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What Will Be the Size of the Handbag Market by 2029?

The recent years have witnessed significant growth in the handbag market size. Its value is projected to increase from $63.07 billion in 2024 to $67.18 billion in 2025, following a compound annual growth rate (CAGR) of 6.5%.

The expansion during the historic period is largely due to evolving fashion trends and styles, the impact of luxury brands, escalation in disposable income, celebrity advocacy, and the diverse functionality of these products.

The purse industry is projected to experience robust expansion in the upcoming years. It is forecasted to reach a value of $84.6 billion by 2029, growing at an annual average rate of 5.9%.

The projected growth during this period can be credited to factors such as adherence to sustainable and ethical practices, the emergence of vintage and secondhand markets, focus on customization and personalization, collaboration across various industries, and the internationalization of fashion. Key trends predicted for this period include the incorporation of technology, the rise of marketing via digital influencers, innovation in materials and design, technology integration, and a focus on inclusivity and diversity.

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What Are the Major Drivers of the Handbag Market in 2025?

The growth of the handbag market is anticipated to be driven by the escalating number of working women. The term female workforce alludes to the segment of employed individuals who are women, involved in various professions, sectors, and industries.

As more women become financially independent by joining the workforce, their buying power increases.

This financial freedom enables women to spend on accessories like handbags that cater to various professional requirements as well as diverse social and recreational activities.

For example, from October to December 2022, the UK Parliament, a government agency in the UK, reported in March 2023, that female employment was at a rate of 72.3%. Hence, the surge in the female workforce fuels the expansion of the handbag market.

What Are the Growth Trends Across Key Handbag Market Segments?

The handbag market covered in this report is segmented -

1) By Product Type: Satchels, Clutches, Tote Bags, Bucket Bags

2) By Material: Leather, Fabric, Synthetic

3) By Distribution Channel: Online, Offline

4) By End User Analysis: Men Segment, Women Segment

Subsegments:

1) By Satchels: Structured Satchels, Soft Satchels

2) By Clutches: Evening Clutches, Daytime Clutches

3) By Tote Bags: Large Tote Bags, Medium Tote Bags

4) By Bucket Bags: Small Bucket Bags, Large Bucket Bags

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What Are the Fastest-Growing Trends in the Handbag Market Ecosystem?

Leading companies in the handbag industry are introducing new and innovative products like the sophisticated Tribeca handbag, in an effort to boost their market profits. The Tribeca handbag has gained popularity for its stylish appeal.

For example, the Tribeca handbag was launched by Michael Kors LLC, an American company specializing in retail and design, in January 2024. It serves as a chic accessory that can enhance any outfit effortlessly.

The bag is made from soft, quilted leather and offers a variety of styles such as cross-body and shoulder bags. The handbag, which is high on practicality and style, is beautified with a polished push-lock fastening for an added dash of elegance.

With ample space for personal essentials like wallet, phone, and keys, it stands as a fashionable and practical choice for daily use.

Which Regional and Global Companies Are Dominating the Handbag Industry?

Major companies operating in the handbag market report are VIP Industries Ltd., Louis Vuitton Malletier, H and M Hennes and Mauritz GBC AB, Chanel Ltd., Hermès International S.A, Fendi, Guccio Gucci S.p.A, Coach IP Holdings LLC, Tapestry, Inc., Victorias Secret and Co, Prada S.p.A, Michael Kors, Burberry, Calvin Klein Inc., ALDO Group Inc., Fossil Group Inc., Kate Spade, Zouk, Ted Baker, Loewe (LVMH), Zadig & Voltaire, BAGGIT, Tumi (Samsonite), Anya Hindmarch, Lino Perros, Da Milano Leathers Pvt. Ltd., Aranyani, Deeya International, MCM Worldwide, Proenza Schouler

Which Regions Are Poised for Long-Term Handbag Market Growth?

North America was the largest region in the handbag market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the handbag market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Handbag Market Update: Size, Share, and Strategic Insights to 2029