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The clutch bag market is estimated to grow at a CAGR of 5.56% between 2022 and 2027. The size of the market is forecast to increase by USD 3,357.83 million. The growth of the market depends on several factors, including growing demand for luxury clutch bags, evolving styles and designs of clutch bags, and increasing accessibility of branded and international products.
This report extensively covers market segmentation by distribution channel (offline and online), type (non-luxury brand and luxury brand), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for luxury clutch bags is notably driving the market growth, although factors such as the presence of counterfeit products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for luxury clutch bags is notably driving the market growth. Owing to an increase in consumer spending power globally, the demand for luxury bags is increasing. Moreover, to offer personalized and timely customer services, major brands like Louis Vuitton, Burberry, Tommy Hilfiger, Dior, and Estee Lauder, have implemented AI-powered technologies These luxury brands, through their AI-powered chatbots, are selling products using targeted marketing, personalization, and timely automation, thus attracting more customers.
Baby boomers are viewed as prospective consumers of luxury goods for the home, such as clutch bags. Baby boomers made up more than 20% of the population in the US alone in 2021, and their purchases of luxury goods, such as clutch bags, accounted for more than 30% of all sales of personal luxury goods worldwide. Hence, factors like these are boosting the market growth during the forecast period.
The availability of customized clutch bags is a major trend in the market growth. Since the last few years, several developed countries along with several developing nations have witnessed a growing demand for customized goods, including clutch bags. A customized bag usually comes with various options like personalized designs, names, and encrypted messages on bags. These bags can further be personalized with customers' choice of pictures on them.
From the strap and buckles to embroidery or adding a name or a picture, the level of personalization can differ. For instance, Capri is one of the top suppliers of personalized clutch purses. The business has increased the customizable services offered at all of its locations nationwide. The idea of monogramming and embroidery is popular right now, especially in the luxury women's purse market. Capri's THE MONOGRAM SHOP is an illustration. Customers can have unique goods due to customization, which supports market expansion through new purchases. Hence, these factors will fuel the market growth during the forecast period.
The presence of counterfeit products is a major challenge impeding market growth. Counterfeit clutch bags are manufactured from flimsy, low-quality raw materials that may even be toxic (can harm the skin of the users). As a result, they are less expensive than similarly named goods. Customers occasionally struggle to understand the difference between real and fake goods because they look comparable. They are frequently duped by the appearance and feel of such counterfeit goods, and their negative experiences with them may reflect poorly on the legitimate companies that offer those goods.
Global vendors must price their goods competitively to surmount these obstacles, which lowers their profit margins. Customers are drawn to and kept loyal to companies owing to advertising and promotional campaigns. However, such campaigns are expensive and also reduce the profit margins of genuine vendors. Hence, these factors will impede the market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Clutch Bag Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bulgari S.p.A - The company primarily offers jewelry, watches, fragrances, accessories, and leather goods. The key offerings of the company include clutch bags such as Serpenti Clutch, Serpenti Cabochon Crossbody Mini Bag, and Serpenti Cabochon Crossbody Mini Bag.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. With the advent of new retail formats, such as signature stores, factory outlets, malls, and shopping centers, consumers' preference for buying clutch bags through such stores has increased, owing to the convenience they offer. This changing consumer preference is expected to drive the growth of the global market during the forecast period. Furthermore, most of the clutch bag vendors have opened their own retail outlets for selling their products.
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The offline segment was valued at USD 7,354.28 million in 2017 and continued to grow until 2021. During the forecast period, offline retail stores are expected to account for the highest sale of clutch bags. These stores display a wide range of clutch bags of various brands and categories, thus allowing consumers to choose products based on their requirements and budget. In developing economies physical retail stores are still preferred as the most reliable option for buying clutch bags. As a result, retailers are expanding their business by opening new stores in developing countries. Furthermore, brands are expanding their presence across the world by establishing new stores in prominent markets such as North American and European countries and are extensively improving store experiences. Therefore, such strategies and the opening of new brand-specific stores are expected to drive consistent sales growth through offline stores, which in turn is expected to propel the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in Europe is highly driven by consumer preferences for changing fashion trends, especially among millennials. The key revenue-generating countries in this region are the UK, Italy, France, and Germany. The market in the UK is expected to grow steadily during the forecast period, owing to the growing demand for luxury products in this region. With the growing demand for personalized fashion, key players are working on custom clutch bag designs to expand their customer base, which is leading to increased revenue. Moreover, with the increased convenience of online shopping, consumer preferences have changed significantly towards buying clutch bags through e-commerce platforms. In addition, the women population in this region is highly fashion-conscious and is increasingly spending on different clutch bags for different occasions. Hence, owing to such factors the regional market is expected to grow during the forecast period.
The regional market was highly impacted by the COVID-19 pandemic in 2020. However, in 2021, due to the vaccination drives, various business and industrial activities related to the manufacturing of luxury goods resumed. Furthermore, rising consumer living standards supported by their increasing disposable income levels are augmenting the sales of clutch bags in Europe. In addition, with the increasing adoption and growth of online channel retailing, the market in the region is also expected to grow. Therefore, all the abovementioned factors will boost the regional market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global clutch bag market as a part of the global apparel, accessories, and luxury goods market within the textiles, apparel, and luxury goods market. The parent market, the global apparel, accessories, and luxury goods market, covers products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Clutch Bag Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.56% |
Market growth 2023-2027 |
USD 3,357.83 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.2 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, France, and Italy |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abercrombie and Fitch Co., Acne Studios AB, adidas AG, Aeffe Spa, Bulgari S.p.A, Burberry Group Plc, Capri Holdings Ltd., CHANEL Ltd., CHARLESKEITH.COM Pte. Ltd, Dolce and Gabbana S.r.l, Fossil Group Inc., Giorgio Armani S.p.A., Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Ralph Lauren Corp., Svala, Tapestry Inc., and VIP Industries Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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