Luxury Handbags Market to hit USD 41.1 billion by 2032, says Global Market Insights Inc.
Global Market Insights Inc.
5 min read
Global Market Insights Inc.
Luxury Handbags Industry is projected to witness a CAGR of 6% during the period 2023-2032. This growth can be attributed to the emerging social media trends toward premium accessories.
Luxury Handbags Market size could reach USD 41.1 billion by 2032. Changing fashion preferences and a surge in eco-conscious consumerism will accelerate business expansion over 2023–2032. The introduction of eco-friendly bags aligns with evolving values, attracting environmentally conscious consumers.
This trend reflects a shift toward sustainable fashion and adds a unique dimension to the luxury handbags market, meeting the demands of consumers seeking both style and a commitment to eco-friendly practices. For instance, in 2023, Stella McCartney unveiled its inaugural luxury handbag, crafted from Mirum—an eco-friendly alternative to animal leather, devoid of plastic, fossil fuels, and water. The brand transformed its iconic Falabella handbag using this innovative and sustainable material.
Crossbody bags to gain popularity
The crossbody bags segment could capture a substantial luxury handbags market share by 2032 due to their practicality and versatile design, aligning with evolving consumer preferences. The convenience and ease of use associated with crossbody bags make them a sought-after fashion accessory. As consumer lifestyles prioritize functionality without compromising on style, the popularity of crossbody bags will surge, driving their prominence in the dynamic luxury handbags industry.
Synthetic to remain a major material segment
The synthetic materials segment could contribute decently to the luxury handbags market size throughout 2023–2032 due to consumer preferences shifting toward sustainable and cruelty-free options. The demand for high-quality, vegan-friendly alternatives is on the rise, prompting luxury brands to incorporate synthetic materials in their handbag designs. This aligns with the broader trend of environmentally conscious consumerism, positioning synthetic luxury handbags as a significant player in meeting the evolving preferences of fashion-conscious and ethically-minded consumers.
Asia Pacific to lead the luxury handbags Industry
Asia Pacific luxury handbags market will register remarkable expansion from 2023 to 2032, driven by rising disposable incomes, a burgeoning middle class, and increasing brand awareness. As the region becomes a global fashion hub, consumer preferences for luxury goods, including handbags, are witnessing a significant upswing. Key players strategically focus on expanding their presence in the APAC, recognizing the region's economic progression and the growing influence of its consumers in the business.
Key players in the luxury handbags industry include Burberry Group Plc, Chanel S.A., Coach Inc., Dolce and Gabbana S.R.L., Guccio Gucci S.p.A., Georgio Armani S.p.A., Lacoste, Louis Vuitton, Prada S.p.A., and Michael Kors, among others.
These industry players are strategically expanding their presence in the industry through a combination of innovative designs, sustainable practices, and targeted marketing. By catering to evolving consumer preferences for cruelty-free and eco-friendly options, these brands are securing a larger market share. The emphasis on craftsmanship, exclusivity, and aligning with contemporary values positions them as key players in meeting the diverse demands of luxury handbag enthusiasts, contributing to their increased market presence.
For instance, in 2023, Anita Dongre introduced a range of luxury handbags and belts emphasizing vegan materials. The collection includes handcrafted bags incorporating recycled glass beads. These accessories are crafted from Mirum, a plant-based, plastic-free alternative to leather, adopted by renowned designers such as Ralph Lauren and Pangaia.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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