic Analysis and Forecast to 2034
Handbag
Handbag Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The handbag market has grown strongly, climbing from $63.07 billion in 2024 to $67.18 billion in 2025 at a CAGR of 6.5%. Its earlier growth was shaped by fashion trends, luxury branding, rising incomes, celebrity influence, and versatility in functionality.
Handbag Market Size Forecast: What's the Projected Valuation by 2029?
The purse industry is projected to witness robust expansion in the imminent years, escalating to $84.6 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. The swell during the prediction period can be accredited to sustainable and ethical behavior, the emergence of used and antique markets, tailoring and individualization, cross-sector partnerships, and the fashion's global prevalence. Key patterns during the expectation era constitute technological assimilation, digital influencer promotion, breakthroughs in fabric and style, technological consolidation, with a focus on inclusivity and diversity.
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What Are the Drivers Transforming the Handbag Market?
The growth of the handbag market is anticipated to be fueled by the expanding female workforce. The term female workforce signifies the segment of workers composed of women. These are women who are actively participating in various industries, occupations, and sectors as part of the workforce. As more and more women venture into the workforce and achieve financial autonomy, they experience an upsurge in their buying power. This financial empowerment encourages women to spend on commodities like handbags that fulfill their professional requirements and compliment various sociable and leisure activities. For example, the UK Parliament, a governmental institution in the UK, reported that the female employment rate was at 72.3% between October and December 2022, as of March 2023. As such, it is clear that the growth of the handbag market is being propelled by the growing female workforce.
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What Long-Term Trends Will Define the Future of the Handbag Market?
Leading corporations in the handbag industry are coming up with innovative products like the stylish Tribeca handbag to boost their earnings in the market. The Tribeca handbag is regarded as a trendy and coveted item. For instance, in January 2024, US retail and design firm Michael Kors LLC introduced the Tribeca handbag to the market. This chic accessory effortlessly elevates any outfit, and is made from plush, quilted leather. The Tribeca handbag comes in a variety of styles including cross-body and shoulder bags. It's a luxurious handbag, adorned with a polished push-lock fastening that adds a touch of class. Balancing practicality with style, it can fit personal belongings like a wallet, phone, and keys, making it an elegant and practical solution for daily use.
Which Segments in the Handbag Market Offer the Most Profit Potential?
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
Subsegments:
1) By Satchels: Structured Satchels, Soft Satchels
2) By Clutches: Evening Clutches, Daytime Clutches
3) By Tote Bags: Large Tote Bags, Medium Tote Bags
4) By Bucket Bags: Small Bucket Bags, Large Bucket Bags
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Which Firms Dominate the Handbag Market by Market Share and Revenue in 2025?
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 Baker, Loewe (LVMH), Zadig & Voltaire, BAGGIT, Tumi (Samsonite), Anya Hindmarch, Lino Perros, Da Milano Leathers Pvt. Ltd., Aranyani, Deeya International, MCM Worldwide, Proenza Schouler
Which Regions Offer the Highest Growth Potential in the Handbag Market?
North America was the largest region in the handbag market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the handbag market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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