Handbags

Global Handbags Market to Reach US$96.8 Billion by 2030

The global market for Handbags estimated at US$66.3 Billion in the year 2024, is expected to reach US$96.8 Billion by 2030, growing at a CAGR of 6.5% over the analysis period 2024-2030. Tote Bag, one of the segments analyzed in the report, is expected to record a 7.4% CAGR and reach US$41.6 Billion by the end of the analysis period. Growth in the Clutch Bag segment is estimated at 6.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$17.2 Billion While China is Forecast to Grow at 9.8% CAGR

The Handbags market in the U.S. is estimated at US$17.2 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.7 Billion by the year 2030 trailing a CAGR of 9.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.0% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.0% CAGR.

Handbags  - Key Trends and Drivers

The handbag market is poised for continued growth, driven by evolving consumer preferences, technological advancements, and the increasing economic empowerment of women globally. As more women enter the workforce, there`s a rising demand for handbags that are not only stylish but also functional, capable of transitioning from professional to personal use. These bags often double as a fashion statement and a practical tool for carrying essentials such as laptops, documents, and personal items. The expansion of the market is also driven by global brand penetration into new markets, enhancing visibility and driving sales across diverse demographics.

There is a noticeable trend towards smaller, more practical handbags, reflecting a shift towards minimalist lifestyles and awareness of health impacts from previous consumption patterns. Additionally, the luxury and premium segments of the handbag market are experiencing significant growth due to increased consumer purchasing power and the desire for high-status symbols. This segment benefits from the entry of emerging designers who introduce unique, high-quality items that cater to consumers seeking exclusivity and craftsmanship. Conversely, environmental concerns are prompting a shift towards sustainable materials such as cotton, silk, and jute, challenging designers to innovate without compromising on luxury and aesthetic appeal.

The rise of e-commerce has revolutionized the handbag sales landscape, with online platforms becoming increasingly crucial for reaching younger, tech-savvy consumers. Despite this shift to digital, physical stores continue to play a vital role, particularly for customers who value the tactile shopping experience. Retailers are enhancing in-store experiences to remain competitive. Innovations in product design, such as the introduction of smart handbags with integrated technology features, and the increasing demand for eco-friendly options highlight the industry`s adaptation to consumer preferences for functionality, style, and sustainability.

 

SCOPE OF STUDY:

The report analyzes the Handbags market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Tote Bag, Clutch Bag, Satchel, Other Types); Raw Material (Leather, Fabric, Other Raw Materials)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 231 Featured) -

• 727 sailbags SAS
• A.S.H.S. Limited
• Accent Marketing
• Adriana Castro
• AirShop
• Alexander McQueen Trading Ltd.
• AMPERSAND AS APOSTROPHE
• Andrews
• Angela Roi
• AnnaBis LLC

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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