Luxury Handbag Market Highlights
The global luxury handbag market size is estimated to reach USD 33.94 Billion and record a CAGR of 6.8% by the end of 2024. A luxury handbag or a luxury designer handbag is crafted from the finest materials to provide an exquisite look and finish. The main purpose of these premium bags is to make a style statement. They are available in different styles, materials, and sizes. Luxury handbags are commonly custom-made according to the needs of the buyer.
Luxury handbags are costlier than the conventional handbags mainly due to the material used in their making, finishing, and design. Luxury handbags make a style statement in the fashion world and are even custom-made to suit the needs of the buyer.
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The Global Market has been segmented based on Type, Material Type, Consumer Group, Distribution Channel, and Region.
Based on Type, the Global Luxury Handbags Market is divided into clutches, crossbody bags, shoulder bags, satchels, hobo bags, tote bags, briefcases, and others.
Based on Material Type, the global luxury handbags market has been categorized into leather, cotton, synthetic, and others.
With respect to Consumer Group, the global luxury handbags market has been categorized as men, women, and unisex.
As per Distribution Channel, the market has been bifurcated into store-based and non-store-based.
Major Key Players:
Some of the key players in the Global Luxury Handbags Market are
- PVH Corp. (US)
- Atelier (US)
- Tory Burch LLC (US)
- Dolce & Gabbana S.R.L. (Italy)
- Chanel S.A. (France)
- Burberry Group PLC (UK)
- Louis Vuitton (France)
- Ralph Lauren Corporation (US)
- Michael Kors GmbH (Switzerland)
- Guccio Gucci S.p.A (Italy)
- Valentino S.p.A. (Italy)
- Giorgio Armani S.p.A (Italy)
- Cartier International SNC (France)
- MCM Worldwide (Germany)
- Prada S.p.A (Italy)
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Based on region, the global luxury handbags market has been divided into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Europe is expected to account for the largest share during the forecast period. High brand awareness, the presence of an established fashion industry, and high per capita disposable incomes in the region are the key factors for the dominance of the regional market.
The market in North America is expected to hold the second-largest share during the forecast period. High per capita disposable incomes and increasing brand awareness are expected to drive the growth of the market in the region. Moreover, the increasing demand for luxury handbags for men is expected to propel the growth of the regional market during the forecast period.
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