Handbag Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Handbag Market Size Worth $67.9 Billion By 2025 | CAGR: 5.4%”
The global handbag market size is expected to reach USD 67.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% over the forecast period. Growing brand awareness of luxury bags as a fashion symbol among adults in the developing countries including India, China, and Brazil is expected to remain a key trend in the market. Furthermore, rising female workforce on a global level is expected to promote the usage of handbags over the next few years. By product, tote bag dominated the market in 2018. Consumers prefer these bags due to their large space. Necessary items such as mobile phone, wallet, laptop, sunglasses, documents, and makeup of the consumers can be fitted in these types of bags. As a result, these products have gained significant popularity among the working class women. Manufacturers have been expanding the product line of tote bags with new designs and better quality. In 2015, Furla, an Italian luxury company, launched Twist Tote bag under its Spring Summer collection. These tote bags are available in a wide range of colors including ocean onyx, petalo onyx, and emerald onyx. Leather bags dominated the market in 2018 and accounted for 48.5% share of the global revenue. Better quality and durability of the leather are driving the demand for the product across the world. Moreover, rising per capita income in the developing countries is fueling the demand for luxury goods, including leather bags.
Key competitors in this industry include Tapestry, Inc.; LVMH Moët Hennessy - Louis Vuitton SE; Michael Kors; Gucci; Fossil Group, Inc.; Ted Baker plc; Hermès International S.A.; Prada S.p.A.; Chanel S.A.; Burberry Group PLC; and Compagnie Financière Richemont SA. Industry participants are emphasizing on the establishment of new online distribution channels as customers are increasing their spending on utilizing e-commerce portals as a selling window. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/handbag-market
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