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1 Market overview
1.1 Introduction
The handbag market encompasses many different types of products segmented into broad price ranges that cater to the needs of the masses. The most popular handbag models can be sold for astronomical amounts of money. The current world record handbag was sold for nearly $4 million. Yet, this product did find a buyer.
This shows us that the usual market segmentation into price ranges is not inalienable. Demand management is necessary to face the toughest competition.
However, for a first approach it is wise to understand the handbag market in the form of different price ranges. Among these we find in particular :
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Luxury handbags (more elaborate and sometimes in limited edition)
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Mid-range handbags (available in large ready-to-wear stores)
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Entry-level handbags (low demand in some markets)
The global handbag market is growing at an annual CAGR of over 5%. The best growing segments are luxury or high-end products with a good price-quality ratio. To gain market share, luxury multinationals are now turning more to Asian countries. Indeed, the demand for these types of products is particularly developed there. This is mainly due to the emergence of a new middle class who are showing conspicuous consumption to develop a sense of belonging to the wealthy class.
In Germany, the handbag market is one of those sectors that are evolving the most. This is mainly due to societal changes (increased purchasing power, structural changes in the labor market). However, inflation is at its highest in Germany, which has had a heavy impact on the handbag market. Paradoxically, high-end bags remain popular with customers because they are more durable.
International luxury brands of the LVMH Group are present in the German market. However, other brands such as MCM (German brand specialized in the production of high-end bags) are also very popular.
For cultural reasons, the handbag market in Germany cannot be directly compared to other Western European countries. Germans place great importance on the practicality of the products they consume. The challenge for a company wishing to join this market is to find a way to offer products with an interesting price-quality ratio and a beautiful aesthetic appearance.
List of charts presented in this market study
- Foreign trade in handbags
- Size of the global handbag market
- Market share distribution of the global handbag market
- Distribution of handbag production in Europe
- Total sales volume of handbags in Germany
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Latest news
Chanel seeks new impetus with the departure of its artistic director - 06/06/2024
- - The Chanel group employs over 36,500 people worldwide.
- - Chanel sales 19.7 billion dollars in 2023
- - Chanel sales rose by +15.8%.
- - In the United States, Chanel sales rose by less than 3% to $3.9 billion.
- - In Asia, Chanel sales rose strongly by 17.7% to $8.4 billion.
- - Chanel's distribution network has doubled over the last five years.
Luxury: Chanel on the right track - 22/05/2024
- - Chanel 2023 annual sales: $19.7 billion (approx. €18.2 billion), an increase of 14.6%.
- - Workforce: 36,500 employees.
- - Number of Chanel boutiques worldwide: over 600.
- - Sales in Asia: $8.4 billion, up 17.7%.
- - Sales in Europe: $4.7 billion.
- - Sales in the United States: $3.9 billion, with growth of less than 3%.
- - Number of Chanel stores in mainland China: 18.
Vinted profitable for the first time - 29/04/2024
- - **Sales up:** 596.3 million euros last year, representing an increase of 61%.
- - **Net income:** 17.8 million euros (against a loss of 20.4 million euros in 2022).
- - **Workforce:** 2,000 employees. - **Year of creation:** 2008.
- - **Number of registered members in France:** 27 million.
- - **Market position:** Europe's third-largest textile operator, behind Zalando and Shein, and number one in the C to C second-hand market in Europe.
Shein, designated by Europe as an important hub, will have more obligations - 29/04/2024
- - **Number of monthly Shein users in the EU**: 108 million.
- - **Number of platforms already under the DSA**: 19, including major players such as Amazon, Google Shopping, Facebook, Instagram, TikTok, Twitter, YouTube, AliExpress, and Zalando.
Shein: the king of "ultra fast fashion" makes twice as much profit as H&M - 02/04/2024
- Shein profits last year: $2 billion.
- - Shein revenues: nearly $45 billion.
- - H&M profits: $820 million.
- - Inditex (owner of Zara) profits: $5.8 billion (€5.4 billion).
- - Year Shein was founded: 2008.
- - Number of employees at Shein: over 10,300.
- - Current valuation of Shein: over $66 billion.
- - Main markets: United States and Europe.
Zara, Bershka, Massimo Dutti, all Inditex banners to grow by 10% or more by 2023 - 14/03/2024
- Inditex sales: up +10.4% to 35.9 billion euros.
- Growth rates of the Inditex Group's various banners: all up by 10% or more, with Oysho showing the strongest growth (+19%).
- Number of stores operated by Inditex at the end of fiscal year 2023: 5,692.
- In-store sales growth: 7.9%
- Increase in e-commerce sales: 16% to 9.1 billion euros.
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The handbag market | Germany
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