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- Last update : 31/03/2020
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1 Market summary
1.1 Definition and scope of the market
The handbag market is part of the wider embellishment and accessories market. A bag is a fashion accessory that allows you to store everyday objects (e.g. wallet, keys). It is a consumer product, intended primarily for women, however, some specific models are also available for men. Many features are taken into account when a consumer buys a bag. Its practicality, but also its’ aesthetics and brand, remain key for consumer preferences.
The global handbag market is expected to demonstrate positive growth in the coming years; this is mainly driven by the influence of social media. The handbag market appeals the strongest to the age category 25 to 34; 29% of users belonged to this age group, followed by 35 to 44.
In the UK, the handbag market has experienced robust growth in light of increased disposable income as well as per capita consumption of consumers on handbags. Moreover, the demand for esthetically appealing handbags has grown together with the number of bags owned per person. Handbag penetration is very large due to the wide range of products offered at different prices. Indeed, the preceding years have seen a continuous growth in number of products on the market which correlates to more sales.
The handbag market includes many players; however, when measured through sales, it is dominated by the likes of Christian Dior, Louis Vuitton, and Prada. China represents the key value driver for these firms’ continuous market dominance. Moreover, sales will shift at an increasing pace towards E-commerce.
One trend includes a wider usage of logos and new logo styles; the brand recognition is very relevant for consumers and will drive sales growth. [technavio]
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Latest news
Fashion: how Prada reinvents itself - 13/01/2024
- Prada was founded in 1913 by brothers Mario and Martino Prada.
- By 2023, Prada's retail sales have increased by 13% compared to 2022.
- The luxury goods market is expected to see around 40% of its global sales absorbed by China by 2030, according to Bain & Company.
- Prada created its own foundation in 1995, which is located in Milan.
Hermès, champion of luxury growth - 29/07/2023
Hermès sales growth: 25% in the first half.
Planned openings: four new leather goods stores by 2027.
Luxury: Hermès, the quiet force of luxury gallops on - 28/07/2023
- Hermès sales reached over 6.6 billion euros in the first six months of the year. Sales were up 25%.
- Sales in Asia were up 28%.
- Sales in the United States rose by 20%, in Europe by 22% and in France by 24%.
- Continued rapid growth in Hermès sales, with a particularly strong performance in Asia and in the leather goods market.
Hermès to create a third leather goods factory in the Ardennes, creating 280 jobs by 2027 - 28/04/2023
- Hermès will build a new leather goods factory in Charleville-Mézières, to be operational in 2027.
- 260 craftsmen will exercise their skills in these future workshops.
- The Pôle des maroquineries des Ardennes will employ over 800 craftsmen by 2027.
- The new Charleville-Mézières leatherworks will be Hermès Maroquinerie Sellerie's twenty-sixth production site in France.
Prada, Milanese realism that keeps pace with the luxury giants - 13/03/2023
- Sales up 25% to €4.2 billion
- Above-market growth
- The Italian brand saw its profits soar by 58% last year, to €465 million - strong sales growth in Europe and the United States more than offsetting a slowdown in China
Hermès prepares to open its 23rd leather goods factory near Angoulême - 10/02/2023
- Hermès recruits and trains in leaps and bounds
- nine openings since 2010,
- three new openings planned for 2023
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