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

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.

In a nutshell, the Transparency Market Research Report is essential reading for startups, individuals in the industry, investors, researchers, consultants, business strategists, and anyone seeking to gain insight into this particular sector, Take a brief look at it – https://www.transparencymarketresearch.com/luxury-handbag-market.html

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.

Don’t just compete, excel! Elevate your business with our industry insights – get a sample today: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=31271

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.

Have questions or need customization? Our industry experts are here to assist you: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=31271

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

Read More Related Reports:

North America Car Air Freshener Market Demand: A Voyage through Trends, Scope, and the Catalysts Behind Growth

Unveiling the Luxury Apparel Market’s Demand Landscape: Exploring Trends, Scope, and the Driving Forces Behind Growth

Revealing the Organic Personal Care Industry Analysis 2022-2031: Exploring Sales Trends and Crafting the Future Industry Vision

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.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com