Luxury Handbag Market Estimated to Attain US$ 39.3 Billion by 2031: Transparency Market Research Report

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The rise of various social media platforms and an increase in the number of working women worldwide are factors in the expansion of the luxury handbag industry

Wilmington, Delaware, United States, Sept. 01, 2023 (GLOBE NEWSWIRE) — The global market for luxury handbags was estimated to have acquired US$ 23.1 billion in 2022. It is anticipated to advance with a 6.1% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 39.3 billion.

Businesses in the luxury handbag industry are concentrating on designing unique handbags to increase their market share. The goal of accessible luxury brands is to combine great quality with affordability. These bags are designed for those who are willing to spend more for high-quality components and skilled craftsmanship. There is a growth in demand for luxury handbags on a global scale due to increased consumer buying power in many locations.

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Market Snapshot:

 Report Coverage  Details
 Market Revenue  US$ 23.1 Bn
 Estimated Value  US$ 39.3 Bn
 Growth Rate – CAGR  6.1%  
 Forecast Period  2023-2031
 No. of Pages  160 Pages
 Market Segmentation  Product, Material, End-user, Distribution Channel
 Regions Covered  North America,Europe,Asia Pacific,Middle East & Africa,South America
 Companies Covered   Furla S.p.A.,GANNI A/S,Giorgio Armani S.p.A. (Armani),Loeffler Randall,LVMH Moët Hennessy Louis Vuitton SE,Macy’s Inc.,MAUS Freres SA (The Lacoste Group),Michael Kors Holdings Limited,MILLY NY,Tapestry, Inc. (Coach, Inc.),PVH Corp. (Calvin Klein)

Key Findings of Market Report

  • In 2022, the leather material market was the dominant segment globally.
  • To expand their clientele, major companies in the luxury bag industry engage in social media interactions with a variety of digital influencers.
  • The majority of consumers who buy designer handbags are influenced by what they read or see online.
  • Increased use of social media as well as the internet will probably accelerate market growth in the near future.
  • During the projected period, North America is predicted to dominate the global market demand.

Market Trends for Luxury Handbag

  • In 2022, the leather material segment was quite lucrative in the global luxury handbag market. In the foreseeable future, the segment is anticipated to continue to dominate.
  • Leather is a high-quality material that is utilized in luxury handbags due to its qualities, including durability, resilience, strength, and flexibility. The items kept inside leather bags are well protected.
  • There are several sizes, colors, and forms of leather bags. These bags may be used for a variety of things, including shopping and travel. The demand for leather handbags is continually growing across the world since leather is a material which never goes out of style.

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Luxury Handbag Regional Market Outlook

Various reasons are propelling the growth of the luxury handbag market in different regions. These are:

  • North America is predicted to dominate the global stage for luxury handbag during the projected period. The key drivers of the luxury handbag industry’s growth in North America include an increase in disposable income, a rise in the attractiveness of luxury garments and accessories, and a growth in the presence of innovative companies. Manufacturers in the area are concentrating on creating cutting-edge items to seize rich chances in the luxury handbag industry.
  • The size of the luxury handbag market in Asia Pacific is expected to climb considerably in the near future. This is due to the rise in the number of wealthy people in China and India as well as the expansion of the working-age female population in the region. Increased use of various social networking sites is another factor fueling market growth.

Global Luxury Handbag Market: Key Players

The existence of several regional and global competitors that hold the bulk of the share makes the global market extremely competitive. The major companies are active in adopting creative marketing tactics, including as investments in research and development, product expansions, along with mergers and acquisitions, in accordance with the most recent trends in the luxury handbag market. Product development is another important marketing tactic used by market participants.

The following companies are well-known participants in the global Luxury Handbag market:

  • Furla S.p.A.
  • GANNI A/S
  • Giorgio Armani S.p.A. (Armani)
  • Loeffler Randall
  • LVMH Moët Hennessy Louis Vuitton SE
  • Macy’s Inc.
  • MAUS Freres SA (The Lacoste Group)
  • Michael Kors Holdings Limited
  • MILLY NY
  • Tapestry, Inc. (Coach, Inc.)
  • PVH Corp. (Calvin Klein)

Developments by the key players in the global market for Luxury Handbag are:

Market Player  Year  Key Developments 
The Gusto  2023 
  • The Gusto, a high-end handbag company, has expanded its product line by introducing the “Cosmos” line of totes, which are designed with utilitarian functions in mind. 
  • The company says that every step of the tote bags’ creation, including the use of sustainable materials like vegan leather, was done by hand. 
Aranyani  2022 
  • Launched the first luxury handbag in India.  
  • Aranyani uses ancient techniques to produce handbags with a contemporary look that are inspired by nature.  
  • The traditional Indian crafts of hand-painting, gold-gilding, hand-embroidery, and gemstone setting have been resurrected and presented to the world of luxury in a contemporary manner. 
Louis Vuitton  2021 
  • New handbags from the Louis Vuitton Cruise 2022 Collection were introduced. 
  • These purses are inspired on retro fashion and include slouchy forms, vibrant and beautiful neutral colors, and rigid lines. 
Tapestry, Inc.  2021 
  • An innovative manufacturer of high-end accessories for fashion, Tapestry, Inc., opened a new fulfillment facility in North Las Vegas, Nevada (NVFC).  
  • By 2029, the center is anticipated to add over 400 full-time positions. 

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Global Luxury Handbag Market Segmentation

  • Product 
    • Handbags 
      • Shoulder Bags 
      • Satchel Bags 
      • Handheld Bags 
      • Sling Bags 
      • Tote bags 
      • Hobo Bags 
      • Others (Duffle Bags, Fanny/Waist Packs, etc.) 
    • Backpacks 
    • Wallets 
    • Others (Clutches, Laptop Bags, Messenger Bags, etc.) 
  • Material 
    • Cotton 
    • Leather 
    • Nylon 
    • Synthetic 
  • End-user 
    • Men 
    • Women 
  • Distribution Channel 
    • Online 
      • Company-owned Websites 
      • E-commerce Websites 
    • Offline 
      • Supermarkets/Hypermarkets 
      • Specialty Stores 
      • Others (Small Retailers, etc.) 
  • By Region 
    • North America 
    • Europe 
    • Asia Pacific 
    • Middle East & Africa 
    • South America 

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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