Handbag Market to Grow by 14.1 Billion Dollars, Say Report

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…