Handbag Industry To Rise In Future As It Is One Of The Symbol Of Status And Fashion

Global handbag industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.

Tote Handbag Market Report Highlights

The global totte handbag market size was estimated at USD 21,186.7 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Tote bags are generally larger in size compared to other handbags, providing ample space to carry essentials such as laptops, books, gym clothes, groceries, or even beach accessories. Their roomy interior makes them ideal for everyday use and practical for various activities. Korean fashion and aesthetics have gained significant popularity among younger consumers worldwide. Tote bags align well with the minimalist, practical, and stylish aspects of Korean fashion trends, contributing to their increased demand.

Luxury accessories brands continuously innovate in terms of design, offering unique and distinctive leather tote bag designs that capture the attention of affluent consumers. These brands often set trends and establish themselves as leaders in the fashion industry and collaborate with designers, driving the demand for their leather tote bags. For example, in November 2022, Luca Nichetto, a well-known furniture designer collaborated with Angela Roi, a prominent accessories brand to design a tote bag crafted from apple skin leather.

Access the Global Handbag Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.

Clutch Handbag Market Report Highlights

The global clutch handbag market size was estimated at USD 12,364.5 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2030. The rise in disposable income, especially among the affluent population, has contributed to the increased demand for luxury bags. As consumers have more purchasing power, they are more likely to invest in high-end and designer handbags, including clutch bags, as a symbol of luxury and status. Clutch bags are often favored for social events and parties due to their compact size and stylish appeal. Consumers appreciate the convenience and elegance of clutch bags, which can elevate their outfits and make a fashion statement on special occasions.

Clutch handbags are characterized by their small size and lack of handles or straps, typically designed to be carried in one hand or tucked under the arm. Clutch leather handbags are versatile and can be easily paired with different outfits and occasions. They can be used during daytime events or dressed up for evening affairs, making them a versatile accessory choice. Also, the increasing prices of designer bags and their ever-increasing demand among high-income households have facilitated the overall demand for luxury accessories like leather clutch bags in countries like the U.S. and the U.K. For instance, according to Business and Fashion's new data and insights on June 2022, the average price of a women's designer bag in the US has increased by 27% since 2019.

Satchel Handbag Market Report Highlights

The global satchel handbag market size was estimated at USD 6,872.1 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030. Satchel handbags can make a fashion statement by adding a touch of style and personality to an outfit. They come in a wide range of colors, patterns, and embellishments, allowing individuals to express their individuality and complement their personal style. The unisex design and versatility of satchel handbags have made them a preferred choice for individuals who appreciate a gender-neutral accessory.

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Competitive Landscape

The manufacturers aim to achieve optimum business growth and a strong market position through the implementation of various strategies such as acquisitions, new product launches, collaborations, and strengthening of distribution networks in the global as well as regional markets.

Key players operating in the Handbag Industry are –

• Sangetsu Corporation • Louis Vuitton • Hermès International S.A • Michael Kors • Fossil Group, Inc. • Guccio Gucci S.p.A • Prada S.p.A • Burberry Group Plc • Tapestry, Inc. • Chanel Ltd • Compagnie Financière Richemont SA • FENDI S.r.l. • Calvin Klein Inc.