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The India handbags market size is projected to reach a value of USD 1.42 billion with a CAGR of 7.15% between 2022 and 2027. Handbags manufactured by esteemed global brands like Gucci, Chanel, Burberry, LVMH, and Hermès are crafted with a focus on superior-quality raw materials, contributing significantly to the realm of consumption. These luxury accessories reflect the intersection of economic growth and the principles of economics, leveraging premium materials such as jute and symbolizing the opulence found in the luxury goods of China. The production and popularity of handbags also play a role in stimulating government spending within the luxury fashion industry, fostering an environment where quality, craftsmanship, and economic aspects converge in the global marketplace. This market research and growth report includes key market drivers, trends, and challenges of the forecasted period.
Page Number | 125 |
Forecast period | 2023-2027 |
Historic period | 2017 - 2021 |
List of Charts and Table | 125 |
Growth momentum & CAGR | 7.15% |
Market Growth 2024-2028 | USD 1.42 Billion |
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Companies are implementing various market research and growth strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the handbag market. One of the major companies in the market include:
Burberry Group Plc - The company offers various types of handbags such as crossbody, tote bags, and purses.
LVMH Group - The company offers handbags such as slingbags through its brand called Lino. Within this division, the company presents an extensive collection of fashion and leather goods encompassing renowned brands like Loewe, Berluti, and numerous others, including sought-after Louis Vuitton purses. Louis Vuitton purses and LV crossbody bags stand out for their status symbol and fashion statement.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Aranyani, BAGGIT, Burberry Group Plc, Da Milano Leathers Pvt. Ltd., Deeya International, Fossil Group Inc., H and M Hennes and Mauritz GBC AB, Hermes International SA, Hidesign, Intouch Leather House Pvt. Ltd., Lavie, Lino Perros, LVMH Moet Hennessy Louis Vuitton SE, Miraggio Lifestyles Pvt. Ltd., Odette E Retail Pvt. Ltd., Prada Spa, Victorias Secret and Co., VIP Industries Ltd., Zouk, and ALDO Group Inc.
The surge in celebrity endorsements bolsters the expansion of the market in India. To boost their sales across various nations, notably India, most international and domestic retailers in the Indian designer bags market have embraced marketing tactics involving product endorsements. Leveraging celebrity endorsements aids vendors in capturing customer interest and amplifying the appeal of their products, thereby anticipated to elevate designer bag sales among consumers nationwide.
Moreover, the use of brand endorsement strategies has become very widespread among companies. Global and local vendors often sign multi-year endorsement agreements with high-profile celebrities to enhance their brand value. Such favourable initiatives can expand the customer base of vendors across the country. This, in turn, is expected to foster the growth of the handbag market in India during the forecast period.
The increasing demand for eco-friendly and sustainable bags is a key trend in the Indian - handbag market. It is harmful to individuals to tan traditional leather and causes an ecological imbalance. The demand for certain raw materials, such as eco and organic leather, cotton, and others, is growing in countries across the world, including India, for manufacturing.
However, eco-leather is tanned organically, and the tanning process mainly includes the use of vegetable tannins, plant tannins, and smoke. Growing interest from vendors in eco and sustainable handbag making, as well as the increasing popularity of these products among Indian consumers, is expected to drive the growth of the market during the forecast period.
The long product replacement cycles are a major trend in the market. Value for money is in demand by customers around the world, such as India, especially while buying expensive products such as premium and high-quality bags. The purchase decision of consumers depends on product quality, durability, and branding. The high cost and long lifespan of such bags may affect the overall growth of the market in India to a certain extent.
In addition, most established handbag manufacturers give a warranty and guarantee for their products, which further increases their lifespan. All handbag sales in the country are limited by a lengthy cycle of replacement for excellent quality and expensive handbags. This is expected to hinder the growth of the India Market to a certain extent during the forecast period.
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The totes segment is estimated to witness significant growth during the forecast period. Designer Tote bags are large handbags that have parallel handles hanging from the sides, which allow them to be hung from the user's shoulder. A tote bag is preferably used for shopping purposes. However, several companies are currently marketing totes as laptop, sports, and travel bags.
The totes segment was the largest segment and was valued at USD 881.80 million in 2017. Increasing demand for tote bags among the working population, the growing demand for tote travel bags at airport retail outlets, the rising preference for affordable luxury tote bags, there has been a rise in the availability of personalized and customized tote bags, and the growing demand for tote bags among Millennials are the major factors expected to fuel the demand for tote bags as well as the growth of the segment during the forecast period.
Shoulder bags, equipped with at least one strap designed to fit comfortably over the shoulder, are a staple in the fashion world. The primary feature of these bags is the elongated strap intended for looping over the shoulder, enabling users to carry their essentials hands-free while the bag's weight rests on the shoulder. In the realm of shoulder bags, the market showcases a notable emphasis on designer crossbody styles and wallet women's accessories. The adaptability of shoulder bags, particularly in the stylish designer crossbody variations and the practical elegance offered by wallet women's accessories, highlights their popularity among individuals seeking both fashion and utility in their everyday accessories.
Moreover, within the spectrum of shoulder bags, the trend of designer purses holds significant prominence. Designer purses hold a unique allure in the realm of fashion accessories, representing more than just a functional item to carry belongings. Hence contributing to the growth of the market.
The rise of online shopping and digital platforms has transformed the luxury goods market, particularly in India, catering to diverse consumer preferences. Social media and influencers, linked to brands like Capri Holdings and Coach New York, amplify brand visibility, showcasing exquisite handbags made from materials like Jute. Younger consumers favor online commerce sales and omnichannel retail due to digitalization. Businesses engage customers on platforms like Instagram, Amazon, and Shopify, driving traffic to online and offline channels. Rising personal incomes drive demand for exclusive products, prompting luxury brands to curate online shopping experiences.
This shift reflects traditional craftsmanship merging with modern e-commerce. Influencers and individual preferences shape demand for unique luxury items. Market research and growth strategies, including forecasting and analysis, are crucial. India's handbag market undergoes transformations, driven by luxury and designer bag demand. Increased interest in eco-friendly textiles underscores evolving preferences. This showcases online business adaptability, where sellers adjust inventory, pricing, and payment methods for seamless shopping experiences.
Handbags Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.15% |
Market growth 2023-2027 |
USD 1416.61 million |
Market structure |
Fragmented |
YoY growth (%) |
6.54 |
Regional analysis |
India |
Performing market contribution |
APAC at 100% |
Key consumer countries |
India |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Aranyani, BAGGIT, Burberry Group Plc, Da Milano Leathers Pvt. Ltd., Deeya International, Fossil Group Inc., H and M Hennes and Mauritz GBC AB, Hermes International SA, Hidesign, Intouch Leather House Pvt. Ltd., Lavie, Lino Perros, LVMH Moet Hennessy Louis Vuitton SE, Miraggio Lifestyles Pvt. Ltd., Odette E Retail Pvt. Ltd., Prada Spa, Victorias Secret and Co., VIP Industries Ltd., Zouk, and ALDO Group Inc. |
Market dynamics |
Parent market analysis, Market Trends and Analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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