Deep Analysis of Impact of COVID-19 on “Handbag Market 2019-2025” Growth Worldwide….



The global handbag market size is expected to reach USD 67.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% over the forecast period. Growing brand awareness of luxury bags as a fashion symbol among adults in the developing countries including India, China, and Brazil is expected to remain a key trend in the market. Furthermore, rising female workforce on a global level is expected to promote the usage of handbags over the next few years.
By product, tote bag dominated the market in 2018. Consumers prefer these bags due to their large space. Necessary items such as mobile phone, wallet, laptop, sunglasses, documents, and makeup of the consumers can be fitted in these types of bags. As a result, these products have gained significant popularity among the working class women. Manufacturers have been expanding the product line of tote bags with new designs and better quality. In 2015, Furla, an Italian luxury company, launched Twist Tote bag under its Spring Summer collection. These tote bags are available in a wide range of colors including ocean onyx, petalo onyx, and emerald onyx.
Key players in this industry include Tapestry, Inc.; LVMH Moët Hennessy - Louis Vuitton SE; Michael Kors; Compagnie Financière Richemont SA; Gucci; Fossil Group, Inc.; Chanel S.A.; Hermès International S.A.; Prada S.p.A.; Burberry Group PLC; and Ted Baker plc. Manufacturers are expected to invest significantly in the development and innovation of quality products in order to expand their product portfolio.
Leather bags dominated the market in 2018 and accounted for 48.5% share of the global revenue. Better quality and durability of the leather are driving the demand for the product across the world. Moreover, rising per capita income in the developing countries is fueling the demand for luxury goods, including leather bags.
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https://www.grandviewresearch.com/industry-analysis/handbag-market/request/rs4
Grand View Research has segmented the global handbag market on the basis of product, raw material, distribution channel:
Handbag Product Outlook (Revenue, USD Million, 2015 - 2025)
·         Tote Bag
·         Clutch
·         Satchel
·         Others
Handbag Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
·         Leather
·         Fabric
·         Others
Handbag Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
·         Online
·         Offline
The global handbag market size was valued at USD 47.0 billion in 2018 and is anticipated to witness significant growth in the forecast period. Rising women workforce, along with increasing brand awareness, is driving the demand for the product over the world. Over the past few years, demand for handbags has increased due to growing availability of designer bags in different varieties.
Increased usage of handbags among working class women on a global level is expected to remain a key trend in the market. In addition, rapid growth of the corporate and organized sectors has been fueling the demand for the product in the countries including China, India, South Korea, and Indonesia. According to some studies, over the past few years, women participation in Science, Technology, Engineering, and Mathematics (STEM) has increased significantly in U.K.
Rising income, along with growing brand awareness in the developing countries, have been boosting the industry growth significantly. Consumers of these economies have increased the spending on luxury goods, including handbags. Furthermore, manufacturers of this industry are launching affordable bags, which, in turn, has expanded the consumer base of the market across the world. In addition, manufacturers have been adopting omni-channel strategies to strengthen the distribution channel of the business. As a result, availability of the product has increased in the developing nations including China and India.
Growing demand for luxury products has driven the market for high-end designer bags over the world. Producers of the industry are also expanding the product portfolio by introducing innovative quality products in different varieties to meet the requirement of the consumers. However, high import duty in this industry may affect the market growth in the near future.
Browse Press Release of this report:                                
https://www.grandviewresearch.com/press-release/global-handbag-market
Further key findings from the study suggest:
·         North America held the largest share of more than 30.0% in 2018
·         The online distribution channel is expected register the fastest CAGR of 7.4% from 2019 to 2025
·         The tote bag product segment held the largest share of 41.7% in terms of revenue
·         By raw material, leather dominated the market in 2018 and accounted for 48.5% share of the overall revenue.
As of 2018, tote bag led the market and accounted for 41.7% share of the global revenue. It has larger space than other handbags and allows the consumer to carry a number of goods at the same time. Therefore, it has gained significant popularity among working women as they require a large space to carry essential stuff such as laptop and files. Furthermore, availability of a wide range of tote bags for every requirement of the consumer has also boosted the demand for these bags.
Shifting consumer preference towards tote bags from plastic bags for shopping purposes is expected to fuel the growth of the product in the upcoming years. Manufacturers of this industry have been emphasizing on the production of innovative tote bags. For example, Gucci has launched a striped raffia beach tote, which has gained significant popularity among women.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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