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- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 01/09/2022
Summary and extracts
1 Market overview
1.1 Definition and scope of the study
A handbag is a fashion accessory that has a functional purpose (to store keys, a phone...) but is obviously also used to reveal one's personality and clothing style. If the handbag is mainly intended for women, more and more mixed models appear as the tote bag or the crossbag.
Handbags are characterized by :
- Their range and brand: luxury, high-end, mid-range, entry-level
- Their shape and size: tote bag, clutch, shoulder bag, bucket bag, etc.
- Material: leather, synthetic, textile, recycled material, etc.
The global handbag market is expected to grow at a steady pace, with an average annual growth rate of 5.8% until 2030.
In addition, new growth drivers are emerging, in particular the digitalization of the sector, the development of the second-hand market, as well as the growing attention of consumers to the eco-responsibility of the products they buy.
While the Covid-19 epidemic led to a drop in sales during containment, structural growth in the market appears solid. Major U.S. specialty players in the market include Coach, Michael Kors and Kate Spade. in addition to these, there are foreign specialist players, particularly European ones such as Louis Vuitton, Hermès and Gucci, not forgetting the ready-to-wear, accessories and shoe brands that often also offer handbags.
All these players are often manufacturers who distribute their products directly. However, handbags are also distributed in department stores, such as Bloomingdale's, supermarkets and hypermarkets, as well as on the Internet by pure players, such as Asos.
1.2 The global market
Global Handbag Market Size World, ****-****, US$ billion TCAM ****-****: +*.* Source: ****
The global handbag market is valued at US$ **.* billion in ****. It is expected to grow steadily to reach US$**.* billion in ****, representing a CAGR of *.*% over the period.
Looking at the growth segments of the handbags market, we can see ...
1.3 The U.S. market is trying to recover from the crisis
US handbag sales by value in billion US$, United States, ****-**** Source: ****
US handbag sales in volume in billion units sold, United States, ****-**** Source: Travel Goods Association Handbag market sales have been particularly sensitive to the various crises. Indeed, after the ****-**** crisis, sales fell by **.*% in value between **** and ...
1.4 Foreign trade in handbags
Trade Balance united States, ****-****, in billions of US$ and in % Source: UN Comtrade With the use of the following codes: ******, Cases and containers; handbags (***), with outer surface of leather or of composition leather ******, Cases and containers; handbags (***), with outer surface of sheeting of plastics or of textile materials ******, Cases and ...
2 Analysis of the demand
2.1 Demand and its determinants
Handbag consumers
The majority of handbag consumers are women, and there is a certain correlation between the increase in the proportion of working women and the growth in sales of luxury bags: since they have greater purchasing power, they redirect their income towards luxury purchases, rather than towards lower ranges.[***]
However, ...
2.2 Americans are very interested in designer handbags
A strong interest in luxury and affordable handbags
Google Trends analysis - **/**/****
When we look at the top ten topics associated with the term "handbag" in Google searches of the last ** months in the USA, we see that * of them refer to luxury brands or to the terms "brand" and " ...
2.3 Second hand, a new way of consuming handbags
Second hand market
Second-hand market in the United States uS$ billion, United States, ****-**** Source: ****
Secondhand is becoming increasingly important in the way younger generations consume. The second-hand market grew at a record pace in **** with an increase of **% to reach US$** billion.
The U.S. used clothing market will reach ...
3 Market structure
3.1 Forces at work
Vertical integration of the value chain: a new market trend
More and more luxury brands are embarking on vertical integration of their supply chains. Vertical integration is a strategy that allows a company to control its value chain by integrating new activities with its production activity. This can be achieved through ...
3.2 Handbag production in the United States
Number of employees in the US apparel manufacturing industry in thousands, ****-****, United States Source: ****
Handbag manufacturing, like apparel manufacturing, has fewer and fewer employees and production units.
Number of firms manufacturing women's handbags by number of employees Number of firms, U.S., **** Source: ****
The majority of handbag firms have fewer ...
3.3 Distribution
The distribution of handbags is managed in * main types of actors:
Own brands that distribute online and physical : luxury brands through their own stores: Louis Vuitton, Gucci... fast fashion brands: H&M, Primark, Zara... handbag specialist brands: Kate Spade, Michael Kors...
Multi-brand distributors: physical and online generalists department stores: Macy's, Nordstrom, ...
3.4 Is the acceleration of online distribution coming to an end?
Online retail market share of apparel, footwear and accessories as % of total sales, United States, ****-**** source: Statista
In ****, online sales of fashion items accounted for **.**% of total sales in the US. The Statista Digital Market Outlook for online sales predicts a decline: in **** the estimated market share is **.**%.
Ranking of ...
4 Analysis of the offer
4.1 Typology of the handbag offer
The handbag market can be divided into several segments, depending on the range, the model or the material used.
The different product lines are as follows:
Luxury handbags : these are handbags made with quality materials (***) and according to advanced processes. Luxury handbags can be found between ***€ and several thousand euros.for ...
4.2 Handbag prices
As mentioned in the previous section, handbag prices vary depending on many factors such as the brand, the type of product or the material used.
4.3 Trends in handbag supply
More responsible bags
In response to consumers who are increasingly eager to respect ethical values and adopt more responsible and environmentally conscious consumption, bag brands are offering a range of more eco-responsible products:
vegan leather bags: pineapple leather, solvent-free vegan leather, etc. luxury bags that are increasingly moving towards eco-design bags ...
5 Regulation
5.1 Current regulations
Textile, Wool, Fur, Clothing and Leather Issues
Federal law requires that most textile and wool products be labeled with the fiber content, country of origin, and the identity of the manufacturer or other company responsible for marketing or handling the product.
For fur, labels must include the name of the animal, ...
6 Positioning of the actors
6.1 Segmentation of actors
- LVMH Groupe
- Kering
- Target
- Walmart
- H&M Groupe
- Michael Kors
- Shein
- Inditex groupe (Zara)
- Mango
- Louis Vuitton Malletier
- Chanel
- Chloé
- Le Tanneur
- Lacoste Groupe
- Lancaster Maroquinier
- Longchamp
- Hermès International
- eBay
- Vestiaire Collective
- Asos
- MACY's
- Vinted
- The Real Real Inc. Company
- Bloomingdale's
List of charts
- Size of the global handbag market
- Handbag sales in the USA, by value
- US handbag sales by volume
- Trade balance
- Top supplying countries for handbags
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Latest news
Chanel invests in Italy again: new joint for Gensi Group - 29/02/2024
- **Chanel investment in the Gensi Group Footwear Factory**:
- - Inauguration of a new 3,000-square-meter splicing department at the Mosciano Sant'Angelo (Teramo) production site.
- - Activation of 4 new production lines of 70 meters each.
- - Currently, 6 production lines are in operation, with a plan to double them in the next 3 years through the inclusion of new professional resources.
- **Corporate Sustainability Initiatives**:
- - Formation of 3 working groups dedicated to the company's environmental sustainability a year ago.
- - Reduction in energy consumption and processing waste.
- - Advances in recycling and reuse.
- - Launch of in-house training institute "M'Astri Nascenti" in collaboration with Arsutoria School, with 60 people trained to date.
- **Workforce and Hiring Plans**:
- - Currently, the company has more than 660 employees, of whom more than 120 are hemlines.
- - New hires are planned to further increase the workforce.
- **Manufacturing Chanel and Italian Supply Chain**:
- - Chanel shoes are designed in France but produced in Italy.
- - Italian companies controlled by Chanel involved in production: Roveda of Parabiago (acquired in 1999), Gensi of Giulianova (acquired in 2015), and Ballin Shoes (acquired in 2020).
Gucci: a challenge for Kering - 08/01/2024
- Gucci, Kering's flagship brand, guarantees two thirds of the group's profits.
- Kering acquired a 30% stake in Valentino.
- Kering also bought Creed perfumes.
- Balenciaga, one of Kering's brands, has been in difficulty since November 2022
Host and Primark: The nightmare continues for H&M, overtaken by Shein - 15/12/2023
- H&M posted annual sales up 6% to 21 billion euros
- Spanish brand Zara saw an 11% increase in sales for the first nine months of the year, representing 25.6 billion euros and a profit in excess of 4 billion euros.
- British brand Primark achieved sales in excess of 23 billion euros at the end of its September trading year.
- Chinese online retailer Shein is targeting sales of €40 billion this year, while its rival Temu is aiming for €33 billion.
- H&M reduced the number of its stores and cut 1,500 jobs last year as part of a rescue plan.
Five things you need to know about Inditex, the owner of Zara stores - 17/09/2023
- Founded sixty years ago, the group is now the third-largest in the sector in terms of value (after Dior and Nike),
- Present in 94 countries by the end of 2022, with over 160,000 employees
- Inditex flagship Zara. The brand operates 1,878 points of sale by the end of April 2023.
- In France, the brand has 113 stores.
- Since 2020, the Inditex group has been closing less profitable stores.
- In the United States, the brand is on a roll: a total of 35 stores are scheduled to open in 2023, making it the second-largest market after Spain.
- Zara and Inditex have played a major role in the creation of the "fast fashion" concept.
- Today, the group comprises seven brands: Zara (clothing and home furnishings with Zara Home), Pull & Bear, Bershka, Stradivarius, Oysho (underwear, swimwear and sportswear) and Massimo Dutti in the high-end segment.
- The total number of stores is 5,800.
- In 2020, with the Covid pandemic, online sales soared by 77% for the group as a whole, representing a third of the total.
- Most garments are produced in Spain, Portugal, Morocco or Turkey, while competitors continue to produce largely in Asia.
Bershka, Pull&Bear, Stradivarius: the recipes behind Inditex's phenomenal success with teenagers - 14/09/2023
- The Inditex Group, which owns Bershka, Zara, Stradivarius, Pull and Bear, Oysho and Massimo Dutti, has forecast net earnings of €2.51 billion for 2023
- Bershka, P&B and Stradivarius account for just 20% of group sales, while Zara accounts for over 70% of total sales.
- All brands reported year-on-year sales growth
- Bershka saw its sales increase by 12.3% this year
- Chinese competitor SheIn achieved estimated sales of $30 billion in 2022, almost as much as all Inditex banners combined in the same year (32 billion euros).
- Bershka, Stradivarius and Pull&Bear have stores in Europe.
Chanel creates "La Parcelle", a new green and artistic space - 14/09/2023
- Le 19M, the space dedicated to Chanel's métiers d'arts, was inaugurated in 2021.
- Le 19M brings together 600 craftsmen and experts in eleven Maisons d'arts.
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