Technavio, a leading market research firm, recently released a comprehensive report on the global handbag market. The study provides an in-depth analysis of the market’s drivers, trends, and challenges, as well as historical data from 2017 to 2021. According to the report, the global handbag market size was valued at USD 47.57 billion in 2020 and is projected to grow at a CAGR of 6.7% from 2021 to 2028, reaching USD 78.46 billion.
The luxury handbag market, a subsegment of the global handbag market, is also experiencing significant growth. Data Bridge Market Research estimates that the luxury handbag market will grow at a CAGR of 8.20% during the forecast period, with its value increasing from USD 22.61 billion in 2021 to USD 42.48 billion by 2029.
The primary target market for handbags consists of females aged 15-64 years, who account for more than 50% of the global population in this age group. This demographic is the main consumer of handbags, driving the market’s growth.
In addition to the overall handbag market, Technavio‘s report also covers the luxury handbag market, which was valued at $58.3 billion in 2018 and is expected to reach $89.9 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026. One of the major drivers of the handbag market, according to Technavio, is the personalization and customization of luxury handbags. This trend has gained popularity over the past five years, particularly in developed countries like North America and Western Europe.
The report also highlights the key players in the handbag market, including 3.1 Phillip Lim Retail LLC, CHANEL Ltd., Mulberry Group Plc, Burberry Group Plc, Capri Holdings Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana S.r.l., Fendi, Giorgio Armani S.p.A., Hermes International SA, Kering SA, Maus Freres SA, Prada Spa, PVH Corp., Ralph Lauren Corp., Rebecca Minkoff LLC, River Light V L.P., Sungjoo Group, Tapestry Inc., and The LVMH group.
Technavio’s report provides valuable insights into the market dynamics, including parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis, and future consumer dynamics. The study also offers a detailed regional analysis of the handbag market, covering Europe, North America, APAC, South America, and the Middle East and Africa.