The global handbag market size was USD 47.57 billion in 2020. The market is projected to grow from USD 49.63 billion in 2021 to USD 78.46 billion in 2028 at a CAGR of 6.7% in the 2023-2028 period.  Developing tourism and transport industry and rising preferences towards premium fashion products are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled "Handbag Market, 2023-2028."

The rising demand for premium fashion accessories is likely to boost handbag demand. It is portable and comes in different designs, colors, and shapes. The rising tourism and transport are expected to boost the product's demand drastically. As per the information provided by the United Nations World Tourism Organization, tourist visits exhibited a 5% growth in 2018 touching 1.4 billion. The product's portability, strength, and elegant designs are likely to attract consumers to attractive bags.

Further, evolving consumer preferences and rising demand for premium fashion accessories are likely to increase sales. Moreover, manufacturers launch high-quality bags with innovative features such as outer shells, power units, and removable flaps to attract consumers' demand. For example, Evolution Smart Bag launched Autumn Blue Signature Handbag with a charging base, removable flap, and EVA outer shell evolution power unit. These factors are likely to bolster market growth during the forecast period.

List of Key Players Profiled in the Handbag Market Report:

• Guccio Gucci S.p.A. (Florence, Italy)
• Prada S.p.A. (Milan, Italy)
• Fendi (Rome, Italy)
• Burberry (London, U.K.)
• Hermès International S.A. (Paris, France)
• Kate Spade (New York, U.S.)
• Calvin Klein Inc. (New York, U.S.)
• Coach IP Holdings LLC (New York, U.S.)
• Louis Vuitton Malletier (Paris, France)
• Chanel Ltd (Paris, France)

Highlights of the Report

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Rapidly Progressing Fashion Industry to Bolster Market Growth

Evolving consumer preferences and increasing spending capacity have led to the adoption of fashion products. The adoption of a wide range of handbags is likely to foster the product's sales. As per the data provided by the Business of Fashion Ltd and McKinsey & Company's report titled ‘The State of Fashion 2019’ the market reached USD 1.3 trillion and is anticipated to employ approximately 300 million people globally. Further, a rising number of sales from the female population is likely to escalate the product's adoption. According to the information provided by Catalyst.Org, the total female consumer spending reached approximately USD 31.8 trillion in 2019. In addition, the incorporation of promotional campaigns by manufacturers attracts consumers and boosts adoption. For example, as per the National News (UAE), in July 2018, Chanel selected Penelope Cruz as its brand ambassador. These factors are likely to drive the handbag market growth.

However, the availability of alternative products may hamper the progress of the industry.