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Luxury Handbag Market To Show Tremendous Growth With CAGR of 5.3% By 2028 Owing To Increased Brand Recognition And Rising Spending on Handbags in Emerging Economies | Million Insights

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Luxury Handbag Market To Show Tremendous Growth With CAGR of 5.3% By 2028 Owing To Increased Brand Recognition And Rising Spending on Handbags in Emerging Economies | Million Insights

June 14
08:36 2021
Luxury Handbag Market To Show Tremendous Growth With CAGR of 5.3% By 2028 Owing To Increased Brand Recognition And Rising Spending on Handbags in Emerging Economies | Million Insights

Million Insights – World’s Fastest Growing Market Research Database
According to new report available with Million Insights, the global luxury handbags industry research report offers thorough insights on product, material, distribution channel and prominent players. This enables numerous opportunities for the market players to invest in research and development.

The global luxury handbag market size is expected to reach USD 94.00 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. Increased brand recognition and rising spending on handbags in emerging economies are driving the market. An increase in disposable income and a rise in purchasing power are other factors boosting the market growth. The use of handbags has become important for a woman. The rise in women’s workforce and busy lifestyles have fueled the market growth globally.

Luxury handbag is considered to be an important accessory globally, thus driving the market over the forecast period. The major factors responsible for industry growth are increased disposable income in the developing economies and augmented use of luxury handbags. In addition, brand recognition and power are driving the industry. Hence, due to these reasons, the market is anticipated to witness lucrative growth over the forecast period. 

To download the sample PDF of “Luxury Handbag Market” Report please click here: https://www.millioninsights.com/industry-reports/global-luxury-handbag-market/request-sample 

 

The tote bags segment accounted for the largest share of nearly 36.0% in 2020. Tote bag allows the consumer to carry several goods at the same time due to its larger space. Hence, it is popular among working women as they require enormous space to keep important stuff, such as files and laptops. Moreover, these bags are available for every requirement of the consumer, which has increased the demand for tote bags. Additionally, shifting consumers’ preference from plastic bags to tote bags is estimated to fuel the segment growth in the coming years. 

Europe dominated the market with a revenue share of more than 34.0% in 2020. This is attributed to the growing popularity and trend of luxury handbags in this region. Furthermore, the increasing purchasing power of the consumers in this region is driving the market.   

To browse report summary & detailed TOC, please click the link below:
https://www.millioninsights.com/industry-reports/global-luxury-handbag-market 

 

Luxury Handbag Market Report Highlights:

• Europe dominated the market with a share of over 34.0% in 2020 due to high demand for high-end bags in key countries, including Germany, the U.K., and France

• Asia Pacific is expected to register the fastest CAGR of 6.0% from 2021 to 2028 owing to the growing trend of luxury lifestyle among women millennials in countries, including China and India

• By product, tote bags accounted for the largest share of almost 36.0% in 2020 in light of the increasing number of working women who prefer these products as they are considered to be durable products with in-built aesthetic features

• The offline distribution channel held the largest share of more than 89.0% in 2020 due to the easy availability of products and ease of comparing features

Luxury Handbag Market Segmentation

Grand View Research has segmented the global luxury handbag market on the basis of product, material, distribution channel, and region:

Luxury Handbag Product Outlook (Revenue, USD Million, 2017 – 2028)
    • Shoulder Bags
    • Sling Bags
    • Tote Bags
    • Others

Luxury Handbag Material Outlook (Revenue, USD Million, 2017 – 2028)
    • Leather
    • Cotton
    • Synthetic
    • Others

Luxury Handbag Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
    • Online
    • Offline

Luxury Handbag Regional Outlook (Revenue, USD Million, 2017 – 2028)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

List of Key Players of Luxury Handbag Market
• Guccio Gucci S.p.A
• Samsonite International S.A./Tumi brand
• Valentino S.p.A
• PVH Corp
• Louis Vuitton
• Ralph Lauren Corporation
• Prada S.p.A
• Giorgio Armani S.p.A
• Burberry Group PLC
• Atelier

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About Million Insights

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive marketplace that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

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