Handbag Market Outlook 2024-2033: Trends and Projections
Handbag Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Handbag Market Analysis 2024: Size Forecast and Growth Prospects
Handbag Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Handbag Market Overview 2024: Size, Growth Rate, and Segments
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The handbag global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Handbag Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The handbag market size has grown strongly in recent years. It will grow from $58.5 billion in 2023 to $63.07 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to fashion trends and styles, luxury brand influence, rising disposable income, celebrity endorsements, functional versatility.
The handbag market size is expected to see strong growth in the next few years. It will grow to $81.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to sustainability and ethical practices, rise of secondhand and vintage markets, customization and personalization, cross-industry collaborations, globalization of fashion. Major trends in the forecast period include technological integration, digital influencer marketing, innovations in materials and design, integration of technology, emphasis on inclusivity and diversity.
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Scope Of Handbag Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Handbag Market Overview
Market Drivers –
The increasing female workforce is expected to propel the growth of the handbag market going forward. Female workforce refers to the portion of the workforce that consists of women. It represents the women actively engaged in employment or labor within various industries, sectors, and professions. As women increasingly enter the workforce and attain financial independence, their purchasing power rises. This empowerment leads women to invest in accessories such as handbags, catering to professional needs and diverse social and recreational activities. For instance, in March 2023, according to the UK Parliament, a UK-based government body, from October to December 2022, the rate of female employment stood at 72.3%. Therefore, the increase in the female workforce is driving the growth of the handbag market.
Market Trends –
Major companies operating in the handbag market are innovating new products such as stylish Tribeca handbag to increase their profitability in the market. The Tribeca handbag is a popular and stylish handbag. For instance, in January 2024, Michael Kors LLC, a US-based retail and design company launched Tribeca handbag. The Tribeca handbag serves as a fashionable accessory that effortlessly enhances any ensemble. Crafted from supple, quilted leather, it comes in diverse styles like cross-body and shoulder bags. This luxe and chic handbag is adorned with a polished push-lock fastening, imparting a touch of sophistication. Practicality meets style as it accommodates personal items such as a wallet, phone, and keys, making it an ideal and fashionable choice for everyday use.
The handbag market covered in this report is segmented –
1) By Product Type: Satchels, Clutches, Tote Bags, Bucket Bags
2) By Material: Leather, Fabric, Synthetic
3) By Distribution Channel: Online, Offline
4) By End User Analysis: Men Segment, Women Segment
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Regional Insights –
North America was the largest region in the handbag market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the handbag market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the handbag market report are VIP Industries Ltd., Louis Vuitton Malletier, H and M Hennes and Mauritz GBC AB, Chanel Ltd., Hermès International S.A, Fendi, Guccio Gucci S.p.A, Coach IP Holdings LLC, Tapestry, Inc., Victorias Secret and Co, Prada S.p.A, Michael Kors, Burberry, Calvin Klein Inc., ALDO Group Inc., Fossil Group Inc., Kate Spade, Zouk, Ted Bakerr, Loewe (LVMH), Zadig & Voltaire, BAGGIT, Tumi (Samsonite), Anya Hindmarch, Lino Perros, Da Milano Leathers Pvt. Ltd., Aranyani, Deeya International, MCM Worldwide, Proenza Schouler
Table of Contents
1. Executive Summary
2. Handbag Market Report Structure
3. Handbag Market Trends And Strategies
4. Handbag Market – Macro Economic Scenario
5. Handbag Market Size And Growth
…..
27. Handbag Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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