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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 ...

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 ...

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 ...

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 ...

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, ...

POSITIONING OF THE ACTORS

6.1 Segmentation of actors

  • LVMH
  • Kering (Holding)
  • Target
  • Walmart
  • H&M Groupe
  • Michael Kors
  • Shein
  • Zara (Inditex groupe)
  • Mango
  • Louis Vuitton Malletier
  • Chanel
  • Chloé
  • Le Tanneur
  • Lacoste Groupe
  • Lancaster
  • Longchamp
  • Hermès International
  • Amazon
  • Ebay
  • Vestiaire Collective
  • Asos
  • MACY's
  • Vinted France
  • The Real Real Inc. Company
  • Bloomingdale's

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in 40 pages
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Reviews (3)

The handbag market - France

Publicado en 27/05/2022 by Frederic Fournier - Airbus

Clear and well-documented study; I would have developed the new consumption trends a little more, especially the new expectations and buying habits of generations Y and X, to reinforce the strategic perspectives of the handbag market.

The handbag market - France

Publicado en 23/04/2022 by Deborah Balzan - BALZAN Déborah Fleur

The study contains a lot of very interesting information.

The handbag market - France

Publicado en 04/05/2021 by Malcolm Vincent

Very complete and quantified study in particular on the new trends driven by the concern to preserve the environment, to produce ethically and to develop the second-hand market.


Businesscoot Response:

Hello Malcolm, Thank you for your feedback. We are glad that the study lived up to your expectations. We hope you will give us a 5/5 next time ;)