A luxury handbag or a luxury designer handbag is crafted from the finest materials to provide an exquisite look and finish. The main purpose of these premium bags is to make a style statement. They are available in different styles, materials, and sizes. Luxury handbags are commonly custom-made according to the needs of the buyer. The global luxury handbag market size is estimated to reach USD 33.94 Billion and record a CAGR of 6.8% by the end of 2024.
The global market has been segmented on the basis of type, material type, consumer group, distribution channel, and region.
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Based on type, the global luxury handbags market is divided into clutches, crossbody bags, shoulder bags, satchels, hobo bags, tote bags, briefcases, and others. The clutches segment accounted for the largest share of the global luxury handbags market in 2018 due to the innovative style and utility of these bags. However, the briefcases segment is expected to register the highest growth rate owing to the expanding men’s luxury handbags market.
Based on material type, the global luxury handbags market has been categorized into leather, cotton, synthetic, and others. The leather segment is expected to remain dominant during the forecast period. This can be attributed to the availability of various varieties of fine leather. However, the use of synthetic material for luxury handbags is on the rise owing to better designs and freedom in styles offered by these materials.
With respect to consumer group, the global luxury handbags market has been categorized as men, women, and unisex. The women segment is expected to hold the highest market share due to the availability of a variety of styles. However, the men segment is expected to register the highest CAGR due to the wide product offerings by market players in the office bag and wallet categories.
As per distribution channel, the market has been bifurcated into store-based and non-store-based. The store-based segment is expected to remain dominant during the review period as stores offer consumers the option to touch and feel the products before purchase. However, the non-store-based segment is expected to exhibit a higher growth rate during the forecast period due to competitive pricing and convenience. Moreover, advancements in e-commerce offer safe and secure door-to-door delivery for premium and delicate handbags. Furthermore, the availability of renowned luxury handbag brands in online stores and several offers and deals for online purchase are expected to propel the growth of the non-store-based segment during the forecast period.
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