Global Handbag Market Demand, Growth & Forecast 2027

(I-TravelNewswire.Com, August 11, 2021 ) Global Handbag Market was valued at USD 48.23 billion in 2020 which expected to reach 80.32 billion by 2020 at a CAGR 6.5% from 2020-2027.

Handbags are defined as fashionably designed handheld bag used to carry essential items of personal use. Typically, these bags are larger than a purse/ pouch. Handbags are accessories which are used to hold objects like currency & other personal items. The handbags sector is experiencing a boom, with designer handbags & other varieties commanding thousands of dollars. Handbags are available in in a variety of sizes & certain fashion designs.

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Several market boosting factors also included in the study of the market which holds a robust influence over Handbag market. The report further studies on the value, volume trends, as well as the pricing history of the Handbag market. Furthermore, various drivers, restraining factors, and opportunities are also examined for the market to study the in-depth understanding of the market.

The increase in women workforce, along with rising brand awareness is expected to drive the growth of global handbag market over the forecast period. From the past few years, demand for handbags has raised owing to the increase in availability of designer bags in different varieties. Also, the increase in usage of handbags among working class women across the globe is anticipated to remain a key trend in the global handbag market.

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Global Handbag Market is segmented into product such as Tote Bag, Satchel, Clutch, and Others, by raw material such as Leather, Fabric, and Others. Further, market is segmented into distribution Channel such as Online, and Offline.

Regional Analysis

The Global Handbag Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The North America region is expected to display substantial growth, due to the increase in growth of small businesses, which plays an important role in increasing the consumption of handbags especially designed for business purpose. Also, the APAC region s projected to register the fastest growth in the overall handbag market, due to the employment rate of this region is gradually increasing, which expected to significant impact on the increase in consumption of consumer goods in the region.

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Qualiket Research

Hemant Singh

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