Luxury Handbag Market Size To Reach $94.00 Billion By 2028, Increasing Product Innovation, Changing Fashion Trends, & Rising Women's Workforce To Be Pivotal Factors For Growth | Million Insights
FELTON, Calif., May 10, 2021 /PRNewswire/ -- The global Luxury Handbag Market size is expected to reach USD 94.00 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.3% from 2021 to 2028.
What are Key Factors Driving the Luxury Handbag Market Growth?
Increased brand recognition and rising spending on handbags in emerging economies are driving the market. An increase in disposable income and a rise in purchasing power are other factors boosting the market growth. The use of handbags has become important for a woman. The rise in women's workforce and busy lifestyles have fueled the market growth globally.
Luxury handbag is considered to be an important accessory globally, thus driving the market over the forecast period. The major factors responsible for industry growth are increased disposable income in the developing economies and augmented use of luxury handbags. In addition, brand recognition and power are driving the industry. Hence, due to these reasons, the market is anticipated to witness lucrative growth over the forecast period.
The tote bags segment accounted for the largest share of nearly 36.0% in 2020. Tote bag allows the consumer to carry several goods at the same time due to its larger space. Hence, it is popular among working women as they require enormous space to keep important stuff, such as files and laptops. Moreover, these bags are available for every requirement of the consumer, which has increased the demand for tote bags. Additionally, shifting consumers' preference from plastic bags to tote bags is estimated to fuel the segment growth in the coming years.
Please click here to get the sample pdf and find more details on "Luxury Handbag Market" Report 2028.
Europe dominated the market with a revenue share of more than 34.0% in 2020. This is attributed to the growing popularity and trend of luxury handbags in this region. Furthermore, the increasing purchasing power of the consumers in this region is driving the market.
Key Questions Answered in the Luxury Handbag Market Report:
- Which Region to Dominate the Luxury Handbag Market Share?
Europe dominated the market with a share of over 34.0% in 2020 due to high demand for high-end bags in key countries, including Germany, the U.K., and France.
- What is the Luxury Handbag Growing Trends in Asia Pacific Region?
Asia Pacific is expected to register the fastest CAGR of 6.0% from 2021 to 2028 owing to the growing trend of luxury lifestyle among women millennials in countries, including China and India.