Luxury Handbag Market is Prospering at USD 42.48 billion with CAGR of 8.20% by 2029, Size, Share, Emerging Trends, Historic Analysis and Industry Growth Factors


” Another business knowledge Report released by Data Bridge Market Research with title Global Luxury Handbag Market – Industry Trends and Forecast to 2029 Geography, By Type (Handbag, Backpack, Wallet, Others), Material (Cotton, Leather, Nylon, Synthetic), End-User (Men, Women, Unisex), Distribution Channel (Duty-Free Stores, Online Stores, Discount Stores, Hypermarkets, Specialty Stores)  has capacity to become the largest market worldwide as it has remained assuming a momentous job in building up dynamic effects on the general economy.

Data Bridge Market Research analyses that the luxury handbag market is expected to undergo a CAGR of 8.20% during the forecast period. This indicates that the market value, which was USD 22.61 billion in 2021, would rocket up to USD 42.48 billion by 2029. “Handbag” dominates the type segment of the luxury handbag market owing to the rising number of fashion-conscious consumers globally.

The latest Global Luxury Handbag Market report which has been released by Data Bridge Market research highlights the present Chemical and Materials industry circumstances on an enormous scale to give the Luxury Handbag Market improvements, market size and advancement gauges. The principle component details are identified with Luxury Handbag Market’s basic market segments, competitive analysis and market imperatives are exhibited in this report. Further, this report records the market definition, applications, market scope, and significant regions.

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Luxury Handbag Market

Millennials and generation Z spends a huge chunk of their salaries in buying luxury goods and services. Luxury handbags are manufactured using high grade leather and are designed by professional stylists. Guccio Gucci S.p.A. (Italy), Giorgio Armani S.p.A. (Italy), Valentino S.p.A. (Italy), Burberry Group PLC (UK), Chanel S.A. (France), Dolce & Gabbana S.R.L. (Italy), Prada S.p.A. (Italy), Atelier (US), Louis Vuitton (France) and Tory Burch LLC (US) are the major players operating in this market.

Global Luxury Handbag Market Definition

From the name itself, it is clear that luxury handbag are the handbags that are crafted using high grade and quality materials. Luxury handbags are manufactured by skilled craftsmen and are seen as an investment and a symbol of prestige. Luxury handbags are easily available via online and offline modes of distribution.

Report Scope and Market Segmentation

REPORT METRIC DETAILS
Forecast Period 2022 to 2029
Base Year 2021
Historic Years 2020 (Customizable to 2019 – 2014)
Quantitative Units Revenue in USD million, Volumes in Units, Pricing in USD
Segments Covered Type (Handbag, Backpack, Wallet, Others), Material (Cotton, Leather, Nylon, Synthetic), End-User (Men, Women, Unisex), Distribution Channel (Duty-Free Stores, Online Stores, Discount Stores, Hypermarkets, Specialty Stores)
Countries Covered U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered Macy’s Inc. (US), MARC JACOBS INTERNATIONAL, LLC (US), Michael Kors (US), LACOSTE (France), PVH Corp. (US), MCM Worldwide (Germany), Michael Kors GmbH (Switzerland), Ralph Lauren Corporation (US), Cartier International SNC (France), Guccio Gucci S.p.A. (Italy), Giorgio Armani S.p.A. (Italy), Valentino S.p.A. (Italy), Burberry Group PLC (UK), Chanel S.A. (France), Dolce & Gabbana S.R.L. (Italy), Prada S.p.A. (Italy), Atelier (US), Louis Vuitton (France) and Tory Burch LLC (US)
Market Opportunities
  • Rising number of fashion bloggers
  • Increasing women working population base
  • Rising research and development opportunities

Luxury Handbag Market Dynamics

Drivers

  • Fashion Consciousness Influenced The Market Growth

Growth in the number of social media bloggers coupled with rising penetration of social media platforms is widening the scope of growth for the market. In other words, rising awareness about the latest trends and designs via celebrity and blogger endorsements coupled with the consciousness to wear the latest trends is directly influencing the market growth of the market. Also, growth and expansion of consumer goods industry is directly influencing the market growth rate.

  • Growing Awareness to Direct the Market Demand and Supply

Increased awareness about the different types of brands in the market is inducing increased demand and supply on global scale. Rising availability of a wide array of raw materials to manufacture the handbags is inducing a good market growth rate.

  • Growing Disposable Income to Direct the Market Growth

Rising spending capacity on premium products coupled with increasing internet penetration is inducing the market growth rate. Additionally, the rise in the use of personal stuff and the prevalence of improved distribution sector is creating a great scope of growth for the market.

Opportunities

  • Rising Research and Development Operations

Increased funding from federal government pertaining to the research and development proficiencies is also bolstering the growth of the market. Research and developmental operations directed towards sustainable development will ensure optimum and judicious use of resources, thereby improving the market value.

  • Rise in the Technological Advancements

Rising technological advancements pertaining to the manufacturing technology is further inducing growth in the market value. Increasing number of technological advancements driven with a view to minimize the production costs and wastage coupled with rise in the acceptance of laundry services that are accessible over the internet has ensured a bright future for the market.

Furthermore, upsurge in the strong demand for various end-use industries will positively impact the market’s growth rate. Additionally, rise in the awareness among people about e-commerce platforms and growing awareness regarding the benefits of handbags will further cushion the market’s growth rate. Also, rising number of product innovation activities rising number of working women population across the globe and availability of different colors, shapes, and designs that offer aesthetic appeal will further increase the demand of the smart bottle market.

Restraints/Challenges Global Luxury Handbag Market

On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities, uneven high cost of the products and negative impact of COVID-19 on supply chain are expected to obstruct market growth. Also rising import duties and high taxation coupled with supply of counterfeit products and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2022-2029.

This luxury handbag market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the luxury handbag market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Luxury Handbag Market

COVID-19 had a negative impact on the market. This was because of the shutdown of the manufacturing facilities and plants owing to the lockdown and restrictions. Supply chain and transportation disruptions further crated hindrances for the market. In other words, the industry faced a backlash owing to the disruptions in value chain, including workforce losses, raw materials supply, trade and logistics, and uncertain consumer demand. The decrease in production of luxury handbags during the COVID-19 further derailed the market growth rate. However, when some relaxations were given, e-commerce sales saw a rise owing to the rising penetration of online and e-commerce channels. The future as well of the market is on the brighter side owing to the increased proliferation of internet and e-commerce channels.

Recent Development

  • In February 2022, Louis Vuitton a French company is increasing its capacity to produce ultra-high-end handbags, to ramp up competition in France with Hermès USA. On the other hand, Hermes USA is opening three new factories as it wrestles to keep up with the demand for some of its products.

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Geographical Analysis:

This section involves the complete examination of the regions all over the world which are going to experience fastest growth in the Luxury Handbag Market -:

Geologically, this report covers a few key regions:

  • North America (United States, Canada and Mexico),
  • Europe (Germany, France, UK, Russia and Italy)
  • Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
  • South America (Brazil, Argentina, Colombia and so on.)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Table of Content Luxury Handbag Market

Chapter 1, Definition, Specifications and Classification of Luxury Handbag Market, Applications, Market Segment by Regions;

Chapter 2, Manufacturing Cost Structure, Raw Material and Suppliers, Manufacturing Process, Industry Chain Structure;

Chapter 3, Technical Data and Manufacturing Plants Analysis of Luxury Handbag Market, Capacity and Commercial Production Date, Manufacturing Plants Distribution, R&D Status and Technology Source, Raw Materials Sources Analysis;

Chapter 4, Overall Market Analysis, Capacity Analysis (Company Segment), Sales Analysis (Company Segment), Sales Price Analysis (Company Segment);

Chapter 5 and 6, Regional Market Analysis that includes United States, China, Europe, Japan, Korea & Taiwan, Luxury Handbag Market Analysis (by Type);

Chapter 7 and 8, Luxury Handbag Market Analysis (by Application) Major Manufacturers Analysis;

Chapter 9, Market Trend Analysis, Regional Market Trend, Market Trend by Product Type, Market Trend by Application Residential, Commercial, Industrial;

Chapter 10, Regional Marketing Type Analysis, International Trade Type Analysis, Supply Chain Analysis;

Chapter 11, The Consumers Analysis of Luxury Handbag Market;

Chapter 12, Market Research Findings and Conclusion, Appendix, methodology and data source;

Chapter 13, 14 and 15, channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source

Essential Points to focus on:

  • This report gives stick guide investigation toward changing competitive elements.
  • It gives a forward-looking point of view on various variables driving or limiting business sector development.
  • It gives five-year estimate surveyed based on how the market is anticipated to develop.
  • Includes strategies of key players along with their profiles.
  • In-profundity market division analysis.
  • Presents recent industry patterns and advancements.

Browse Complete Table of Contents at: https://www.databridgemarketresearch.com/toc/?dbmr=global-luxury-handbag-market

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Luxury Handbag Market is Prospering at USD 42.48 billion with CAGR of 8.20% by 2029, Size, Share, Emerging Trends, Historic Analysis and Industry Growth Factors

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