India - Handbags Market by Product Type, and Distribution Channel Forecast and Analysis - 2023-2027

Published: Oct 2023 Pages: 125 SKU: IRTNTR70514

India Handbags Market Forecast 2023-2027 

The India handbags market size is projected to reach a value of USD 1416.61 million 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.

Market Overview

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Major Companies

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.

Market Dynamics

Key Drivers

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.

Significant Trends

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.

Major Challenges

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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Market Segmentation And Region

By Product- Totes Segment 

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.

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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 Bag Segment 

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.

Market Analyst Overview

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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What are the Key Data Covered in the Market Market Research Report?

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive market growth and forecasting during the next five years
  • Precise estimation of the market size and its contribution to the parent market
  • Accurate predictions on upcoming market growth and trends and changes in consumer behavior
  • The growth of the market industry across India
  • A thorough analysis of the market’s competitive landscape and detailed information on companies
  • Comprehensive details of factors that will challenge the growth of the market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Product Type
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
    • Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 07: Parent market
    • Exhibit 08: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 09: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 10: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 11: Chart on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 12: Data Table on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 13: Chart on India: Year-over-year growth 2022-2027 (%)
      • Exhibit 14: Data Table on India: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Handbags market in India 2017 - 2021
      • Exhibit 15: Historic Market Size – Data Table on handbags market in India 2017 - 2021 ($ billion)
    • 4.2 Product Type Segment Analysis 2017 - 2021
      • Exhibit 16: Historic Market Size – Product Type Segment 2017 - 2021 ($ billion)
    • 4.3 Distribution Channel Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Distribution Channel Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Product Type

    • 6.1 Market segments
      • Exhibit 25: Chart on Product Type - Market share 2022-2027 (%)
      • Exhibit 26: Data Table on Product Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Product Type
      • Exhibit 27: Chart on Comparison by Product Type
      • Exhibit 28: Data Table on Comparison by Product Type
    • 6.3 Totes - Market size and forecast 2022-2027
      • Exhibit 29: Chart on Totes - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 30: Data Table on Totes - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 31: Chart on Totes - Year-over-year growth 2022-2027 (%)
      • Exhibit 32: Data Table on Totes - Year-over-year growth 2022-2027 (%)
    • 6.4 Clutches and wallets - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Clutches and wallets - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 34: Data Table on Clutches and wallets - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Chart on Clutches and wallets - Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Clutches and wallets - Year-over-year growth 2022-2027 (%)
    • 6.5 Shoulder bags - Market size and forecast 2022-2027
      • Exhibit 37: Chart on Shoulder bags - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 38: Data Table on Shoulder bags - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Chart on Shoulder bags - Year-over-year growth 2022-2027 (%)
      • Exhibit 40: Data Table on Shoulder bags - Year-over-year growth 2022-2027 (%)
    • 6.6 Satchels and saddles - Market size and forecast 2022-2027
      • Exhibit 41: Chart on Satchels and saddles - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 42: Data Table on Satchels and saddles - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 43: Chart on Satchels and saddles - Year-over-year growth 2022-2027 (%)
      • Exhibit 44: Data Table on Satchels and saddles - Year-over-year growth 2022-2027 (%)
    • 6.7 Market opportunity by Product Type
      • Exhibit 45: Market opportunity by Product Type ($ billion)
      • Exhibit 46: Data Table on Market opportunity by Product Type ($ billion)

    7 Market Segmentation by Distribution Channel

    • 7.1 Market segments
      • Exhibit 47: Chart on Distribution Channel - Market share 2022-2027 (%)
      • Exhibit 48: Data Table on Distribution Channel - Market share 2022-2027 (%)
    • 7.2 Comparison by Distribution Channel
      • Exhibit 49: Chart on Comparison by Distribution Channel
      • Exhibit 50: Data Table on Comparison by Distribution Channel
    • 7.3 Offline - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Offline - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 52: Data Table on Offline - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Chart on Offline - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Offline - Year-over-year growth 2022-2027 (%)
    • 7.4 Online - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Online - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 56: Data Table on Online - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Chart on Online - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Online - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Distribution Channel
      • Exhibit 59: Market opportunity by Distribution Channel ($ billion)
      • Exhibit 60: Data Table on Market opportunity by Distribution Channel ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 61: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 62: Impact of drivers and challenges in 2022 and 2027
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 63: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 64: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 65: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 66: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 67: Matrix on vendor position and classification
            • 11.3 BAGGIT
              • Exhibit 68: BAGGIT - Overview
              • Exhibit 69: BAGGIT - Product / Service
              • Exhibit 70: BAGGIT - Key offerings
            • 11.4 Burberry Group Plc
              • Exhibit 71: Burberry Group Plc - Overview
              • Exhibit 72: Burberry Group Plc - Business segments
              • Exhibit 73: Burberry Group Plc - Key offerings
              • Exhibit 74: Burberry Group Plc - Segment focus
            • 11.5 Da Milano Leathers Pvt. Ltd.
              • Exhibit 75: Da Milano Leathers Pvt. Ltd. - Overview
              • Exhibit 76: Da Milano Leathers Pvt. Ltd. - Product / Service
              • Exhibit 77: Da Milano Leathers Pvt. Ltd. - Key offerings
            • 11.6 Deeya International
              • Exhibit 78: Deeya International - Overview
              • Exhibit 79: Deeya International - Product / Service
              • Exhibit 80: Deeya International - Key offerings
            • 11.7 H and M Hennes and Mauritz GBC AB
              • Exhibit 81: H and M Hennes and Mauritz GBC AB - Overview
              • Exhibit 82: H and M Hennes and Mauritz GBC AB - Business segments
              • Exhibit 83: H and M Hennes and Mauritz GBC AB - Key news
              • Exhibit 84: H and M Hennes and Mauritz GBC AB - Key offerings
              • Exhibit 85: H and M Hennes and Mauritz GBC AB - Segment focus
            • 11.8 Hermes International SA
              • Exhibit 86: Hermes International SA - Overview
              • Exhibit 87: Hermes International SA - Business segments
              • Exhibit 88: Hermes International SA - Key offerings
              • Exhibit 89: Hermes International SA - Segment focus
            • 11.9 Hidesign
              • Exhibit 90: Hidesign - Overview
              • Exhibit 91: Hidesign - Product / Service
              • Exhibit 92: Hidesign - Key offerings
            • 11.10 Intouch Leather House Pvt. Ltd.
              • Exhibit 93: Intouch Leather House Pvt. Ltd. - Overview
              • Exhibit 94: Intouch Leather House Pvt. Ltd. - Product / Service
              • Exhibit 95: Intouch Leather House Pvt. Ltd. - Key offerings
            • 11.11 Lavie
              • Exhibit 96: Lavie - Overview
              • Exhibit 97: Lavie - Product / Service
              • Exhibit 98: Lavie - Key offerings
            • 11.12 Lino Perros
              • Exhibit 99: Lino Perros - Overview
              • Exhibit 100: Lino Perros - Product / Service
              • Exhibit 101: Lino Perros - Key offerings
            • 11.13 LVMH Moet Hennessy Louis Vuitton SE
              • Exhibit 102: LVMH Moet Hennessy Louis Vuitton SE - Overview
              • Exhibit 103: LVMH Moet Hennessy Louis Vuitton SE - Business segments
              • Exhibit 104: LVMH Moet Hennessy Louis Vuitton SE - Key news
              • Exhibit 105: LVMH Moet Hennessy Louis Vuitton SE - Key offerings
              • Exhibit 106: LVMH Moet Hennessy Louis Vuitton SE - Segment focus
            • 11.14 Miraggio Lifestyles Pvt. Ltd.
              • Exhibit 107: Miraggio Lifestyles Pvt. Ltd. - Overview
              • Exhibit 108: Miraggio Lifestyles Pvt. Ltd. - Product / Service
              • Exhibit 109: Miraggio Lifestyles Pvt. Ltd. - Key offerings
            • 11.15 Odette E Retail Pvt. Ltd.
              • Exhibit 110: Odette E Retail Pvt. Ltd. - Overview
              • Exhibit 111: Odette E Retail Pvt. Ltd. - Product / Service
              • Exhibit 112: Odette E Retail Pvt. Ltd. - Key offerings
            • 11.16 VIP Industries Ltd.
              • Exhibit 113: VIP Industries Ltd. - Overview
              • Exhibit 114: VIP Industries Ltd. - Product / Service
              • Exhibit 115: VIP Industries Ltd. - Key offerings
            • 11.17 Zouk
              • Exhibit 116: Zouk - Overview
              • Exhibit 117: Zouk - Product / Service
              • Exhibit 118: Zouk - Key offerings

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 119: Inclusions checklist
                • Exhibit 120: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 121: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 122: Research methodology
                • Exhibit 123: Validation techniques employed for market sizing
                • Exhibit 124: Information sources
              • 12.5 List of abbreviations
                • Exhibit 125: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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