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Luxury Handbags Market Key Trends 2019: Industry Leaders Analysis, Manufacturer Review, Consumer Interest, Competitors Landscape, Investments, Growth, Statistics and Forecast 2024

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Luxury Handbags Market Key Trends 2019: Industry Leaders Analysis, Manufacturer Review, Consumer Interest, Competitors Landscape, Investments, Growth, Statistics and Forecast 2024

September 05
16:17 2019
Luxury Handbags Market Key Trends 2019: Industry Leaders Analysis, Manufacturer Review, Consumer Interest, Competitors Landscape, Investments, Growth, Statistics and Forecast 2024

Luxury Handbags Market Research Report
Global Luxury Handbags Market Research Report Information by Type (Clutches, Crossbody Bags, Shoulder Bags, Satchels, Hobo Bags, Tote Bags, Briefcases), Material Type (Leather, Cotton, Synthetic), Consumer Group (Men, Women and Unisex), Distribution Channel (Store-Based and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) Industry Forecast till 2024

The Global Luxury Handbags Market size is estimated to reach USD 33.94 billion at a CAGR of 6.8% by the end of 2024. The luxury handbags market is mainly concentrated in the US, France, Germany, and Italy due to high brand awareness, presence of market players, and high per capita disposable incomes. However, high promotion of consumer products through various social media websites and the growth of the online retail sector are expected to directly influence the sale of luxury designer handbags across the globe during the forecast period.

Luxury handbags are costlier than the conventional handbags mainly due to the material used in their making, finishing, and design. Luxury handbags make a style statement in the fashion world and are even custom-made to suit the needs of the buyer.

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Key Players

Some of the key players in the Global Luxury Handbags Market are

  • Prada S.p.A (Italy)
  • PVH Corp. (US)
  • Atelier (US)
  • Tory Burch LLC (US)
  • Dolce & Gabbana S.R.L. (Italy)
  • Chanel S.A. (France)
  • Burberry Group PLC (UK)
  • Louis Vuitton (France)
  • Ralph Lauren Corporation (US)
  • Michael Kors GmbH (Switzerland)
  • Guccio Gucci S.p.A (Italy)
  • Valentino S.p.A. (Italy)
  • Giorgio Armani S.p.A (Italy)
  • Cartier International SNC (France)
  • MCM Worldwide (Germany)

Segmentation:

The Global Luxury Handbag Market has been segmented on the basis of type, material type, consumer group, distribution channel, and region.

Based on Type, the global luxury handbags market is divided into clutches, crossbody bags, shoulder bags, satchels, hobo bags, tote bags, briefcases, and others. The clutches segment accounted for the largest share of the global luxury handbags market in 2018 due to the innovative style and utility of these bags. However, the briefcases segment is expected to register the highest growth rate owing to the expanding men’s luxury handbags market.

Based on Material Type, the global luxury handbags market has been categorized into leather, cotton, synthetic, and others. The leather segment is expected to remain dominant during the forecast period. This can be attributed to the availability of various varieties of fine leather. However, the use of synthetic material for luxury handbags is on the rise owing to better designs and freedom in styles offered by these materials.

With respect to Consumer Group, the global luxury handbags market has been categorized as men, women, and unisex. The women segment is expected to hold the highest market share due to the availability of a variety of styles. However, the men segment is expected to register the highest CAGR due to the wide product offerings by market players in the office bag and wallet categories.

As per Distribution Channel, the market has been bifurcated into store-based and non-store-based.

Industry News

In September 2018 Michael Kors GmbH, the manufacturer of affordable luxury handbags, acquired Gianni Versace S.r.l. for USD 2.1 billion. The acquisition was carried out to build a larger, more efficient business holding that would rival that of the French conglomerates such as Louis Vuitton (LVMH) and Kering S.A.

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Regional Analysis:

Based on region, the global luxury handbags market has been divided into North America, Europe, Asia-Pacific, and the rest of the world.

The market in Europe is expected to account for the largest share during the forecast period. High brand awareness, the presence of an established fashion industry, and high per capita disposable incomes in the region are the key factors for the dominance of the regional market.

The market in North America is expected to hold the second-largest share during the forecast period. High per capita disposable incomes and increasing brand awareness are expected to drive the growth of the market in the region. Moreover, the increasing demand for luxury handbags for men is expected to propel the growth of the regional market during the forecast period.

In Asia-Pacific, increasing per capita disposable incomes, expanding online retail sector, and increasing luxury brand competition are expected to result in the regional market registering the highest CAGR during the analysis period. China is expected to dominate the Asia-Pacific market due to rapid economic growth and the presence of a strong online retail network. The Japanese market is projected to be the second-largest during the review period.  However, several underdeveloped economies in the region with low purchasing power of consumers may hinder the regional market growth during the forecast period.

About Market Research Future: 

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