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Japan Handbags Market size is forecast to increase by USD 908.92 million, at a CAGR of 6.51% between 2023 and 2028.
The market for handbags is experiencing notable growth driven by several key factors. There's a rising demand for eco-friendly and sustainable handbags alongside growing consumer awareness of fashion and increased spending on personal goods. Additionally, innovation in design and materials used in handbags is contributing to this growth trend. These factors collectively underscore a shift towards more conscious consumer choices and a heightened emphasis on both style and sustainability in the handbag industry. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
Page Number | 138 |
Forecast period | 2024-2028 |
Historic period | 2018-2022 |
List of Exhibits | 138 |
Growth momentum & CAGR | Accelerate at a CAGR of 6.51% |
Market Growth 2024-2028 | USD 908.92 million |
Download a sample of our Market Forecast report for insights from 2018-2028. Click here!
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.
One of the key factors driving the market growth is the innovation in design and materials used in handbags. Handbag manufacturers are consistently enhancing and introducing new styles and models due to increasing competition and customer demand due to the rapidly changing fashion industry. In addition, customers are looking for luxury handbags for both formal (especially luxury handbags) and casual (such as metal and gemstone handbags). Furthermore, to meet these changing customer needs, suppliers regularly expand their product lines.
Moreover, luxury handbags are one of the most promoted and demanded segments in the market. In addition, this is because luxury gives the product a premium feel. Furthermore, the sustainability of luxury also attracts customers to buy luxury products such as luxury handbags. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the strong influence of celebrity endorsements on the purchasing decisions of handbags. The fashion industry has witnessed significant change and advancement over the past two decades, mainly owing to the growth in the number of consumers interested in fashion, especially in developing regions such as Asia. In addition, recommendations and the use of fashion products such as luxury handbags by celebrities act as catalysts to drive purchasing decisions.
Moreover, manufacturers of handbags and personal luxury goods adopt a variety of marketing campaigns and strategies to expand their customer base. In addition, celebrity endorsements are a popular marketing tool used by sellers to build their brand image and trigger sales of luxury handbags. Furthermore, celebrities such as Taylor Swift, Beyonce, Hailey Baldwin, Selena Gomez, and Kendall Jenner often endorse new products and brands. Hence, such factors are driving the market growth during the forecast period.
Backpacks and duffel bags replacing handbags are one of the key challenges hindering the market growth. A significant number of women are switching from handbags to backpacks and duffel bags made of technological fabrics. In addition, the millennial generation and other travelers who take short excursions and prefer lightweight luggage that can hold more garments have a great demand for backpacks and duffle bags.
Moreover, the primary drivers of the expansion of the backpack industry are the rise in tourism, the desire for fashionable travel bags, the rise in business travelers' foreign travel, the rise in urbanization, and the shift in lifestyle. In addition, increasing fashion consciousness among consumers is expected to prompt the usage of backpacks with associated conveniences, such as bottle-carrying spaces. Hence, such factors are hindering the market growth during the forecast period.
The market research 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.
Customer Landscape
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.
ACE Co. Ltd: The company offers handbags for women under the brand Kanana Project.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth 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.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment includes convenience stores, department stores, airport retail stores, multi-brand stores, apparel stores, factory outlets, hypermarkets and supermarkets, and other retail outlets. In addition, offline retail channels such as convenience stores, hypermarkets supermarkets, and factory outlets are the most popular and preferred channels for the sales of a wide range of handbags, as they provide a vast assortment of products under a single roof.
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The offline segment was the largest segment and was valued at USD 1,386.60 million in 2018. Moreover, customers prefer buying consumer goods, including handbags, from offline channels, as they can choose their desired brand after checking the products physically. In addition, factors such as discounts and an enhanced shopping experience further encourage consumers to buy handbags from offline retail channels. Furthermore, hypermarkets and supermarkets have dedicated aisles for consumer goods, including handbags, which increases the visibility of the latest products as well as trendy fashions. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
Japan Handbags Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.35 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACE Co. Ltd., Burberry Group Plc, Capri Holdings Ltd., Chanel Ltd., Coo Co. Ltd., Dolce and Gabbana SRL, Gabiani Design, IKETEI Co. Ltd., ISSEY MIYAKE Inc., Kanmi, Kering SA, MCM Products USA Inc., Prada S.p.A, PVH Corp., Samantha Thavasa Japan Ltd., The LVMH group, Tsuchiya Kaban Co. Ltd., UN BILLION Co. Ltd., VALENTINO Spa, and Yoshida Co. 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, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Product
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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