new york, February 7, 2025 /prnewswire/ – Report on how AI is driving market transformation – The global luxury handbag market size is 24.7 billion US$ According to Technavio, from 2024 to 2028. The market is estimated to grow at a CAGR of nearly 6.34% during the forecast period. Design and material innovations that lead to product premiums are driving market growth and tend to move towards personalising and customising luxury handbags. However, the presence of counterfeit products brings a challenge. Key Market Player includes 3.1 Philip LimBurberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana SRL, Fendi, Giorgio Armani Spa. , Hermes International SA, Kering SA, Maus Freres SA, Mulberry Group PLC, Prada Spa, Pvh Corp., Ralph Lauren Corp., Rebecca Minkoff LLC, Tory Burch LLC, Sun gjoo Group, Tapestry Inc. and LVMH Group.
Important insight into market evolution through AI-powered analytics. Explore trends, segmentation, and growth drivers – View free sample PDF
High-end handbag market range
Report report
detail
Base year
2023
Historical times
2018-2022
Forecast period
2024-2028
Growth momentum and CAGR
Accelerated with a CAGR of 6.34%
Market growth 2024-2028
24733.6 million US$
Market structure
Fragmentation
Yoy Growth 2022-2023 (%)
5.86
Regional Analysis
Europe, North America, APAC, South America, Middle East and Africa
Implementing market contributions
32% of Europe
Major country
US, China, France, Italy, Japan
Major companies introduced it
3.1 Phillip Lim, Burberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Compagnie Financiere Richemont SA, Dolce and Gabbana SRL, Fendi, Giorgio Armani Spa, Hermes International SA, Kering SA, Maus Freres SA, Mulberry Group Plc, Prada Spa , PVH Corp., Ralph Lauren Corp., Rebecca Minkoff LLC, Tory Burch LLC, Sungjoo Group, Tapestry Inc., and LVMH Group
Market Driver
The luxury handbag market is driven by trends such as craftsmanship, high-end fashion brands and the growing population of women seeking economic freedom. Clutches, crossbody bags, shoulder bags, satchels, hobo bags, totes, briefcases and even laptop bags are popular choices for both men and women. Eco-friendly materials such as cotton, linen, jute, linen and synthetic alternatives have gained traction. Smart technology integrations such as built-in speakers, wireless charging, and GPS tracking add value to your luxury handbags. Waste reduction and environmental awareness are important concerns, leading to the use of recycled leather, organic textiles and bio-manufacturing solutions. Online purchases, multi-channel brands, and personalized recommendations shape the consumer experience. Influencer marketing with support from social media bloggers and celebrities affects fashion-conscious consumers. Functional accessories and versatile designs are suitable for a variety of lifestyles. Reputable companies offer custom-made handbags, limited edition designs and customized sculptures. The consumer goods industry, including duty-free shops, online stores and discount stores, is adapted to meeting the demands of millennials and Z. Luxury markets and traditional retail channels coexist, fighting counterfeit products and replicas. Power, sense of style and fashion trends continue to form the luxury handbag market. Innovative design, durability, strength, resilience, flexibility and high quality materials are still important factors.
The customization trend has gained traction in the luxury handbag market and is expanded to handbags made from a variety of materials, including gold, silver and diamonds. Over the past five years, this customization trend has become increasingly popular in developed regions like America. Europe. Emerging economy like India and China They also witnessed a growing demand for personalized luxury items, including customized handbags. In the luxury handbag sector, we offer customized products offered by key players to enhance the visual appeal of our products. This customization trend is an important development in the luxury handbag industry.
To stay ahead of AI-driven market evolution, request a comprehensive sample of reports now!
Market challenges
The luxury handbag market faces several challenges in today’s business environment. High-end fashion brands are fighting the growing population of working women seeking functional and stylish bags. Financial freedom allows consumers to invest in luxury goods such as handbags. While craftsmanship remains essential, consumers also demand smart technologies such as embedded speakers, wireless charging and GPS tracking. Environmentally friendly materials such as cotton, linen, jute, linen and synthetic alternatives are popular. Men and women, just like unisex consumers, are looking for versatile accessories. Brands need to cater to fashion-sensitive and aggressive millennials and generation Z on social media. Influencer marketing, celebrity support and blogger collaboration are effective strategies. The consumer goods industry and e-commerce platforms face challenges such as supply chain complexity, import duties, taxation and counterfeit goods. Functional accessories such as clutches, crossbody bags, shoulder bags, satchels, hobo bags, totes, briefcases, laptop bags, etc. should provide innovation, durability and strength. Reputable companies are exploring eco-friendly materials such as recycled leather, organic textiles and bio-manufacturing solutions. Online buying trends continue, with multi-channel brands offering personalized recommendations, virtual try-on experiences, click-and-collect choices and custom-made handbags. Limited edition designs, customized sculptures and custom-made designs appeal to consumers. Influencers, functional accessories and versatile designs dominate the luxury handbag market.
Discover how AI is revolutionizing market trends – get access now!
Segment Overview
This luxury handbag market report covers a wide range of market segmentation
Distribution Channel Type Handbag Backpack Wallet Other Geography
Europe
North America
APAC
south america
Middle East and Africa
1.1 Offline – In 2023, offline distribution channels held the largest share in the world’s luxury handbag market. This segment includes retail formats such as specialty stores, hypermarkets, division stores, convenience stores, supermarkets, and warehouse clubs. Specialist stores, especially brand specialty retailers, are key contributors to this sub-segment. They offer a wide range of luxury handbags from a variety of brands and prices. These stores help vendors plan marketing, advertising, promotion, brand building, training and support their budgets. Hypermarkets, supermarkets, convenience stores and clubhouse stores are popular due to their convenience and a wide variety of brands. Department stores are recommended for one shopping solution. Brand awareness is extremely important among the first fashion sector and among the younger customers. The brand is expanding its presence around the world by opening new stores in major markets and enhancing the store experience. For example, Hermes International opened a new store. Strasbourg in November 2022offers a personalized product selection and a unique purchasing experience. These strategies and the opening of new brand-specific stores for luxury handbags are expected to drive sales growth through offline channels and drive market expansion during the forecast period.
Download a comprehensive report sample to discover how AI-driven innovation is reshaping competitive dynamics
Research Analysis
The luxury handbag market is a thriving segment of the consumer goods industry driven by a desire for luxury fashion and a growing working female population seeking economic freedom. The market includes a variety of styles, including clutches, crossbody bags, shoulder bags, satchels, hobo bags, and tote bags. Social media bloggers and celebrities support has a big impact on consumer preferences. The market faces challenges such as import operations, taxation and counterfeit products. The brand is available with satchel bags made from recycled leather, organic textiles and bio-processing solutions. Consumers increasingly choose online purchases, personalized recommendations, virtual Trian experiences, click-and-collection choices, and custom-made handbags. Limited edition handbags and customized sculptures add exclusiveness, while custom-made designs cater to individual preferences. The future of the luxury handbag market lies in innovation and sustainability.
Market research overview
The luxury handbag market is a thriving sector of the consumer goods industry, caters to fashion-conscious consumers and consumers seeking to express their sense of style and economic freedom. The high-end fashion brand offers a variety of handbags, including clutches, crossbody bags, shoulder bags, satchels, hobo bags, totes, briefcases, and is renowned for their craftsmanship and exquisite designs. These bags come in a variety of materials, including cotton, linen, jute, linen, synthetic fabrics, recycled leather, and organic textiles. Innovative technology features such as smart technology, embedded speakers, wireless charging, and GPS tracking are increasingly integrated into luxury handbags that meet the needs of modern consumers. Additionally, there is growing demand in the market from unisex options and millennial and generation Z. specialty stores, duty-free shops, online stores and discount stores. A popular channel for purchasing luxury handbags. Influencer marketing, celebrities’ support and blogger support play an important role in promoting these brands. The luxury handbag market is also affected by factors such as supply chain, import duties, taxation, counterfeit products and environmental concerns. Limited edition handbags, custom-made handbags, and used luxury handbags are popular trends, just as well as functional and versatile accessories. Reputable companies offer personalized recommendations, virtual Tryon experiences, click-and-collection choices, and customized engraving. The market is expected to continue growing, from improving purchasing power, a desire for unique and innovative designs to the appeal of a luxurious lifestyle.
table of contents:
One Executive Summary
2 Market Scenery
3 Market Sizing
Four Historic Market Sizes
5 Five Force Analysis
6 Market Segmentation
Distribution Channel Type Handbag Backpack Wallet Other Geography
Europe
North America
APAC
south america
Middle East and Africa
7 Customer Scenery
8 Geographical Landscapes
9 drivers, challenges, trends
Scenery of 10 companies
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leader in global technology research and advisory companies. Their research and analysis focuses on emerging market trends and is practical to help companies develop effective strategies to identify market opportunities and optimize market locations. It provides insights.
With over 500 specialized analysts, Technavio’s report library consists of over 17,000 reports and counts, covering 800 technologies across 50 countries. Their client base consists of companies of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research and actionable market insights to identify opportunities in existing and potential markets and within changing market scenarios We assess competitive positions.
contact address
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: (Email protection)
Website: www.technavio.com/
Source Technavio
