Bags Market: Current Analysis and Forecast (2025-2033)

Global Bags Market Size & Forecast

The Global Bags Market was valued at USD 70.08 billion in 2024 and is expected to grow at a strong CAGR of around 8.78% during the forecast period (2025-2033F), driven by expanding travel and tourism, rapid e-commerce adoption, rising demand for premium and luxury bags, and increasing consumer preference for customized and sustainable products.

Bags Market Analysis

The global bags market is showing consistent growth fueled by changing fashion trends, increased disposable incomes, and expanding urban populations. The popularity of handbags, backpacks, luggage, and crossbody bags is on the rise due to lifestyle changes, increased travel, and professional needs. E-commerce and social media are reshaping shopping habits by offering personalized suggestions and boosting brand exposure. Asia-Pacific continues to be the manufacturing hub and the quickest-growing consumer market, supported by cost-effective production and a rising middle class. The premium and luxury sectors are also expanding as consumers seek high-quality, durable, and fashionable products.

Global Bags Market Trends

This section discusses the key market trends that are influencing the various segments of the global bags market, as found by our team of research experts.

Rising Popularity of Customized Bags

The growing popularity of customized bags is one of the prominent trends in the global bag market, due to increasing consumer demand for personalization, uniqueness, and self-expression. As fashion leans more towards individualism, customers want items that represent their identity, including features like monograms, custom colors, embroidered initials, patches, or fully tailored designs. This trend is especially strong among Gen Z and millennials, who value products that provide exclusivity and a personal connection. Brands are reacting by launching online customization tools, exclusive personalized releases, and smart personalization initiatives. For example, in 2025, Louis Vuitton expanded its "Mon Monogram" program, enabling customers to personalize travel bags, city bags, luggage, and small leather goods with initials, stripes, patches, and different colors. These initiatives improve exclusivity, elevate customer experience, and strengthen brand loyalty. As consumers prefer unique, made-to-order products over mass-produced items, customized bags are becoming more popular among both luxury and mainstream brands.

Bags Industry Segmentation

This section provides an analysis of the key trends in each segment of the global bags market report, along with forecasts at the global, regional, and country levels for 2025-2033.

The Handbags Segment Dominates the Global Bags Market

Based on product type category, the market is segmented into handbags, backpacks, wallets & purses, luggage, and others. Among these, handbags hold the largest share of the global bags market because of their exceptional versatility, growing fashion appeal, and rising demand for practical, multi-purpose accessories. Handbags' design makes them suitable for work, shopping, travel, and daily commuting, thereby attracting a broad range of consumers. The global shift toward sustainable lifestyles has further boosted the popularity of reusable fabric totes, replacing single-use bags in many areas. Fashion brands, from fast fashion to luxury houses, have improved designs with premium materials, artistic prints, and limited-edition collaborations, increasing their appeal. Additionally, the rise of the female workforce and urbanization has increased demand for stylish and functional carry-all options, which further drives the growth of the market.

The Economy Segment Dominates the Global Bags Market.

Based on price range category, the market is segmented into economy, premium, and luxury. Among these, the economy segment holds the largest share of the global bags market as it serves the demand of the largest and most price-sensitive consumer base. In developing areas like India, Southeast Asia, Latin America, and parts of Africa, consumers favor affordability rather than premium features, leading to high sales of budget handbags, backpacks, and luggage. Rising urbanization, increasing student populations, and growing disposable income further boost the demand for low-cost and durable bags. Furthermore, the strong presence of unorganized and local manufacturers allows for competitive pricing and wide product availability. E-commerce platforms, flash deals, and private-label brands further boost the growth of the market by providing low-cost options with frequent discounts. As a result, widespread accessibility and high purchase volume make the economy segment a popular category worldwide.

Asia-Pacific holds the largest market share in the global bags market

Asia-Pacific holds the largest share of the global bags market due to its large manufacturing infrastructure, access to raw materials, and affordable labor. These advantages allow large-scale production for local and international markets. Key manufacturing centers like China, India, Vietnam, and Bangladesh produce a wide variety of textile, leather, and synthetic bags at competitive prices and with faster turnaround times. Rising disposable incomes, growing fashion awareness, and increasing urbanization across APAC further increase demand for handbags, backpacks, luggage, and luxury accessories. The region also benefits from widespread e-commerce adoption and increased travel activity. Furthermore, strategic investments in smart bags, environmentally friendly materials, and creative designs bolster the region's position in the global bags market.

China held a Dominant share of the Asia-Pacific Bags Market in 2024

China leads the Asia-Pacific bags market due to its large consumer base, vibrant fashion culture, and a fast-growing premium market. Rising numbers of urban professionals and fashion-conscious young shoppers are driving demand for designer handbags, trendy backpacks, and versatile work bags. The country's sophisticated e-commerce platforms like Tmall, JD.com, Douyin, and Xiaohongshu influence purchasing trends and promote direct-to-consumer sales. Domestic brands are gaining popularity with contemporary designs and affordable prices. Furthermore, increasing focus on eco-friendly materials, high-quality craftsmanship, and innovative features further strengthens the country's position in the bag industry.

Bags Industry Competitive Landscape

The global bags market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, geographical expansions, and mergers and acquisitions.

Top Bags Market Companies

Some of the major players in the market are Louis Vuitton Malletier SAS (LVMH), Nike, Chanel, KATE SPADE LLC. (Tapestry, Inc.), The North Face (VF Corporation), Prada S.p.A., Samsonite Group S.A. (CVC Capital Partners), Guccio Gucci S.p.A. (Kering), Michael Kors, and Hermès.

Recent Developments in the Bags Market

• In April 2025, Latico Leathers introduced its Spring collection featuring new multiple leather crossbody bags, including standout models like the Grace Crossbody, Grit Crossbody, Canyon Crossbody, and Stevie Studs Crossbody. These bags combine full-grain, buttery-soft leather with functional features, adjustable and detachable straps, roomy interiors, and multiple compartments offering flexible wear as shoulder bags or crossbodies. The launch strengthened Latico’s focus on functional, fashion-driven crossbody styles.

• In September 2024, Net-A-Porter launched its top new-season bags, featuring standout designs from luxury houses such as Alaïa’s ‘Le Teckel’, Balenciaga’s ‘Bel Air’ tote, Bottega Veneta’s ‘Lauren’ clutch, Chloé’s ‘Bracelet’ bag, Gucci’s ‘Milano’ tote, and Saint Laurent’s ‘Bea’ tote. These curated styles combine classic elegance with modern silhouettes, featuring artisanal craftsmanship and versatile shapes designed for both everyday wear and standout seasonal looks.

Global Bags Market Report Coverage

Reasons to Buy the Bags Market Report:

• The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.

• The report briefly reviews overall industry performance at a glance.

• The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, type portfolios, expansion strategies, and recent developments.

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional-level analysis of the industry.

Customization Options:

The global bags market can further be customized as per the requirements or any other market segment. Besides this, UnivDatos understands that you may have your own business needs; hence, feel free to contact us to get a report that completely suits your requirements.