With the improvement of the general standard of living and the diversification of lifestyles, the demand for bags for various scenarios and purposes, such as business travel, leisure tourism, and outdoor activities, continues to grow. So, what is the current situation of the bags market, and how will it develop in the future?
Global Bags Market Analysis
According to Statista data predictions, the global bags market revenue is expected to reach $187.6 billion in 2024. Additionally, it is forecasted that the compound annual growth rate (CAGR) of the bags market will remain around 3.93% from 2024 to 2028.
Regional Analysis: Among all countries, the United States, due to its high consumption level and frequent need for business travel and leisure tourism, has always maintained a dominant position in the bags market. Data predicts that in 2024, the bags market in the United States will reach $29.57 billion, and it is also expected that by 2028, the United States will continue to dominate the bags market with the largest share, reaching $31.12 billion.
Following closely behind the United States are China and India. India, driven by rapid economic growth, expanding population base, and support for the development of the tourism industry, has generated a large demand for bags. Statista data shows that the bags market in India is expected to reach $15.04 billion in 2024.
Japan has a relatively developed economy and tourism industry, which has led to a strong demand from Japanese consumers for uniquely designed and high-quality bags products. However, due to population constraints, the size of the Japanese bags market is relatively small compared to the top performers, with an estimated revenue of $7.07 billion in 2024.
Segment Analysis: The bags market can be divided into categories such as handbags, bags and containers, suitcases and briefcases, wallets, and small bags. Among these, handbags hold the largest market share, with the handbag market estimated to be approximately $6.462 billion in 2023, while the other three segments are $4.602 billion, $4.39 billion, and $2.244 billion respectively.
Distribution Channel Analysis: Currently, bags sales are still predominantly conducted through offline physical stores, with offline sales accounting for as much as 77.8% in 2023. However, it is observed that the online purchase rate of bags has sharply increased after the pandemic, but it has not experienced a rapid decline due to the normalization of offline activities. Ueeshop believes that the trend towards online shopping is irreversible, therefore, cross-border e-commerce is expected to continue to show growth trends in the future.
Consumer Trend Analysis
Smart and Technological: With the rapid advancement of technology, people are integrating new technologies into bags products to address some of the issues associated with traditional bags. For example, features like smart locks and tracking systems can enhance the security of bags and personal property to some extent, making such products more appealing to consumers.
Personalized and Customized: An increasing number of consumers are seeking personalized and customized bags products that reflect their unique styles and preferences, aiming to showcase their individual tastes and personalities. This trend presents an opportunity for cross-border sellers to differentiate themselves and address the issue of homogeneity in the market.
Multifunctional: As consumers' economic status improves, they are raising their expectations for bags products. They not only want bags to meet their daily needs but also to have certain multifunctional capabilities, such as being able to carry people, charge devices, and weigh items.
Environmental Sustainability: The growing awareness of environmental issues has led consumers to pay more attention to the materials and production processes of bags. They are more inclined to purchase bags products made from environmentally friendly materials to reduce negative impacts on the environment.
Diverse Styles: Bags styles are greatly influenced by social media, with current trends including vintage, joyful dressing, and gender-neutral styles. However, as social media trends change rapidly, sellers need to continuously monitor and adapt to these trends to meet consumer demands.
In summary, the global bags market is driven by multiple trends including smart technology integration, personalized customization, multifunctionality, environmental sustainability, and diverse styles. Understanding and adapting to these trends will help businesses seize market opportunities and achieve sustainable development.
