The market for lady bags is expected to grow at a CAGR of 5.3% from 2021 to 2030, when it is projected to reach USD 3,062 billion. The main factor fueling this growth is women’s growing self-awareness of their appearance and sense of style. Additionally, as women’s disposable incomes rise due to the improving economic conditions in emerging markets in the Middle East and Africa (MEA), Latin America, and Asia Pacific (APAC), more of them have been purchasing these fashion accessories.
Handbags are another name for ladybugs. It is a small bag with numerous pockets and compartments that you can wear as a fashion accessory. It can typically hold money in addition to other items like keys, lipstick, etc. Traditionally, the modern lady carries her handbag under her left arm, leaving her right arm free to extend her hand when greeting others. When Louis XV’s wife arrived in France in the 1700s, she brought what was then known as a “Mouchoir” (handkerchief), which had been transformed into a new fashion item — shoulder-strap accessories that could be worn by both sexes. Over time, lady bags have evolved from being a female-only accessory to a fashion accessory.
One of the top three segments in the global market for lady bags, which includes a wide range of products, is the handbags and purses segment. The most well-known brands in this market are Louis Vuitton, Celine, Coach, and Chanel; all of their products are of the highest quality and feature cutting-edge design ideas to accommodate a variety of tastes. Totes and clutches are the two main types of handbags (clutches refer to small clutch).
Children and students frequently use backpacks and bookbags. The majority of the time, students travel from home to school or from one classroom to another using a backpack with shoulder straps. It can also be worn on the back like a knapsack pack, which is common in Scouting organisations all over the world. A backpack or book bag is an object that is worn over the back and shoulders and is secured around the chest by carrying straps. It contains all the items needed for daily tasks at work or school, including books, binders, notebooks, pencil cases, etc.
Handbags have recently risen in popularity as one of the most coveted personal items all over the world. The availability, prominence, and desirability of different handbags have increased their wide acceptance and potent performance. Handbags are used by everyone for a variety of purposes in their daily lives and are made from a variety of materials including mesh, leather, nylon, straw, canvas, vegan leather, and jute. For instance, people typically favour canvas handbags for going shopping; professionals in the corporate world typically favour leather bags; whereas, for events or a night out, women typically prefer clutches or wristlets.
Global Lady Bags Market: Major Players
Global Lady Bags Market: Types
Handbags & Purses
Backpacks & Bookbags
Global Lady Bags Market: Applications
For little girl
For Young Lady
For Middle-aged lady
For old lady
Lockdown orders and travel bans were imposed as a result of the COVID-19 pandemic, forcing the majority of people around the world to remain at home. The markets for fashion accessories & apparel, luxury goods, and offline retail stores experienced a significant decline in overall business in 2020 as shopping centres and offline retail stores remained closed for an extended period of time. The majority of consumers cut back on their spending on fashionable clothing and accessories, which was attributed to factors like restrictions on international import and export as well as tourism and travel. The demand for handbags is primarily fueled by two factors: an increase in female employment across all industries and rising brand awareness among consumers globally.