According to the research report titled ‘Global Handbags Market Size study, by Product (Tote Bag, Clutch, Satchel, and Others), Raw Material (Leather, Fabric and Others), Distribution Channel (Offline and Online), and Regional Forecasts 2021-2027’, available with Market Study Report, global handbags market size was valued at USD 47.67 billion in 2020 and is expected to record a CAGR of 6.92% over 2021-2027, subsequently reaching USD 76.15 billion by the end of the forecast period.
 

As per the findings of the report, increasing consumer expenditure on luxury goods, growing brand cognizance, changing lifestyle, and rising female workplace are the key factors driving global handbags market growth.
 

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Furthermore, manufacturers are establishing strong distribution channels in order to boost product availability, which further adds to the industry progression. According to a journal published by the Fondation de la Haute Horlogerie, in 2019, the luxury goods market is predicted to increase from USD 260 billion to USD 320 billion over 2018-2025.
 

Innovative and new handbag designs, such as the evolution of smart bags with removable flaps and power units, as well as rising disposable income are predicted to enhance the overall market outlook.
 

Considering factors restraining the industry expansion, the availability of counterfeit items, high market fragmentation, and consumer spending on luxuries like as handbags has reduced due to the outbreak of the COVID-19 pandemic, which is likely to act as a major challenge for businesses operating in this domain.

Based on product, global handbags market is split into satchel, clutch, tote bag, and others. As per raw material gamut, the industry segmentation comprises fabric, leather, and others. Elaborating on distribution channel, the market is categorized into online and offline.
 

Moving on to regional landscape, Latin America, North America, Asia Pacific, and Europe are the leading contributors to the overall market development. Of these, North America presently leads worldwide handbags industry share, attributable to surging demand of luxury bags.
 

On the other hand, Asia Pacific market is projected to gain momentum by the year 2027, creditable to rising per capital income and strong distribution channels in the region.
 

Major companies defining the competitive landscape of global handbags marketplace are LVMH Group, Burberry Group plc, Michael Kors Holdings Ltd., Fossil Group Inc., and Tapestry Inc.