According to a new market report published by Transparency Market Research titled ‘Luxury Handbag Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global luxury handbag market is expected to reach a value of US$ 35,075.3 Mn by 2026. The market is estimated to expand at a CAGR of 10.0% during the forecast period from 2018 to 2026. In terms of volume, the market is expected to reach over 152,985.1thousand units at a CAGR of approximately 9.0% by 2026.
The luxury handbag market in Asia Pacific is projected to expand at a rapid pace during the forecast period. According to the report, the global luxury handbag market is experiencing high-paced expansion in its size and valuation due to the growth in the e-commerce retail market which is driving the luxury handbag market at present and a similar trend is anticipated to be witnessed over the forecast period.
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One of the biggest drivers of the luxury handbag market is increasing population of working women and changing male preference for buying various types of handbags. 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 type of bags are used by both men and women.The demand for luxury handbags is much higher in developing countries and is anticipated to continue rising over the next few years.
The luxury handbag market can be segmented based on type, material, gender, and distribution channel. Based on type, the market can be categorized into handbag, backpack, wallet, and others. The handbag segment accounted for a prominent market share in 2017 and is forecasted to continue its dominance in the coming years till 2026, as there are numerous varieties and types available in the handbag segment such as tote bags, hobo bags, sling, bags, etc., offering multiple buying options to the customer.
In terms of material, the leather segment is expected to expand at a CAGR of over 9.5% to reach over US$ 10,000 Mn in the near future. This is due to the fact that a stylish handbag made of leather is the first attention-grabber for the consumer. Leather is expected to be followed by the synthetic segment due to rising demand for customizable and unique designs which are more often used by women than men. In terms of gender, the market is largely dominated by women, and the segment is expected to expand at a steady pace as the foremost part of the total luxury handbag market is primarily generating revenue from the women’s segment.