The demand for fashion bags in 2024 is estimated to reach around USD 297.6 million. The global demand for designer handbags or fashion bags is projected to advance at a CAGR of 3.5%. By the end of 2034, the global fashion bag market value is expected to reach USD 419.7 million.
Trends in the Fashion Bag Market
| Report Attribute | Details |
|---|---|
| Fashion Bag Market Revenue (2024) | USD 297.6 million |
| Anticipated Market Value (2034) | USD 419.7 million |
| CAGR (2024 to 2034) | 3.5% |
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The fashion bag market was valued at USD 257.7 million in 2019. During the forecast period from 2019 to 2023, product sales grew at a CAGR of 2.8%. The overall market value reached USD 287.5 million in 2023.
| Attributes | Details |
|---|---|
| Fashion Bag Market Size (2019) | USD 257.7 million |
| Historical Market Size (2023) | USD 287.5 million |
| CAGR from 2019 to 2023 | 2.8% |
This moderate growth rate experienced in sales of fashion bags in the last five years was due to the downturn experienced during 2020 and 2021. The global fashion accessories market was hit hard during the pandemic period as worldwide restrictions were imposed on the movement of people. However, the market players resumed their operations in early 2022 and recovered fully before the commencement of the year 2023.
Nowadays, the importance and craze for accessories is growing in line with the demand for clothes and jewelry. So, trendy fashion accessories, including stylish, useful, and high-quality handbags, are expected to contribute to the market’s growth.
Fashion experts and social media influencers are also responsible for shaping trends and pique consumers' interest in fashion accessories. The demand for a wide variety of fashion bags, from backpack purses to luxury cross-body bags, has increased due to continuously evolving styling concepts.
A broader spectrum of people is now able to purchase fashion bags easily after the proliferation of eCommerce websites like eBay, Walmart, and Amazon. In addition, growing partnerships between producers of woven handbags and well-known designers or brands are expected to result in market expansion.
The table below illustrates the expected CAGRs of the fashion bag market in the top-performing countries. The United States and Germany already have a well-established market for fashion bags owing to their long tradition of luxury items. In contrast, the rising demand for luxury bags in emerging countries of Asia is expected to present higher growth opportunities for market players.
| Country | CAGR (2024 to 2034) |
|---|---|
| United States | 3.2% |
| Germany | 3.6% |
| India | 7% |
| China | 5.9% |
The United States is a key market in North America for sales of fashion bags, accounting for a share of 19.2% in 2024. Over the next ten years, the market for fashion bags in the United States is poised to advance at a CAGR of 3.2%.
Nowadays, the handbag fashion market in the United States is becoming more conscious of and concerned about sustainability. Customers are acknowledging manufacturers who prioritize using eco-friendly products and moral manufacturing methods, which have transformed the standards for luxury purses.
The market share of European countries for fashion bags is higher than that of North America and could garner roughly 24.9% of revenue in 2024. Germany is the leading manufacturer, and it is expected to contribute to the growth of the fashion bag industry in Europe by progressing at a 3.6% CAGR till 2034.
Sustainability and ethical issues have also had a positive impact on the European fashion bag industry. For instance, the use of vegan leather bags is an emerging trend in the region, resulting in the establishment of several new companies dealing with leather bags in Germany.
China is currently the leading producer of fashion bags, including daily use categories, owing to its vast manufacturing facilities. The market for only fashion bags is poised to progress at an impressive 5.9% CAGR through 2034.
The growing disposable income of a greater section of society in China is anticipated to favor the growth of the fashion bag market in the country. Also, recent technological developments in manufacturing processes have allowed regional players to produce high-quality goods at competitive prices for the global market.
The demand for fashion bags in India surged in the last decade, and it is expected to rise at a CAGR of 7% till 2034.
The rise of designer handbags industry in the country has been triggered by the exposure and inclination of people toward Western cultures. Middle-class people in India now also have more purchasing power for luxury items like trendy evening bags that could enhance the luxury bag market size.
The demand for fashion bags made out of natural leather accounts for a market share of 55.4% in 2024.
| Attributes | Details |
|---|---|
| Top Material Type | Leather |
| Market Share in 2024 | 55.4% |
Well-known leather fashion bag companies with a solid track record of excellence and style have adopted the strategy of providing customization options to their customers. This trend is popular among consumers who like personalized and distinctive goods, augmenting the segment for fashion made of synthetic fabrics.
The global sales of fashion bags in offline retail shops, including brand outlets and supermarkets, constitute 65.3% of the global demand.
| Attributes | Details |
|---|---|
| Top Sales Channel | Offline Sales |
| Market Share in 2024 | 65.3% |
The offline segment for fashion bags is expected to remain limited as it is sustained and grows mostly by word-of-mouth and repeat business. Meanwhile, customers can now explore and buy fashion bags and other accessories from any location across the globe more easily from online stores.
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In order to satisfy the specific requirements of a spectrum of customer categories, fashion bag manufacturers are expanding their range of product lines. This covers luxury purses, trendy totes, quilted handbags, vintage bags, and many more, including vegan leather bags.
New market players are coming up with new ideas for functionality, design aspects, and materials that could result in further expansion of the competitive landscape. Innovation in materials used and creativity in the design of luxurious handbags is imminent to be the key to the success of emerging market players.
Recent Developments in the Global Fashion Bag Market
| Attributes | Details |
|---|---|
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Product Type, By Material Type, By Sales Channel and By Region |
| Key Companies Profiled | Louis Vuitton; Hermes International S.A.; Michael Kors.; Fossil Group, Inc.; Guccio Gucci S.p.A.; Prada S.p.A.; Burberry Group PLC.; Da Milano; Esbeda; Tapestry, Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global fashion bag market value is estimated to be 297.6 million in 2024.
The overall market is likely to grow at a CAGR of 3.5% through 2034.
The global sales of fashion bags could generate USD 419.7 million by 2034.
Sales of fashion bags in Europe account for 24.9% of the global revenue share in 2024.
The market in India is predicted to witness a CAGR of 7% through 2034.
| Market Estimated Size (2023E) | USD 6.1 billion |
|---|---|
| Projected Market Valuation (2033F) | USD 9.9 billion |
| Value-based CAGR (2023 to 2033) | 4.2% |
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