The market for luxury bags and leather goods is growing. This is what emerges in the latest Million Insights report which takes stock of the global luxury handbag market starting from the current photograph. The study traces an overview of the types of products. The largest share is held by tote bags, large bags: 36% of luxury bags, but the shoulder bag segment is also growing. As for materials, leather dominates with 47% of the world handbag market in 2020. Growing demand has forced manufacturers to raise the prices of finished products. This could mean a smaller supply of leather bags to high-end consumers ”. Here, in this scenario, there are also dynamics of price increases already developed by many luxury brands including Chanel, Louis Vuitton, Gucci and Salvatore Ferragamo. From a distribution point of view, offline remains the main mode of purchase: 89% of bag sales in the world in 2020 took place in stores, but online, albeit very limited for now, should record the growth rate highest with a CAGR of 5.8% from 2021 to 2028. Finally, the photograph of the markets. Europe leads with over 34% in 2020, thanks to the popularity of these products “especially in Germany, the United Kingdom and France”. The opportunities, however, come from the East. Asia-Pacific is expected to experience an annual growth rate of 6.0% from 2021 to 2028, thanks to the growing trend of luxury lifestyles among millennial women in countries such as China and India.
