Market Size of Europe Handbags Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.25 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Handbags Market Analysis
The Europe handbags market is projected to register a CAGR of 5.25% during the forecast period, 2022-2027
The Europe handbags market is highly driven by consumer preferences towards changing fashion trends, particularly among millennials. With the growing demand for personalized fashion, key players are engaged in designing customized handbags to increase their customer base, resulting in sales growth. Further, key players are using customer interaction platforms to get customer feedback regularly. Moreover, the growing convenience of online shopping has led to a major shift in consumer preference toward the purchase of handbags through e-commerce platforms, including both third-party channels, such as Amazon and Zalando, and the company's websites.
Furthermore, consumers' shift toward sustainable fashion is influencing key brands to replace animal-sourced leather with vegan leather in newly launched handbags. For instance, in 2022, Cardiff-based start-up company, Dozi-imp launched its first collection of artisanal, luxury vegan leather handbags. These handbags are made from Pinatex, an innovative vegan leather made from waste leaves of pineapple, developed by the UK -based ananas anam.
Europe Handbags Industry Segmentation
A handbag, usually of leather or cloth, is held in hand or hung by a strap from the arm or shoulder and used, especially by women, to carry money, keys, and personal belongings. The Europe handbags market (henceforth referred to as the market studied) is segmented by product type, category, distribution channel, and geography. By product type, the market is segmented into satchel, clutch, bucket bags, tote bags, and other product types. By category, the market is segmented into mass and premium. Based on the distribution channel the market studied is segmented into supermarkets/hypermarkets, specialty stores, online retail stores, and other distribution channels. It analyzes emerging and established economies across the region, comprising the United Kingdom, Germany, France, Russia, Italy, Spain, and the rest of Europe. For each segment, the market sizing and forecasts have been done based on value (in USD million).
By Product Type | |
Satchel | |
Clutch | |
Bucket Bag | |
Tote Bags | |
Other Product Types |
By Category | |
Mass | |
Premium |
By Distribution Channel | |
Supermarkets/Hypermarkets | |
Specialty Stores | |
Online Retail Stores | |
Others |
By Geography | |
United Kingdom | |
Germany | |
France | |
Russia | |
Spain | |
Italy | |
Rest of Europe |
Europe Handbags Market Size Summary
The European handbags market is experiencing significant growth, driven by evolving consumer preferences and fashion trends, particularly among millennials. The demand for personalized and sustainable fashion is prompting key players to innovate and expand their offerings, such as the use of vegan leather and customized designs. The convenience of online shopping has further shifted consumer behavior towards e-commerce platforms, enhancing accessibility and variety. The increasing purchasing power of working women and the popularity of luxury brands are contributing to the market's expansion, with countries like Italy, France, Germany, and the United Kingdom leading in luxury shopping. The influence of international tourism also supports handbag sales, as Europe remains a top destination for travelers.
The market is characterized by intense competition among fast fashion and global luxury brands, with companies like Gucci and Stella McCartney incorporating sustainable practices and innovative materials to enhance their brand image. Social media and celebrity endorsements play a crucial role in shaping consumer preferences and driving sales, with platforms like Instagram being pivotal for luxury brand engagement. Key players are focusing on product innovation, mergers, and acquisitions to strengthen their market position and expand distribution capabilities. The introduction of virtual products and unique materials, such as those seen in Burberry's and Boarini Milanesi's offerings, highlights the industry's trend towards exclusivity and innovation.
Europe Handbags Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Force Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Product Type
-
2.1.1 Satchel
-
2.1.2 Clutch
-
2.1.3 Bucket Bag
-
2.1.4 Tote Bags
-
2.1.5 Other Product Types
-
-
2.2 By Category
-
2.2.1 Mass
-
2.2.2 Premium
-
-
2.3 By Distribution Channel
-
2.3.1 Supermarkets/Hypermarkets
-
2.3.2 Specialty Stores
-
2.3.3 Online Retail Stores
-
2.3.4 Others
-
-
2.4 By Geography
-
2.4.1 United Kingdom
-
2.4.2 Germany
-
2.4.3 France
-
2.4.4 Russia
-
2.4.5 Spain
-
2.4.6 Italy
-
2.4.7 Rest of Europe
-
-
Europe Handbags Market Size FAQs
What is the current Europe Handbags Market size?
The Europe Handbags Market is projected to register a CAGR of 5.25% during the forecast period (2024-2029)
Who are the key players in Europe Handbags Market?
PVH Corp., Tapestry, Inc., Fossil Group, Inc, Burberry Group Plc and Guess Inc. are the major companies operating in the Europe Handbags Market.