Enjoy complimentary customisation on priority with our Enterprise License!
The tote bags market size is estimated to grow by USD 8.93 billion at a CAGR of 6.95% between 2022 and 2027. The personalization and customization of luxury tote bags allow consumers to express their individuality and style, creating a unique and personalized product that appeals to a wider range of consumers. Increasing marketing campaigns, celebrity endorsements, and brand promotion activities help raise awareness and visibility of luxury tote bag brands, driving consumer interest and sales. The increased consumer fashion consciousness and spending on personal goods reflect a growing demand for high-quality, stylish products, including luxury tote bags, contributing to the market.
To learn more about this report, Download Report Sample
The 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.
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 14.56 billion in 2017. 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, 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 in Europe.
The market is experiencing significant growth driven by the increasing popularity of Cotton and Eco-friendly Tote Bags. Companies like CAPRI Holdings and Versace are offering these bags through specialty stores and factory outlets. The retail industry is witnessing a shift towards sustainable products, leading to a rise in demand for recycled materials. Factors such as the ban on the use of plastic bags, coupled with increasing female employment and spending power, are fueling the market's growth. Brands like eBags are incorporating innovative features like parallel handles, RFID-blocking technology, and anti-theft mechanisms to meet consumer demands for functionality and style. Major players such as Patagonia and North Face are also contributing to the market's growth by offering these made from recycled plastic bottles. 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 Market 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.
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 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.
The 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 market is driven by consumer preferences for sustainable and environmentally responsible products amid prohibitions against plastic bags. Customizable designs and novel designs cater to fashion and cosmetics industry demands. Canvas and cloth tote bags are popular for multipurpose usage including grocery shopping and business & travel. Leather and faux leather tote bags appeal to working women for their practical and convenient storage options. Online shopping demand boosts sales of tote bags, with offline stores also playing a role. The global tote market shows an insatiable demand for cheaper substitutes offering personalization options.
The market faces a threat from plastic pollution, leading to bans against the use of plastic bags and a shift towards sustainable practices. Factors such as disposable income and developing nations contribute to the market's growth. Business & travel bags cater to professionals, while laptops meet the needs of tech-savvy consumers. The fashion and hospitality industries drive demand for stylish and functional tote bags. Robust, reusable shipping options are favored for their environmental benefits. Competitors in the market offer a variety of options in terms of material type and design.
The market is influenced by a ban on the use of plastic bags and a convergence of factors driving demand for sustainable alternatives. They come in various dimensions and lengths, catering to different needs. The fashion and hospitality industries play a significant role in shaping trends and preferences. With the rise of online shopping, tote bags are also sold through online stores, complementing sales in physical locations. Reusable Plastic Bags are gaining popularity due to their eco-friendly nature. Taxes wages and salaried work influence consumer spending. The International Labor Organization advocates for fair labor practices in tote bag manufacturing.
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 8.93 billion |
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 companies, Market Positioning of companies, 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 Forecasting, 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 market 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
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.