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Increasing availability of designer handbags in various styles is a key factor driving market revenue growth
NEW YORK CITY, NEW YORK, USA, September 9, 2022 /EINPresswire.com/ -- The global handbags market size was USD 47.51 Billion in 2021 and is expected to register a revenue CAGR of 6.8% over the forecast period, according to the latest report by Reports and Data. The demand for handbags has increased as a result of the increasing availability of designer bags in various styles, which is driving the market revenue growth.
The market is gradually increasing as more individuals are drawn in by its fashionable appeal, high-quality construction, and attractive appearance. It is frequently utilized to improve the appearance of the user while also serving as a practical storage option. Leather is one of the most popular materials for handbags owing to its strength and toughness. As it ages, it becomes more flexible, giving its shape a distinctive form and allowing it to age gracefully without losing its fashionable appearance, form, or functionality. Leather is a natural substance which means that making a leather bag requires fewer chemicals than making a synthetic or imitation bag, which would contaminate the environment. It is expected that demand for the product would increase owing to the expansion of the travel and tourism industry. After COVID-19 since more individuals are travelling after the lockdown and using handbags to carry essential items such as wallets, cosmetics, mobile phones, laptops, and others the demand for handbags is rising.
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Some Key Highlights From the Report
• Canvas segment is expected to register a moderate revenue growth rate over the forecast period. This fabric is made of cotton or linen and is knitted or manufactured in a simple weave style. It is robust, water-resistant, and flexible. Casual clothing is complemented by sturdy, weatherproof canvas bags. The bulk of grocery store shopping bags is made of canvas. • Leather segment accounted for a significant revenue share in 2021. Leather handbag is defined as a fashion product made of premium leather, which lengthens the product's lifespan because of its appealing characteristics, which include flexibility, durability, timelessness, and is naturally waterproof. With more leather being used to make handbags, the desirability of the product has grown and has more features and qualities, including more pockets and compartments. • The offline retail store segment is expected to register a moderate revenue growth rate over the forecast period owing to the increasing popularity of exclusive brand stores, as well as increased brand awareness, which includes a variety of offers and schemes. • Women segment is expected to register a rapid revenue growth rate over the forecast period. Women can effortlessly carry their essential personal belongings with them by using fashionable bags and can safely store their medical prescription, wallets, cosmetics, and many other valuables that they need on a daily basis. There is a large selection of handbags that showcase the texture, color, and luster. Embroidered bags, satin bags, leather bags, sequin bags, jute bags, branded bags, and designer bags are some examples of the various styles of contemporary handbags that are offered. Designer handbags are the most favored of all handbags owing to their distinctiveness, durability, and design. • Market in North America is expected to register the largest revenue share in the global handbag market over the forecast period. This region’s employment rate is gradually increasing, which had a significant impact on rising consumer goods consumption. Moreover, a large proportion of the young population is more inclined to fashion products. The presence of significant industry players, including Kate Spade, and Calvin Klein Inc. are expected to drive the revenue growth of the market. • Market in Europe is expected to register the largest revenue share over the forecast period. One of the world's biggest markets for leather bags is Europe. According to research, the value of imported leather bags into Europe in 2019 was USD 4.8 Billion. Italy with USD 4.9 Billion and France with USD 3.4 Billion were the top two exporters in Europe. Together, these two countries account for about 84% of Europe’s exports of leather bags. • Companies profiled in the market report are Chanel Ltd, Guccio Gucci S.p.A., Prada S.p.A., Fendi, Hermes International S.A, Kate Spade, Calvin Klein Inc., Coach IP Holdings LLC, Louis Vuitton Mallertier, and Delsey S.A.
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For the purpose of this report, Reports and Data has segmented the global handbags market based on raw material type, distribution channel, end-use, and region:
Material Outlook (Revenue, USD Billion; 2019-2030) • Leather • Nylon • Canvas • Others
Distribution channel Outlook (Revenue, USD Billion; 2019-2030) • Offline retail stores • Online retail
End-use Outlook (Revenue, USD Billion; 2019-2030) • Women • Men
Regional Outlook (Revenue, USD Billion; 2019-2030) • North America o U.S. o Canada o Mexico • Europe o Germany o U.K. o France o Italy o Spain o Sweden o BENELUX o Rest of Europe • Asia-Pacific o China o India o Japan o South Korea o Rest of APAC • Latin America o Brazil o Rest of LATAM • Middle East & Africa o Saudi Arabia o UAE o South Africa o Israel o Rest of MEA
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