Handbag Market to Touch $78.46 Billion by 2028; Developments in Tourism and Transport Sector to Boost Market Growth

The global handbag market size is projected to grow substantially by reaching USD 78.46 billion by 2028 from USD 49.63 billion in 2021. Fortune Business Insights™ in its report titled "Handbag Market Size, Share & COVID-19 Impact Analysis, By Product Type [Tote, Clutch, Satchel, and Others (Hobo, Body Cross, and Saddle)], By Raw Material (Leather and Fabric), and By End-User (Men and Women), and Regional Forecast, 2021-2028" observes that the market size stood at USD 47.57 billion in 2020 and is projected to exhibit a CAGR of 6.7% during 2021 and 2028. Developing tourism and transport industry and rising preferences towards premium fashion products are likely to fuel the growth of the market. 

Sequential Brands Group Partnered with Jessica Simpson to Improve Brand Image

Sequential Brands Group entered into a partnership with Jessica Simpson in November 2019. The organizations signed a multi-year licensing agreement with Centric Brands Inc. for the manufacturing, development, and distribution of entrepreneur and entertainer's jewelry and handbags. The development is expected to provide the company with an opportunity to elevate its handbags and jewelry collections' position in the global market. Further, the company plans to produce trend-forward designs and bags to attract the consumer's attention. In addition, this strategy is expected to boost the company's sales and improve its brand image.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/handbag-market-103860

Rapidly Progressing Fashion Industry to Bolster Market Growth

Evolving consumer preferences and increasing spending capacity have led to the adoption of fashion products. The adoption of a wide range of handbags is likely to foster the product's sales. As per the data provided by the Business of Fashion Ltd and McKinsey & Company's report titled ‘The State of Fashion 2019’ the market reached USD 1.3 trillion and is anticipated to employ approximately 300 million people globally. Further, a rising number of sales from the female population are likely to escalate the product's adoption. According to the information provided by Catalyst.Org, the total female consumer spending reached approximately USD 31.8 trillion in 2019. In addition, the incorporation of promotional campaigns by manufacturers attracts consumers and boosts adoption. For example, as per the National News (UAE), in July 2018, Chanel selected Penelope Cruz as its brand ambassador. These factors are likely to drive the handbag market growth. 

Major Players Launch Innovative Products to Improve Brand Image

Prominent companies operating in the market launch innovative products to satisfy consumer demand and boost brand image. For example, VKY Original launched a slew of classic luxury bags including tote and messenger bags in November 2019. The bags are designed using a signature concealed secret lining to increase the bag's appeal. This launch may enable the company to boost its brand image globally. Moreover, the adoption of acquisition strategies may enable manufacturers to acquire resources and produce quality products. This strategy can boost companies' annual revenues. 

Industry Development

• November 2019: LVMH a French bag and clothing manufacturer acquired Tiffany & Co. for USD 16.2 billion. 

LIST OF KEY MARKET PLAYERS PROFILED:

• Coach IP Holdings LLC (New York, U.S.)
• Louis Vuitton Malletier (Paris, France)
• Chanel Ltd. (Paris, France)
• Guccio Gucci S.p.A. (Florence, Italy)
• Prada S.p.A. (Milan, Italy)
• Fendi (Rome, Italy)
• Burberry (London, U.K.)
• Hermès International S.A. (Paris, France)
• Kate Spade (New York, U.S.)
• Calvin Klein Inc. (New York, U.S.)

Further Report Findings

• The market in Europe stood at USD 16.14 billion in 2020 and is expected to gain the largest portion of the global handbag market share. Rising per-capita income and evolving consumer preferences are likely to boost handbag adoption. Further, the presence of several major players is likely to increase sales. 
• Moreover, the rising demand for premium fashion items is likely to boost the bag's adoption. The presence of a developed manufacturing sector is likely to boost handbag production. These factors are likely to boost the growth of the industry.
• According to product analysis, the tote segment is expected to lead the market. The bag's convenience, versatility, and storage capacity are likely to boost handbag sales. These factors are expected to boost the growth of the market. 

Segmentation Table: