Increasing awareness about the benefits of women’s bags and handbags has led to a large increase in the market for these products. The market is expected to grow at a CAGR of 10.4% between 2011 and 2023. This increase is primarily driven by factors such as the growing number of women who prefer using bags and handbags for carrying their belongings and the increased popularity of fashion accessories.
Increasing demand for luxury items is expected to boost the growth of the global handbags market. The growth is mainly driven by rising per capita income, increasing female workforce participation, and increased awareness of luxury items among the women.
Europe holds the largest share of the Women’s Bags & Handbags market with over 34 percent in 2020. Increasing demand for fashion accessories, especially in countries with higher per capita income, is driving the market in Europe. In fact, the European market presents huge opportunities for the consumer goods sector. Asia Pacific is also expected to witness significant growth due to the rise in consumer purchasing power. Increased awareness of luxury goods among women and growing internet penetration are factors driving the market in Asia Pacific.
Segmentation By Type
During the recent years, the handbag industry has seen a lot of changes in its market landscape. Initially, the market was comprised of a small number of national and international players. Today, the handbag market has become a large market with various players competing with each other to dominate the market.
The segmentation of the handbag market has been based on product type, geographic regions, distribution channel and product features. The market is expected to show the highest growth rate in Asia Pacific. The growing affluence in the region is fueling the market. The market has also witnessed a rise in the number of consumers in the age group of 15-64 years. These consumers are more brand conscious and are looking for products that reflect their style. This increased demand for high-end fashion accessories has led to the growth of the industry.
Segmentation By Applications
Besides being an essential accessory for women, handbags are a significant fashion statement in the growing fashion industry. The increasing availability of stylish products and the increase in per capita income are driving growth. The market is expected to grow at a significant CAGR over the forecast period.
The market for bags and handbags is segmented by type, region, and application and distribution channel. The market is further divided into two sub-segments, namely the handbags & purses segment and the clutch bag market. The clutch bag market is expected to grow at a high CAGR over the forecast period.
Across the globe, handbags are among the most popular accessories for women. They are convenient, portable, and can be worn to complete an outfit. They are available in a variety of shapes and colors. They are also affordable and durable. The global handbags market is dominated by a variety of players, including Coach, Kate Spade, Michael Kors, and others. These companies adopt various strategies, including mergers and acquisitions, expansions, and product innovations.
The demand for handbags has also increased due to the emergence of various online shopping portals. This has led to the growth of the industry. In addition, the growing demand for designer bags is also projected to boost the market.
Opportunities And Threats
Among the various products and services in the global ladies handbag market, the handbag is the most popular accessory. Alternative to eBay market is a highly competitive one, with several players competing to capture a piece of the pie. In addition to the competition, players in the market might experience challenges in the form of shrinking profit margins, currency translation, and logistics issues.
The Lady Bags Market report is a comprehensive research study of the global market. It focuses on the most important aspects of the market and aims to provide the consumer with a detailed analysis of the market’s various segments. The report also covers the key players, their respective innovations, products, and strategies.
Whatever, various types of Women’s Bags & Handbags are available in the market? They are produced from quality raw materials and are adaptable to daily needs. They are also available in different sizes and colors. They are mainly used for carrying personal items. So, its best way for you.