Enjoy complimentary customisation on priority with our Enterprise License!
The tote bags market size is estimated to grow at a CAGR of 6.95% between 2022 and 2027. The size of the market is forecasted to increase by USD 8,932.98 million. The growth of the market depends on several factors, including the personalization and customization of best luxury tote bags; the increasing marketing campaigns, celebrity endorsement, and brand promotion activities; and the increased consumer fashion consciousness and spending on personal goods.
The tote bags market report extensively covers market segmentation by distribution channel (offline and online), material (cotton, leather, and others), 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.
To learn more about this report, Download Report Sample
The personalization and customization of luxury tote bags are notably driving the market growth, although factors such as stringent government regulations on procurement of raw materials 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 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 Tote Bags 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.
Capri Holdings Ltd. - The company offers tote bags under the brand Michael Kors.
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. Offline distribution channels generate revenue from the sale of products through specialty stores, including exclusive brand stores, multi-brand stores, apparel stores, factory outlets, airport retail stores, and personal goods stores; hypermarkets, supermarkets, convenience stores, and clubhouse stores; and department stores.
Get a glance at the market contribution of various segments Request a PDF Sample
The offline segment was valued at USD 14,568.66 million in 2017 and continued to grow by 2021. Supermarkets and hypermarkets have dedicated aisles for luxury goods, such as tote handbags, which increase product visibility. Sales through this segment are driven by the growing retail industry and the establishment of numerous retail outlets. The growth of retail channels will make consumers familiar with different types of tote bags, which will further increase sales.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe is another key region in the market. Tote bags, particularly luxury brands, are considered fashion accessories. The availability of a wide range of designs is expected to boost the market growth in the region. Celebrity endorsements and seasonal fashion shows will further drive the regional market's growth. The growing inbound international tourism has also increased the demand for tote bags in Europe.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In Europe, sectors dealing with non-essential goods were restricted from reopening their production facilities completely due to COVID-19. Thus, the luxury goods industry declined during the pandemic during 2020-2021. However, many vendors promoted online sales, especially through brand-owned e-commerce portals, with zero shipping charges. Thus, these promotional strategies by vendors are anticipated to propel the growth of the tote bags market in Europe during the forecast period.
The tote bag industry report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global tote bags market as a part of the apparel, accessories, and luxury goods market, which covers products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods. Technavio calculates the global textiles, apparel, and luxury goods market size based on the combined revenues generated by manufacturers/marketers of textiles, apparel, footwear, accessories, and luxury goods. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
Tote Bags Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
173 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.95% |
|
Market growth 2023-2027 |
USD 8,932.98 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
5.75 |
|
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 32% |
|
Key countries |
US, China, France, UK, and Germany |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Capri Holdings Ltd., CHANEL Ltd., Dolce and Gabbana S.r.l, Double R Bags, Giorgio Armani S.p.A., Hermes International SA, Kering SA, Lavie, LVMH Moet Hennessy Louis Vuitton SE, Prada S.p.A, PVH Corp., Ralph Lauren Corp., Ronak Industries, Samsonite International SA, Tapestry Inc., Targus Inc., Tods Spa, VF Corp., Burberry Group Plc, and Mulberry Group Plc |
|
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
