Luxury Handbag Market - Snapshot
Luxury handbags are an important accessory in day to day life. Luxury handbags include shoulder bags, satchel bags, handheld bags, sling bags, tote bags, hobo bags, backpacks, wallets, and others. These bags are used by both men and women.
The luxury handbag market has been significantly impacted since the number of buying options for consumers is rising. Rise of internet and social media such as Facebook and Instagram has helped buyers understand their products and methods to buy them. Additionally, multi-brand retail outlets help in the expansion of infrastructure and drive the economy. They also help small retailers sell their products to large retailers. The growing population of working women has driven the demand for luxury handbags. Luxury handbag manufacturers are developing the latest women’s handbags that are more functional, fortified with laptop sleeves, key holders, mobile holders, etc. and offer the feel of luxury, without compromising on quality. However, availability of counterfeit and copy of the original products is one of the key factors hindering the luxury handbags market. Local players copy branded luxury handbags and sell them at a premium price. Furthermore, demand for male luxury handbags is growing as men have started identifying luxury handbags as a lifestyle product rather than a functional product.
Based on types, the market is segmented into handbags, backpacks, wallets, and others. In terms of luxury handbags, the handbag segment constituted the biggest market share, followed by the backpack segment, in 2016. The handbag segment is further divided into shoulder bags, satchel bags, handheld bags, sling bags, tote bags, hobo bags, and others. Tote handbag segment held the largest market share followed by handheld bags in 2017.
Based on material, the luxury handbag market is segmented into cotton, leather, nylon, and synthetic. Many retailers and manufacturers are recognizing the material of the luxury handbag as an important aspect globally. Moreover, luxury handbags are making the market more competitive in terms of quality, cost, and variety of handbags. Due to these factors, manufacturers are now focusing on improving their luxury handbag quality and functionality. The leather and synthetic material segment held the highest market share and is projected to continue its dominance throughout the forecast period due to growing demand in developing markets as well as developed markets.
In terms of gender, majority of share is captured by women due to the changing beauty trends among women and rising consumer awareness about personal grooming. Based on distribution channel, the luxury handbag market is dominated by the offline channel as the user can gauge the quality of the product by touch, while in online channels the user cannot touch the product. However, in the coming years, the online channel is projected to grow at a faster rate with the growth of internet and social surfing.
Based on geography, the luxury handbag market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among all the regions, in terms of revenue, Europe held the major market share, accounting for around 31.8% in 2016, followed by Asia Pacific. This trend is anticipated to continue in terms of revenue generation over the estimated period. However, the market in the Asia Pacific region is estimated to grow at the highest growth rate during the forecast years. The growth of the global market is directly related to the growth of the international trade flow and economic environment. Asia Pacific and Europe appeared to be the most attractive markets for luxury handbags particularly in hobo bags, sling bags, and handheld bags. Furthermore, rising consumer spending capacities, disposable incomes, and changing fashion trends have led to the rapid growth of the Asia Pacific luxury handbag market.
Some of the key players of the luxury handbag market profiled in this report include PVH Corp. (Calvin Klein), Compagnie Financiere Richemont SA (Chloe SAS), Furla S.p.A., GANNI A/S, Giorgio Armani S.p.A. (Armani), Loeffler Randall, Macy’s Inc., LVMH Moët Hennessy Louis Vuitton SE (Marc Jacobs Int. LLC), Michael Kors Holdings Limited, Rebecca Minkoff, Sungjoo Group (MCM), The Cambridge Satchel Company, MAUS Freres SA (The Lacoste Group), Vera Bradley Sales, LLC., MILLY NY, Tapestry, Inc. (Coach, Inc.), and Longchamp S.A.S.
Luxury Handbag Market - Overview
The luxury handbag market report provides analysis for the period 2016–2026, wherein 2018 to 2026 is the forecast period and 2017 is the base year. The report covers all the major trends and drivers playing a key role in the growth of the luxury handbag market over the forecast period. It also highlights the restraints and opportunities expected to influence the market’s growth during the said period. The study provides a holistic perspective on the market’s growth throughout the above mentioned forecast period in terms of revenue(in US$ Mn) and Volume (Thousand Units), across different geographies, including North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The market overview section of the report demonstrates the market dynamics and trends, such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. An attractiveness analysis has also been provided for every region in the report, in order to give a thorough analysis of the overall competitive scenario of the luxury handbag market, globally. Moreover, the report provides an overview of the various strategies of key players present in the market.
Based on type, the luxury handbag market is segmented into handbags, backpacks, wallets, and others. The handbag segment is further divided into shoulder bags, satchel bags, handheld bags, sling bags, tote bags, hobo bags, and others. Based on material, the luxury handbag market has been segmented into cotton, leather, nylon, and synthetic. In terms of gender, the market is segmented into men and women. Furthermore, the market is bifurcated on the basis of distribution channel into online and offline. Geographically, the global luxury handbag market has been fragmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The market has been analyzed in (US$ Mn) in terms of revenue and (Thousand Units) in terms of volume as well as the CAGR for the forecast period 2018 to 2026.
The report also highlights the competitive landscape of the luxury handbag market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive luxury handbag market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the luxury handbag market growth.
In the report, the North American market is divided into the U.S., Canada, and Rest of North America. Similarly, the Europe market is divided into Germany, the U.K., France, and Rest of Europe. Asia Pacific has been segmented into China, Japan, India, and Rest of Asia Pacific. Middle East &Africa covers the GCC, South Africa, and Rest of Middle East & Africa. Similarly, South America region includes Brazil, and Rest of South America. Porter’s Five Forces analysis explains the factors which are currently affecting the luxury handbag market. The report also provides a value chain analysis which explains the participants of the value chain.
The global luxury handbag market is characterized by the presence of numerous key players in the market who focus on factors such as price, performance, quality, support services, and innovations to compete in the market. Major players in the luxury handbag market are PVH Corp. (Calvin Klein), Compagnie Financiere Richemont SA (Chloe SAS), Furla S.p.A., GANNI A/S, Giorgio Armani S.p.A. (Armani), Tapestry Inc. (Kate Spade), Loeffler Randall, Macy’s Inc., LVMH Moët Hennessy Louis Vuitton SE (Marc Jacobs Int. LLC), Michael Kors Holdings Limited, Rebecca Minkoff, Sungjoo Group (MCM), The Cambridge Satchel Company, MAUS Freres SA (The Lacoste Group), Vera Bradley Sales, LLC., MILLY NY, Tapestry, Inc. (Coach, Inc.), and Longchamp S.A.S.
The luxury handbag market is segmented as below:
Luxury Handbag market
- Shoulder Bags
- Satchel Bags
- Handheld Bags
- Sling Bags
- Tote bags
- Hobo Bags
- Others (Duffle bags and Fanny / waist packs etc.)
- Others (Clutches, Laptop Bags, Messenger Bags Etc.)
By Distribution Channel
- North America
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America