In 2023, the total revenue generated by fashion bag producers around the world was calculated to be roughly US$ 287.5 million. During the projection period, the global fashion bag market is anticipated to grow at a CAGR of 3.5%. The market is estimated to reach US$ 297.6 million in 2024 and US$ 419.7 million by 2034.
Ethical considerations are reshaping the USA’s fashion bags market, constituting 19.2% of North American sales in 2024 with a projected 3.2% CAGR over the next decade. A growing emphasis on sustainability and moral manufacturing practices is altering luxury purse standards, with consumers favoring eco-friendly materials. In Europe, particularly Germany, fashion bag market share is even higher at 24.9% in 2024, with a 3.6% CAGR expected until 2034. The region witnesses a surge in sustainable practices, exemplified by the popularity of vegan leather bags, fostering the growth of new companies specializing in ethical leather products in Germany.
Evolving consumer preferences in cloth, jewelry and other usable items have completely transformed the global fashion accessories industry. Moreover, a rise in the disposable income of people with improving economic conditions is encouraging more people to spend on high-quality and expensive accessories.
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The promotion of products on social media channels by fashion influencers has boosted the market trends in luxury purses and designer handbags. In addition, the supply side for fashion bags has also strengthened in recent years after the introduction of robotics and automation in manufacturing facilities.
“Globalization of the designer handbag industry with enhanced accessibility of fashion accessories due to rising eCommerce platforms has intensified the competition in the fashion bag market. The introduction of novel materials and computer-aided designs have also helped in the production of distinctive, appealing items that stand out in the marketplace,” says Ismail Sutaria (Lead Consultant, Packaging and Materials).
Key Takeaways from the Global Fashion Bag Market Report
- North America is estimated to account for almost 19.2% of the global market for fashion bags in 2024.
- The United States is the dominant market in North America, and sales of fashion bags in the country are anticipated to follow a 3.2% CAGR through 2034.
- European countries together are expected to hold around 24.9% of the global demand for fashion bags in 2024.
- Germany is the leading manufacturer and supplier of luxury handbags in Europe and is expected to advance at a 3.6% CAGR until 2034.
- China is the most prominent market for all types of bags in Asia, and the fashion bag production in the country is expected to rise at a CAGR of 5.9% through 2034.
- A relatively new market for fashion bags in India is anticipated to rise at a CAGR of 7% over the forecast period.
Competitive Landscape for Fashion Bag Market Players
The landscape for fashion bags is competitive, with many regional players vying for a higher market share. With a wide range and variety of fashion bags, the leading brands can reach a larger customer base to retain their market value.
Key Players Profiled in the Fashion Bag Market Report
- 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.
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Recent Developments by the Fashion Bag Market Players
- Rashki launched India’s first line of banana leather handbags in April 2023 in collaboration with Atma Leather. A wide variety of bags made by Banofi have been introduced by Rashki, which is a sustainable fashion company. These bags include the eye-catching Snow crossbody bag in black and white, the eco-friendly Unica Eco purse with gorgeous oak handles, and the functional Fede tote bag.
- The world of fashion was rocked in March 2023 when the French fashion brand Coperni unveiled a stunning handbag fashioned of meteorite rock. At a price point of €40,000, this distinctive item was offered in the top luxury bags market category.
Prominent Factors Driving the Global Fashion Bag Market Demand
- Fashion Trends:
- Ever-changing fashion trends play a pivotal role in shaping the demand for fashion bags. Consumers often seek stylish and trendy bags that align with current fashion preferences.
- Consumer Preferences:
- Individual preferences and tastes of consumers significantly impact the demand for fashion bags. Preferences may vary based on factors such as design, material, size, and brand.
- Brand Image:
- Strong brand image and reputation can drive demand for fashion bags. Consumers often gravitate towards well-known brands that are associated with quality, style, and prestige.
- Material Innovation:
- The use of innovative materials and technology in bag manufacturing can influence consumer choices. Sustainable and eco-friendly materials are gaining popularity, reflecting a growing awareness of environmental concerns.
- Economic Factors:
- Economic conditions, including disposable income and purchasing power, play a crucial role. During economic upswings, consumers may be more inclined to invest in higher-end fashion bags.
- E-commerce Growth:
- The growth of e-commerce platforms has expanded the reach of fashion bags to a global audience. Online shopping provides convenience and accessibility, contributing to increased sales.
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Key Segments Covered by Fashion Bag Industry Survey Report
By Raw Material Type:
- Natural Leather
- Synthetic Fabric
- Other Material Types
By Product Type:
- Tote Bag
- Clutch Bag
- Satchel Bag
- Other Bag Types
By Distribution Channel:
- Online Distribution Channel or eCommerce
- Retail or Offline Distribution Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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