Asia Pacific Handbags Market Report and Forecast 2024-2032

Asia Pacific Handbags Market Size

The Asia Pacific handbags market reached around USD 30.18 billion in 2023. The market is projected to grow at a CAGR of 7.4% between 2024 and 2032 to reach nearly USD 57.38 billion by 2032.

Asia Pacific Handbags Market Outlook

• Asia constitutes a share of 38% in the global luxury goods market.

• Japan constitutes a share of 7% in the Asian market for luxury goods.

• Countries like India and South Korea occupy a 14% share of the regional demand for luxury goods in Asia.

Asia Pacific Handbags Market Growth

The market for personal luxury products in China constitutes a share of 17% of the overall market in Asia. In 2022, the sale of luxury products amounted to EUR 46 billion in China, which is further expected to constitute a share of 40% in global sales by 2030. As per the World Bank, China’s middle class is expected to comprise nearly 70% of its population by 2030. This is expected to increase the domestic consumption of various goods and services to EUR 9.4 trillion, accounting for roughly 10% of the global consumption estimated at EUR 60 trillion. The Daigou Index 2.0 estimates the gray market size of China to be worth EUR 76 billion, recording a growth of over 40% from 2019. This has attracted the attention of major luxury brands towards China, leading to retail store expansion, hence driving the market growth.

The flow of outbound tourists from Russia reached 8.1 million in September 2023, recording a year-on-year growth of 16.4%. Thailand, India, Vietnam, China, and Indonesia emerged as the most favourable destinations for Russian travellers. In 2023, the number of direct flights to different countries surged from 32 to 40 year-on-year, indicating a rising inclination for leisure travel, leading to enhanced spending on different fashion accessories in host countries. This is expected to raise the demand for customised handbags over the forecast period.

Asia Pacific Handbags Industry Segmentation

Asia Pacific Handbags Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Raw Material

• Leather

• Fabric

• Others

Market Breakup by Product Type

• Satchel

• Bucket Bag

• Clutch

• Tote Bag

• Others

Market Breakup by Category

• Mass

• Premium

Market Breakup by Distribution Channel

• Online

• Offline

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific Handbags Market Share

Based on country, the market is segmented into China, Japan, India, ASEAN, and Australia, among others. Over the forecast period of 2024-2032, India is expected to grow at a CAGR of 8.5%, due to the growth of the affluent middle-class population and the entry of international luxury brands.

Leading Companies in the Asia Pacific Handbags Market

Brand storytelling has emerged as a popular strategy of luxury brands to attract and retain the loyalty of young-generation consumers. Moreover, by launching sustainable product offerings, major handbag manufacturers seek to promote environmental conservation and minimise carbon emissions.

• Burberry Group Plc

• Fossil Group Inc.

• LVMH Moet Hennessy Louis Vuitton SE

• Prada Holding S.p.A.

• Kering S.A.

• Hermes International S.A.

• Chanel S.A.

• Tapestry Inc.

• Capri Holdings Limited

• Furla S.p.A.

• Others

Key Highlights of the Report