South Korea (Republic of Korea) Handbags Market by Product, Distribution Channel and Material - Forecast and Analysis 2024-2028

Published: Feb 2024

Pages: 135

SKU: IRTNTR77540

Snapshot

South Korea (Republic of Korea) Handbags Market Forecast 2024-2028

The South Korea (Republic of Korea) Handbags Market size is forecast to increase by USD 260.72 million, at a CAGR of 3.63% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as the increasing consumer spending on fashion and personal goods, the growing influence of celebrity endorsements on purchasing decisions of handbags, and the design and material innovation leading to product premiumization. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics

Our researchers analyzed the data with 2023 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.

Market Driver

Increasing consumer spending on fashion and personal goods is the key factor driving the market. Over the years, consumer spending on personal goods, including handbags, has increased. One of the main factors driving consumer spending on personal goods is the growing awareness of consumers about fashion. The availability of a wide range of products in the personal goods segment, including handbags, plays an important role in helping consumers choose the desired product according to their needs.

Further, with increasing brand awareness and fashion among consumers, jute or plastic bags are being replaced by stylish and branded handbags, not only for shopping but also for office use. Also, online advertising is also an essential part of a marketing strategy. Market players often sign multi-year endorsement deals with well-known celebrities to enhance their brand value. These marketing initiatives drive demand for handbags. Thus, such factors will drive the market during the forecast period.

Market Trends

The growing trend of personalization and customization is the primary trend shaping the market. Customizations such as leather handbags made of precious metals, such as gold and silver, or studded stones, such as diamonds, are drivers of the growth of the market. Customized products have gained popularity in South Korea in recent years. Owing to improve their product's visual appeal, top market players provide personalized and customized options. The level of personalization and customization varies, ranging from the strap and buckles to the embroidery or name tag addition.

Additionally, advancements in technology, such as online customization platforms and 3D modeling software, have made it easier for brands to offer customization options for handbags. Thus, such factors stimulate the growth of the South Korea (Republic of Korea) handbags market. Due to the high price of bags new purchases are expected to increase the value of sales of handbags, which in turn will drive the growth of the market during the forecast period.

Market Challenge

Threats associated with counterfeit products is a major challenge that affects market expansion. The availability of a wide variety of handbags is encouraging local and regional players to introduce low-quality products. Market players offering counterfeit handbags sell them at very low prices compared with branded products. The growing penetration of e-commerce platforms among consumers has further propelled the sales of counterfeit products by widening their reach in any location across South Korea. Customers face difficulties in distinguishing between genuine and counterfeit products, as they appear similar.

Additionally, the increasing availability of several counterfeit products in offline and online distribution channels will affect the sales and pricing strategies of genuine vendors present across South Korea during the forecast period. Furthermore, low product reliability negatively impacts customer faith and may discourage the adoption of handbags to a certain extent among consumers. This, in turn, may limit the development of the market during the forecast period.

Market Customer Landscape

The market forecasting 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 market growth analysis strategies.

Customer Landscape

Who are the Major Market Companies?

Companies 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.

alexander wang: The company offers handbags such as ryan large bag in raffia, ryan small bag in raffia, crescent medium shoulder bag in nylon, spike small hobo bag in studded leather.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Market?

The totes segment is estimated to witness significant growth during the forecast period. A tote is preferably used for shopping purposes. Tote bags are large handbags that have parallel handles hanging from the sides, which allow them to be hung from the user's shoulder, making them the most preferred choice for shopping. The totes available in the market are mostly made of leather, as well as fabrics such as canvas, jute, or nylon.

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The totes segment was the largest segment and was valued at USD 379.26 million in 2018. Additionally, fashion-conscious consumers usually look for unique styles, designs, and colors in totes that can provide an aesthetic appeal along with a modern look. Increasing demand for totes among the working population, the growing demand for tote travel bags at airport retail outlets, the rising preference for affordable luxury totes, and the increasing availability of personalized and customized totes are the major factors expected to fuel the demand for tote bags as well as the expansion of the totes segment in the market during the forecast period.

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

Product Outlook
- Totes
- Clutches and wallets
- Shoulder bags
- Satchels and saddles

Distribution Channel Outlook
- Offline
- Online

Material Outlook
- Leather
- Fabric

Market Analyst Overview:

In the bustling landscape of the market, a dynamic fusion of tradition and modernity unfolds. Handbag production thrives, complemented by innovative ecological packaging designs that resonate with the nation's eco-conscious youth-inspired culture. With the rise of digital channels and online shopping, Shinsegae Group leads the charge, catering to tech-savvy Gen Z and Millennials with a curated selection of fashion accessories. K-Pop stars, adorned with fragrances and cosmetics from luxury companies like Dior, set aspirational lifestyle trends, influencing beauty standards and inspiring digital media advertisements.

Both domestic and foreign businesses capitalize on this momentum, leveraging e-commerce shopping platforms for product launches, expansions, and promotions. The Korea Customs Agency ensures seamless handbag exports and handbag imports, while specialty stores remain hubs for exclusive collections. In this vibrant market, the WhatsApp campaign emerges as a strategic tool, connecting consumers with their favorite brands and K-Pop celebrities, shaping the future of luxury goods in South Korea.

South Korea (Republic of Korea) Handbags Market Scope
Report Coverage	Details
Page number	135
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 3.63%
Market growth 2024-2028	USD 260.72 million
Market structure	Concentrated
YoY growth 2023-2024(%)	3.25
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	alexander wang, Burberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Guess Inc., Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, METROCITY, Prada Spa, PVH Corp., Sungjoo Group, Tapestry Inc., and Tory Burch LLC
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 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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What are the Key Data Covered in this Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
Precise estimation of the market size and its contribution of the market in focus to the parent market
Accurate predictions about upcoming market growth and trends and changes in consumer behavior
Growth of the market across South Korea
Thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents

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
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Material
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 11: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on South Korea - Market size and forecast 2023-2028 ($ million)
- Exhibit 13: Data Table on South Korea - Market size and forecast 2023-2028 ($ million)
- Exhibit 14: Chart on South Korea: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on South Korea: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Handbags Market in South Korea (Republic of Korea) 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on handbags market in south korea (republic of Korea) 2018 - 2022 ($ million)

4.2 Product Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Product Segment 2018 - 2022 ($ million)

4.3 Distribution Channel Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – Distribution Channel Segment 2018 - 2022 ($ million)

4.4 Material Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Material Segment 2018 - 2022 ($ million)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Product

6.1 Market segments
- Exhibit 27: Chart on Product - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Product - Market share 2023-2028 (%)

6.2 Comparison by Product
- Exhibit 29: Chart on Comparison by Product
- Exhibit 30: Data Table on Comparison by Product

6.3 Totes - Market size and forecast 2023-2028
- Exhibit 31: Chart on Totes - Market size and forecast 2023-2028 ($ million)
- Exhibit 32: Data Table on Totes - Market size and forecast 2023-2028 ($ million)
- Exhibit 33: Chart on Totes - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Totes - Year-over-year growth 2023-2028 (%)

6.4 Clutches and wallets - Market size and forecast 2023-2028
- Exhibit 35: Chart on Clutches and wallets - Market size and forecast 2023-2028 ($ million)
- Exhibit 36: Data Table on Clutches and wallets - Market size and forecast 2023-2028 ($ million)
- Exhibit 37: Chart on Clutches and wallets - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on Clutches and wallets - Year-over-year growth 2023-2028 (%)

6.5 Shoulder bags - Market size and forecast 2023-2028
- Exhibit 39: Chart on Shoulder bags - Market size and forecast 2023-2028 ($ million)
- Exhibit 40: Data Table on Shoulder bags - Market size and forecast 2023-2028 ($ million)
- Exhibit 41: Chart on Shoulder bags - Year-over-year growth 2023-2028 (%)
- Exhibit 42: Data Table on Shoulder bags - Year-over-year growth 2023-2028 (%)

6.6 Satchels and saddles - Market size and forecast 2023-2028
- Exhibit 43: Chart on Satchels and saddles - Market size and forecast 2023-2028 ($ million)
- Exhibit 44: Data Table on Satchels and saddles - Market size and forecast 2023-2028 ($ million)
- Exhibit 45: Chart on Satchels and saddles - Year-over-year growth 2023-2028 (%)
- Exhibit 46: Data Table on Satchels and saddles - Year-over-year growth 2023-2028 (%)

6.7 Market opportunity by Product
- Exhibit 47: Market opportunity by Product ($ million)
- Exhibit 48: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by Distribution Channel

7.1 Market segments
- Exhibit 49: Chart on Distribution Channel - Market share 2023-2028 (%)
- Exhibit 50: Data Table on Distribution Channel - Market share 2023-2028 (%)

7.2 Comparison by Distribution Channel
- Exhibit 51: Chart on Comparison by Distribution Channel
- Exhibit 52: Data Table on Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2023-2028
- Exhibit 53: Chart on Offline - Market size and forecast 2023-2028 ($ million)
- Exhibit 54: Data Table on Offline - Market size and forecast 2023-2028 ($ million)
- Exhibit 55: Chart on Offline - Year-over-year growth 2023-2028 (%)
- Exhibit 56: Data Table on Offline - Year-over-year growth 2023-2028 (%)

7.4 Online - Market size and forecast 2023-2028
- Exhibit 57: Chart on Online - Market size and forecast 2023-2028 ($ million)
- Exhibit 58: Data Table on Online - Market size and forecast 2023-2028 ($ million)
- Exhibit 59: Chart on Online - Year-over-year growth 2023-2028 (%)
- Exhibit 60: Data Table on Online - Year-over-year growth 2023-2028 (%)

7.5 Market opportunity by Distribution Channel
- Exhibit 61: Market opportunity by Distribution Channel ($ million)
- Exhibit 62: Data Table on Market opportunity by Distribution Channel ($ million)

8 Market Segmentation by Material

8.1 Market segments
- Exhibit 63: Chart on Material - Market share 2023-2028 (%)
- Exhibit 64: Data Table on Material - Market share 2023-2028 (%)

8.2 Comparison by Material
- Exhibit 65: Chart on Comparison by Material
- Exhibit 66: Data Table on Comparison by Material

8.3 Leather - Market size and forecast 2023-2028
- Exhibit 67: Chart on Leather - Market size and forecast 2023-2028 ($ million)
- Exhibit 68: Data Table on Leather - Market size and forecast 2023-2028 ($ million)
- Exhibit 69: Chart on Leather - Year-over-year growth 2023-2028 (%)
- Exhibit 70: Data Table on Leather - Year-over-year growth 2023-2028 (%)

8.4 Fabric - Market size and forecast 2023-2028
- Exhibit 71: Chart on Fabric - Market size and forecast 2023-2028 ($ million)
- Exhibit 72: Data Table on Fabric - Market size and forecast 2023-2028 ($ million)
- Exhibit 73: Chart on Fabric - Year-over-year growth 2023-2028 (%)
- Exhibit 74: Data Table on Fabric - Year-over-year growth 2023-2028 (%)

8.5 Market opportunity by Material
- Exhibit 75: Market opportunity by Material ($ million)
- Exhibit 76: Data Table on Market opportunity by Material ($ million)

9 Customer Landscape

9.1 Customer landscape overview
- Exhibit 77: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 78: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 79: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 80: Overview on factors of disruption

11.4 Industry risks
- Exhibit 81: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 82: Vendors covered

12.2 Market positioning of vendors
- Exhibit 83: Matrix on vendor position and classification

12.3 alexander wang
- Exhibit 84: alexander wang - Overview
- Exhibit 85: alexander wang - Product / Service
- Exhibit 86: alexander wang - Key offerings

12.4 Burberry Group Plc
- Exhibit 87: Burberry Group Plc - Overview
- Exhibit 88: Burberry Group Plc - Business segments
- Exhibit 89: Burberry Group Plc - Key offerings
- Exhibit 90: Burberry Group Plc - Segment focus

12.5 Capri Holdings Ltd.
- Exhibit 91: Capri Holdings Ltd. - Overview
- Exhibit 92: Capri Holdings Ltd. - Business segments
- Exhibit 93: Capri Holdings Ltd. - Key offerings
- Exhibit 94: Capri Holdings Ltd. - Segment focus

12.6 Chanel Ltd.
- Exhibit 95: Chanel Ltd. - Overview
- Exhibit 96: Chanel Ltd. - Product / Service
- Exhibit 97: Chanel Ltd. - Key offerings

12.7 Guess Inc.
- Exhibit 98: Guess Inc. - Overview
- Exhibit 99: Guess Inc. - Business segments
- Exhibit 100: Guess Inc. - Key offerings
- Exhibit 101: Guess Inc. - Segment focus

12.8 Hermes International SA
- Exhibit 102: Hermes International SA - Overview
- Exhibit 103: Hermes International SA - Business segments
- Exhibit 104: Hermes International SA - Key offerings
- Exhibit 105: Hermes International SA - Segment focus

12.9 Kering SA
- Exhibit 106: Kering SA - Overview
- Exhibit 107: Kering SA - Business segments
- Exhibit 108: Kering SA - Key offerings
- Exhibit 109: Kering SA - Segment focus

12.10 LVMH Moet Hennessy Louis Vuitton SE
- Exhibit 110: LVMH Moet Hennessy Louis Vuitton SE - Overview
- Exhibit 111: LVMH Moet Hennessy Louis Vuitton SE - Business segments
- Exhibit 112: LVMH Moet Hennessy Louis Vuitton SE - Key offerings
- Exhibit 113: LVMH Moet Hennessy Louis Vuitton SE - Segment focus

12.11 METROCITY
- Exhibit 114: METROCITY - Overview
- Exhibit 115: METROCITY - Product / Service
- Exhibit 116: METROCITY - Key offerings

12.12 Prada Spa
- Exhibit 117: Prada Spa - Overview
- Exhibit 118: Prada Spa - Product / Service
- Exhibit 119: Prada Spa - Key offerings

12.13 PVH Corp.
- Exhibit 120: PVH Corp. - Overview
- Exhibit 121: PVH Corp. - Business segments
- Exhibit 122: PVH Corp. - Key offerings
- Exhibit 123: PVH Corp. - Segment focus

12.14 Sungjoo Group
- Exhibit 124: Sungjoo Group - Overview
- Exhibit 125: Sungjoo Group - Product / Service
- Exhibit 126: Sungjoo Group - Key offerings

12.15 Tapestry Inc.
- Exhibit 127: Tapestry Inc. - Overview
- Exhibit 128: Tapestry Inc. - Business segments
- Exhibit 129: Tapestry Inc. - Key offerings
- Exhibit 130: Tapestry Inc. - Segment focus

12.16 Tory Burch LLC
- Exhibit 131: Tory Burch LLC - Overview
- Exhibit 132: Tory Burch LLC - Product / Service
- Exhibit 133: Tory Burch LLC - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 134: Inclusions checklist
- Exhibit 135: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 136: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 137: Research methodology
- Exhibit 138: Validation techniques employed for market sizing
- Exhibit 139: Information sources

13.5 List of abbreviations
- Exhibit 140: List of abbreviations

Methodology

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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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
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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