Handbags Market Size, Share and Trends Analysis Report by Raw Material (Leather, Fabric), By Product (Tote Bag, Satchel), by Distribution Channel (Online, Offline ), by Region (EU, APAC, North America) and Segment Forecast, 2022 – 2030
New York, July 7 2022, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Analysis Report of Handbags Market Size, Share and Trends by Commodity, by Product, by Distribution Channel, by Region. and segment forecast, 2022 – 2030” – https://www.reportlinker.com/p06291059/?utm_source=GNW
Handbag Market Growth and Trends
The global handbags market size is expected to reach USD 81.79 billion by 2030, registering a CAGR of 5.8% over the forecast period. The market is mainly driven by rapid urbanization and growth in the fashion accessories industry. Additionally, the demand for handbags has been boosted by an increase in the female labor force in both developed and developing countries. The accessibility, visibility, and desirability of various handbags have bolstered their widespread recognition and strong performance. Made from various materials like mesh, leather, nylon, straw, canvas, vegan leather, and jute, handbags are used by everyone for various purposes in their daily life.
For example, people generally prefer canvas handbags for shopping; people working in the business sector usually prefer leather bags, while for parties or an evening, women tend to opt for clutch bags or handbags. Tote bags are multi-utility bags that can be used for a variety of purposes.
The size and material of tote bags make them popular with consumers. Tote bags are larger than other handbags.
Growing concerns over durability are driving the demand for tote bags. In 2021, Anya Hindmarch, an England-based fashion designer, collaborated with supermarket chains Sainsbury’s and Waitrose in the UK to reuse shopping bags to meet sustainability challenges. Also, in 2020, several Disney stores stopped using single-use plastics and started offering tote bags to consumers for their purchases.
The online segment is expected to grow at the fastest CAGR during the forecast period. The online segment is expected to show a decent growth rate owing to the growing popularity of e-commerce and social media channels.
Young consumers increasingly prefer shopping online due to the digitization of services. Companies operating in the market are constantly improving customer databases and digital stores to cater to more consumers.
The market is highly competitive and dominated by large multinational manufacturing companies. The players face intense competition, especially from major market players, as they have a large consumer base, strong brand recognition, and vast distribution networks.
Handbags Market Report Highlights
• North America region led the market in 2021 and is expected to register a stable CAGR during the forecast period
• Black Friday sales and deals are popular in the US, with women in particular flocking to buy accessories like handbags.
• During these events, international suppliers to the North American market see their product sales increase
• The satchel segment is expected to grow with a significant CAGR during the forecast period, as it is a popular fashion item for both men and women, and available in a wide range of sizes, designs and colours
• Offline segment accounted for the largest market share in 2021 owing to the propensity of customers to purchase premium products from exclusive stores or corporate stores
• These corporate stores provide customers with a personalized experience and allow them to personally assess the quality of the handbags
Read the full report: https://www.reportlinker.com/p06291059/?utm_source=GNW
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