The organizers of the trade fair refer to information from Statista. The institute expects annual growth of an average of 4% for the year up to 2029.
With around $13 billion will be in the USA The largest sales are currently achieved with bags. But the Asia-Pacific market is expected to grow the fastest. Consumers have more money to spend, the number of online shopping platforms is increasing, and fashion is playing an increasingly important role in people’s minds.
The Skyquest market research center According to the report, confirms the positive prognosis. It appreciates that Global bag market volume in 2022 to reach $49.12 billion. With one Growth rate of 5.8% The market volume will increase from USD 52 billion in 2023 to USD 81.79 billion in 2031. Last but not least, the luxury market is growing in various countries, including the United States, Russia and many APAC countries such as South Korea and India.
According to Skyquest, bags have become one of the most sought-after personal items worldwide. Consumers showed clear preferences: canvas bags for shopping, leather bags for professional use and clutches for events or in the evening.
Leather dominates
Dominated in 2021 Leather bags with a Share of over 50% global sales. Leather remains the most important material for high-quality bags and accessories. In both developed and emerging markets, consumer spending on luxury goods is the key driver of the leather bag market.
In Thailand, Egypt, the United Arab Emirates, Saudi Arabia and India, rising disposable incomes are expected to boost demand for leather goods.
Sales structures
Brick-and-mortar department stores, specialty stores and other retail outlets still represent a cornerstone of the bag trade. According to the market research institute Straits Research, the segment is traded annually Growth rate of 6.1% grow. But Online retailer are gaining importance worldwide – not least thanks to an improved IT infrastructure. In India, for example, online trading is benefiting from improved internet connections and the increasing spread of smartphones.
Interesting: According to Straits’ findings, many customers prefer brick-and-mortar stores to online stores because they offer a more comprehensive selection of products and are generally more convenient and easier to access. In addition, large market players are implementing omnichannel strategies and expanding their stationary business, for example in China.
At the same time, the digitalization of services is driving online commerce, especially among younger consumers. In order to appeal to a broader customer base, bag suppliers are continually expanding their customer databases and online shops.