Europe Handbags Market Size
| 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 |
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 Market Trends
This section covers the major market trends shaping the Europe Handbags Market according to our research experts:
Inclination towards the Luxury Products
With the rising population of working women, their spending power is also increasing, which, resulted in a strong preference for premium brands. Thus, luxury handbags have been gaining popularity across the region, due to their popularity among the younger and more affluent shoppers. Moreover, the sales of bags are expected to be supported by the number of international tourists visiting European countries. For example, according to World Tourism Organization, Europe reported the highest volume of inbound travelers in 2021, with roughly 288 million arrivals. As per our analysis, Italy and France are expected to remain among the top countries for luxury shopping in Europe, along with Germany, and the United Kingdom.
Additionally, companies are increasingly incorporating sustainable products in their portfolios, in line with consumer awareness and interest in environment-friendly products. For example, Gucci handbags are produced with the Rainforest Alliance-certified leather, which is manufactured under strict regulations, in order to limit deforestation and protect wildlife habitats. Similarly, various companies are coming up with new product innovations to improve brand images and subsequently, market shares.
Influence of Social Media Platform and Celebrity Endorsement
Social media offers marketers a broad set of instruments to connect to targeted customers in a personalized and interactive manner. Different social media platforms enable different innovative strategies for major players' social media presence. In this framework, Instagram has become a popular social media platform for luxury brands. Thus, increasing communication between consumers and key players through social media platforms and online channels is driving the sales of the latest trendy handbags in European countries.
Celebrity endorsements enhance consumers' preference and confidence while choosing products. Thus, these days, celebrities endorsed branded fashion products such as watches, bags, apparel, and footwear, among others, on their Facebook pages, Instagram profiles, and Snapchat stories to increase the sales of fashion products across the region. For instance, Jennifer Lopez endorses the Coach brand. The luxury purse brand has created a campaign with Jennifer in a series of videos that put a new spin on Coach's iconic horse-and-carriage logo. Such campaigns associated with celebrities have a significant influence on the buying decisions of the young generation and millennial audiences.
Europe Handbags Industry Overview
The market is highly competitive with several fast fashion brands and global luxury brands, such as Guess Inc, Tapestry, Inc., Chanel Limited, PVH Corp., and Fossil Group, Inc., among others. The key players in the market are offering new products to gain a competitive advantage in the market. For instance, in 2022, Stella McCartney launched a luxury mushroom leather bag. This is the first time that a product crafted from mycelium, a vegan leather substitute made from the root-like structure in mushrooms. The black, crescent moon-shaped clutch bag is draped in a silver and gold statement chain, which comprises the handle.
The key players are embarking on mergers and acquisitions and are focusing on the expansion of distribution capabilities as one of their key strategies to achieve consolidation and optimize their offerings. Moreover, industry participants emphasize merging or acquiring leather tanneries to inflate production procedures and achieve dominance in the handbag market.
Europe Handbags Market Leaders
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PVH Corp.
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Tapestry, Inc.
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Fossil Group, Inc
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Burberry Group Plc
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Guess Inc.
*Disclaimer: Major Players sorted in no particular order
Europe Handbags Market News
- In 2022, Burberry launched virtual handbag collection on online gaming platform Roblox, the exclusive limited-edition Lola range comprises of five handbags in experimental designs. The five virtual handbags are fashioned from unusual materials including clouds, water, and wild foliage.
- In 2022, Victoria Beckham launched of a leather handbag collection. The collection includes an oversized clutch, bucket bags in various sizes, cross-body styles, and a half-moon bag.
- In 2020, Italian brand Boarini Milanesi launched a luxury handbag set with diamonds and rare gems. The handbag is made of semi-shiny alligator skin and is designed with 10 white gold butterflies. Four of these butterflies are decorated with diamonds and three with sapphires.
Europe Handbags Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Satchel
5.1.2 Clutch
5.1.3 Bucket Bag
5.1.4 Tote Bags
5.1.5 Other Product Types
5.2 By Category
5.2.1 Mass
5.2.2 Premium
5.3 By Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 Online Retail Stores
5.3.4 Others
5.4 By Geography
5.4.1 United Kingdom
5.4.2 Germany
5.4.3 France
5.4.4 Russia
5.4.5 Spain
5.4.6 Italy
5.4.7 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Positioning of Key Players
6.3 Company Profiles
6.3.1 Tapestry, Inc.
6.3.2 Guess Inc
6.3.3 Kering
6.3.4 PVH Corp.
6.3.5 Fossil Group, Inc.,
6.3.6 Chanel Limited
6.3.7 Burberry Group Plc
6.3.8 Prada SPA
6.3.9 Gucci America Inc.
6.3.10 Furla
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
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 Research 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.
What years does this Europe Handbags Market cover?
The report covers the Europe Handbags Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Handbags Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Handbags Industry Report
Statistics for the 2024 Europe Handbags market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Europe Handbags analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
