The Luxury Bags market report represents gathered information about a market within an industry or various industries. Luxury Bags market report includes analysis in terms of both quantitative and qualitative data with a forecast period of the report extending from 2024 to 2030.
The global Luxury Bags market size was estimated at USD 22.7.0 billion in 2022 and is projected to reach USD 37.1 billion in 2030 at a CAGR of 6.3% during the forecast period 2023-2030.
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The market has more room to develop as a result of an increase in social media bloggers and increased use of social media platforms. In other words, increasing consumer knowledge of the newest styles and patterns due to endorsements from bloggers and celebrities, along with the desire to wear the newest styles, is directly impacting market growth. Also, the development and growth of the consumer goods sector is directly affecting the rate of market expansion.
Because more women are entering the workforce and have greater purchasing power, there is a huge increase in demand for the goods. For instance, according to data from the International Labor Organization, 48.5% of women worked in 2018. Moreover, it is projected that the considerable female consumer spending contribution would raise the consumption rate. For instance, it is predicted that female consumers would spend 31.8 trillion USD globally in 2019.
Regional Analysis
North America to Dominate the Market
Due to the presence of numerous important value-added brands in countries like Germany, France, and the United Kingdom, which have been gaining more momentum with target consumers, Europe dominates the market for luxury bags.
On the other hand, Asia-Pacific is fastest growing to have considerable expansion in the luxury bags industry and is expected to display the highest compound annual growth rate.
Competitive Landscape
• Macy’s Inc. (US)
• MARC JACOBS INTERNATIONAL, LLC (US)
• Michael Kors (US)
• LACOSTE (France)
• PVH Corp. (US)
• MCM Worldwide (Germany)
• Michael Kors GmbH (Switzerland)
• Ralph Lauren Corporation (US)
• Cartier International SNC (France)
• Guccio Gucci S.p.A. (Italy)
• Giorgio Armani S.p.A. (Italy)
• Valentino S.p.A. (Italy)
• Burberry Group PLC (UK)
• Chanel S.A. (France)
• Dolce & Gabbana S.R.L. (Italy)
• Prada S.p.A. (Italy)
• Atelier (US)
• Louis Vuitton (France)
• Tory Burch LLC (US)
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Recent Developments
• In February 2022, Louis Vuitton a French company is increasing its capacity to produce ultra-high-end bags, to ramp up competition in France with Hermès USA. On the other hand, Hermes USA is opening three new factories as it wrestles to keep up with the demand for some of its products.
• In December 2021, Louis Vuitton launched new bags under the Louis Vuitton Cruise 2022 collection. These bags are based on retro style, saturated and elegant neutral shades, strict lines, and slouchy shapes.
Key Findings:
• Based on type, Clutches, crossbody bags, shoulder bags, and satchels are included in the market segmentation for luxury bags depending on type. Among them are briefcases, hobo bags, and totes. In 2021, the sector of tote bags had the lion's share.
• Based on material type, comprises leather, cotton, synthetic, and other materials dependent on the kind of material. Throughout the projection period, 2022–2030, the leather sector, which led the market in 2021, is expected to have the fastest growth.
• Based on consumer group, It has divided the market statistics for luxury bags into categories for men, women, and unisex. Women accounted for the majority of consumers in 2021 and are anticipated to see the fastest rate of growth over the projection period.
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In addition to the market data for the Luxury Bags Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
Frequently Asked Questions:
What are the years considered to study Luxury Bags Market?
The Luxury Bags Market is studied from 2023-2030.
What is the compound annual growth rate (CAGR) of the Luxury Bags Market?
The Luxury Bags Market is growing at a CAGR of 6.3% during the forecast period.
Which region holds the largest market share in Luxury Bags Market?
Europe holds the highest share in 2022 for Luxury Bags Market.
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