The global handbag market size is projected to reach USD 78.46 billion by 2028 owing to the increasing availability of premium bag brands on e-commerce platforms. Fortune Business Insights™ shares this information in its report, titled “Handbag Market, 2021-2028”. The report further states that the global market value was USD 47.57 billion in 2020, and the market is expected to register a CAGR of 6.8% from 2021 to 2028.
The COVID-19 pandemic has seriously injured the consumer goods industry and has hampered the handbag market growth. According to Fortune Business Insights™, the global market slumped by a staggering 25.6% in 2020, with its size predicted to reach USD 49.63 billion in 2021. The main reasons for the market’s declining growth trajectory in the 2020-21 period include sharp demand contractions underpinned by falling incomes, increasing raw material prices, and reduced production.
Sequential Brands Group & Centric Brands to Collaborate for Handbag & Jewelry Collections
In November 2019, Sequential Brands Group teamed up with Hollywood celebrity Jessica Simpson to enter into a multi-year licensing partnership with Centric Brands. Under the agreement, the two companies will collaborate to develop, manufacture, and distribute Simpson’s new line of handbag and jewelry collections. The in-house teams of both companies will share their expertise to create a range of products that will be based on Jessica Simpson’s brand philosophy that fashion should be approachable and fun for women. Such alliances between fashion brands and celebrities are rapidly augmenting the prospects of this market.
Tote Segment to Dominate the Market with 34.5% Share
By type, the market has been segmented into a tote, clutch, satchel, and others. At 34.5% in 2020, the tote segment is expected to dominate the global market during the forecast period. This is primarily attributable to the meteoric rise in the popularity of tote bags among consumers due to their versatility. For example, since tote handbags are made from fabric, usually cotton, they are reusable, thus making them a sustainable alternative to plastic bags. In Europe, too, this segment dominates, holding a market share of 34.6% in 2020.
Based on raw materials, the market has been divided into leather and fabric. On the basis of end-user, the market has been categorized into men and women. In terms of geography, the market has been grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Information source: https://www.fortunebusinessinsights.com/handbag-market-103860