July 06, 2020
According to the research report titled ‘Global Luxury Bag Market Size study with COVID-19 impact, by Product (Tote Bags, Clutch Bags, Backpacks, Satchels and Shoulder Bags and Other), by Application (15-25 Aged, 25-50 Aged, Older than 50 and Other) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global luxury bag market was worth USD 23.14 billion in 2019 and is expected to grow with a CAGR of 8% over 2020-2026.
Luxury bags include satchels, wallets and purses among others. They are available in various sizes and are fashionable. These hand-held bags are used to carry personal items, accessories and currency. Rising disposable income is the major factor driving global luxury bag market. Also, growing population of working women is creating lucrative opportunities for the market growth.
The outbreak of COVID-19 has resulted in shutdown of industries and organizations along with lockdown, negatively impacting various economies across the globe. This factor along with high cost of luxury handbags and availability of affordable bags are expected to restrain the market growth in forthcoming years.
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Based on product terrain, the market is divided into tote bags, satchels, shoulder bags, backpacks, clutch bags and others. With respect to application landscape, the industry is segmented into 15-25 aged, 25-50 aged, and older than 50 years.
Considering the regional overview, luxury bags market is divided into North America, Asia Pacific, Latin America, Europe, and Rest of the World. North America held the largest market share in the past year, owing to rise in per capita income of people across the region.
Likewise, Asia-Pacific market is anticipated to register highest CAGR during 2020-2026. Factors such as rise in disposable income and booming population of working women in the region are expected to create lucrative opportunities for luxury bag market in Asia-Pacific.
Key players in global luxury bag market include Macy’s Inc., The Lacoste Group, Giorgio Armani S.p.A., Chloé, Loeffler Randall Inc., Michael Kors Holdings Limited, Kate Spade, PVH Corp., Furla, and Ganni A/S among others.