Global Luxury Handbag Market was valued US$151 Bn in 2017 and is estimated to reach US$350 Bn by 2026 at a CAGR of 11.8%.

Luxury handbag market is segmented by Type, by Material, by Distribution channel & by Region. By type, a market is divided into Handbags, Backpack, & wallet. Materials are classified into Cotton, Leather, Nylon, & Synthetic. The distribution channel is split into Online & Offline. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Increasing disposable income in emerging economies and growing preference for high-end luxury branded goods are expected to be major drivers of growth for the market. Rising in the number of working women and high net worth individuals are also expected to add to the market’s expansion & growing population of working women has driven the demand for luxury handbags. Luxury handbag manufacturers are developing the latest women’s handbags that are more functional, fortified with laptop sleeves, key holders, and mobile holders and offer the feel of luxury, without compromising on quality. Easy availability of cheaper dummy copies of premium luxury bags is resulting in market fragmentation and is expected to be one of the biggest restraints of the market.

Based on the type, handbags are mostly used by people. Handbag segment is further divided into shoulder bags, satchel bags, handheld bags, sling bags, tote bags, and hobo bags. Growing demand for high-quality handbags products which are stylish, crack proof, and better durability which is expected to increase the growth of handbags market. Additionally, continuous improvement in bucket bags, satchel, and clutch handbags products is influencing the growth of handbags market from last few years.

On the basis of material, leather bags are widely used. Leather has been always given the first preference over other materials on account of its long years of service. Lather handbags sturdy enough to endure all the rough handling and it doesn’t catch dirt easily. The leather bag adds sophistication and elegance to look and therefore is most businessman’s prized possession. Lather indicator of being classy and a man of taste. Based on distribution channel, the luxury handbag market is dominated by the offline channel as the user can gauge the quality of the product by touch, while in online channels the user cannot touch the product.

In terms of region, North America the demand for handbags is growing in the US with the rising demand for affordable luxury handbags along with the presence of top brands in the country. The arrival of numerous handbags brands and their easy availability through offline and online retail stores augmented the demand for handbags among consumers in the US. In developed economies, the replacement cycle of luxury handbags is high compared to the developing countries which are driving the market growth in North America and Europe region.

Key players operated in luxury handbag market are Dior, LVMH, Coach, Kering, Prada, Michael Kors, Hermes, Chanel, Richemont Group, Kate Spade, Burberry, Tory Burch, Septwolves, Fion, Goldlion, Wanlima, Phillip Lim, The Chanel, Givenchy, LV, Proenza, Alexander, Stella, Céline’s Phantom, Charlotte Olympia, Valentino, Mulberry, Longchamp, Hermès Kelly, and Gucci.
Scope of the Report for Global Luxury Handbag Market

Global Luxury Handbag market, by Type
• Handbag
• Backpack
• wallet

Global Luxury Handbag market, by Material
• Cotton
• Leather
• Nylon
• Synthetic

Global Luxury Handbag market, by Distribution channel
• Online
• Offline

Global Luxury Market, by Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Key Players Analysed in Global Luxury Handbag market
• Wanlima
• Phillip Lim
• The Chanel
• Givenchy
• LV

Report Published by: Maximize Market Research