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Mens Luxury Bag Market - By Product Type (Backpack, Messenger bags, Weekender bags, Holdall bags, Tote bags, Waist bags, Briefcase, Others), By Material (Leather, Nylon, Cotton, Synthetic, Others), By Size (Small, Medium, Large), By Design (Plain, Printed), By Occasion, By Distribution Channel, Forecast 2024 – 2032

  • Report ID: GMI8135
  • Published Date: Feb 2024
  • Report Format: PDF

Men’s Luxury Bag Market Size

Men’s Luxury Bag Market size was valued at USD 11 billion in 2023 and is anticipated to register a CAGR of over 4.5% between 2024 and 2032. Luxury bags often serve as status symbols and symbols of prestige. Many consumers, especially in emerging economies, associate luxury brands with success and social standing, contributing to the desire for high-end products.
 

Men’s Luxury Bag Market

Fashion trends play a crucial role in driving demand for luxury bags. Men's fashion is evolving, with an increasing focus on accessories, including high-quality and stylish bags. As disposable incomes rise globally, consumers often seek to invest in premium and luxury products, including accessories like bags. Increased purchasing power allows individuals to indulge in higher-end brands and exclusive designs. Beyond aesthetics, consumers also value functionality and innovation in luxury bags. Brands that incorporate innovative features, materials, and designs while maintaining a high level of craftsmanship can appeal to a broader consumer base. Influencers and celebrities showcasing luxury bags on platforms like Instagram and Pinterest can significantly influence consumer preferences, driving demand for specific brands and styles.
 

The luxury industry, including men's bags, is vulnerable to counterfeiting. The prevalence of counterfeit products can undermine the reputation of genuine luxury brands, leading to a loss of consumer trust and potential revenue. Luxury bags are often crafted with premium materials and undergo meticulous manufacturing processes, contributing to higher production costs. Managing these costs while ensuring product quality and exclusivity is a constant challenge for luxury brands.
 

Men’s Luxury Bag Market Trends

Men's luxury bags have seen a trend towards more casual and versatile designs. Brands are offering bags that cater to both formal and casual occasions, reflecting the changing preferences of consumers for adaptable and multifunctional accessories. Consumers are increasingly drawn to personalized and unique products. Luxury bag brands are offering customization options, allowing customers to tailor their bags according to preferences, adding an exclusive and individualized touch. Luxury bags are incorporating technology features, such as built-in charging stations, smart compartments, and RFID blocking technology.
 

This trend reflects the integration of tech functionalities into everyday accessories, catering to the modern lifestyle. The influence of streetwear on men's fashion has extended to accessories, including luxury bags. Collaborations between luxury brands and streetwear designers or influencers have become more common, bringing a contemporary edge to traditional luxury products. The demand for sustainable and eco-friendly luxury products has been on the rise. Consumers are increasingly looking for men's luxury bags made from ethically sourced materials, with a focus on environmental responsibility and reduced ecological impact.
 

Men’s Luxury Bag Market Analysis

Men’s Luxury Bag Market Size, By Product Type, 2021 - 2032 (USD Billion)

The market, by product type is categorized into backpack, messenger bags, weekender bags, holdall bags, tote bags, waist bags, briefcase, others. Backpacks held around USD 3 billion in 2023 and is anticipated to grow through the years. The trend towards more casual and versatile fashion has contributed to the popularity of luxury backpacks. They are often seen as a blend of functionality and style, suitable for various occasions.
 

Messenger bags are favored by professionals who want to maintain a polished and professional appearance while having a convenient and stylish bag for work essentials. The rise in short getaways and weekend trips has boosted the demand for luxury weekender bags, offering a combination of style and practicality for travel. Holdall bags, known for their spacious design, cater to travelers looking for a versatile and stylish option for various types of trips, from business to leisure.
 

Men’s Luxury Bag Market Revenue Share, By Material, (2023)

Based on material, the men’s luxury bag market is categorized into leather, nylon, cotton, synthetic, others. Leather held the dominant market in 2023. Leather remains a popular choice for its luxurious look and feel, attracting consumers who appreciate high-end materials. The durability and longevity of leather contribute to its appeal, especially for consumers seeking long-lasting luxury bags. Nylon bags are valued for their lightweight nature, making them suitable for travel and everyday use. Nylon materials often contribute to a sporty and modern aesthetic, attracting consumers with active lifestyles. Cotton bags provide a casual and comfortable option, appealing to consumers looking for a laid-back yet stylish accessory. Some synthetic materials are chosen for their sustainable and eco-friendly characteristics, catering to consumers with a focus on environmental responsibility.
 

Based on size, the men’s luxury bag market is categorized into small, medium, large. Bounce houses in the low price range are sought after by consumers with budget constraints. Small luxury bags are often favored for formal events, parties, or nights out. The demand is driven by individuals who want a compact and stylish accessory to complement their evening wear. Medium-sized luxury bags are often chosen for their balance between style and functionality, making them suitable for daily work commutes and professional settings. Large bags are often chosen for business travel, accommodating laptops, documents, and other essentials. Professionals seeking a stylish yet functional travel companion drive the demand.
 

U.S. Men’s Luxury Bag Market Size, 2021 - 2032 (USD Billion)

North America dominates the current market and holds 21% in 2023 of the total men’s luxury bag market share. North American consumers, particularly in urban centers, are highly conscious of fashion trends. The desire to stay stylish and keep up with the latest fashion drives the demand for trendy and luxurious men's bags. he urban lifestyle prevalent in North American cities contributes to the demand for men's luxury bags, especially those designed for daily commuting, work, and social occasions.
 

North American consumers are often influenced by celebrity culture. Luxury brands endorsed or used by celebrities can experience increased demand as consumers aspire to emulate their favorite stars. North American consumers often place value on brand recognition and prestige. Established luxury brands with a strong reputation are likely to see higher demand for their men's bags.
 

Men’s Luxury Bag Market Share

Company Market Share Analysis, 2023)

Men’s luxury bag industry seem to be highly fragmented in nature due to presence of numerous local and global players across the globe. In 2023, the above list of dominant market players collectively held around substantial 18%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
 

Men’s Luxury Bag Market Companies

Major players operating in the men’s luxury bag industry include:

  • Bottega Veneta
  • Burberry
  • Chanel
  • Fendi
  • Gucci
  • Hermes
  • Louis Vuitton
  • Prada
  • Ralph Lauren
  • Salvatore Ferragamo
  • Tumi
  • Valentino
  • Versace
  • Yves Saint Laurent (YSL)
  • Zegna

 

Men’s Luxury Bag Industry News

  • In March 2023, the renowned French fashion house Coperni made a bold statement in the fashion world by launching an exquisite handbag crafted from meteorite rock. This unique accessory was introduced in the premium luxury segment with a price tag of €40,000.
     
  • In 2023, Louis Vuitton introduced their 'Monogram Fusion' line, which features an innovative take on the traditional monogram pattern with a focus on sustainability.
     
  • In 2023, Gucci launched their 'Gucci Off the Grid' line, which is built from recycled materials while concentrating on sustainability.
     
  • In 2023, Kering announced a commitment to achieve net-zero emissions across its whole supply chain by 2030.
     

The Men’s luxury bag market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2018 to 2032, for the following segments:

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Market, by product type, 2018 – 2032

  • Backpack
  • Messenger bags
  • Weekender bags
  • Holdall bags
  • Tote bags
  • Waist bags
  • Briefcase
  • Others

Market, by material, 2018 – 2032

  • Leather
  • Nylon
  • Cotton
  • Synthetic
  • Others

Market, by size, 2018 – 2032

  • Small
  • Medium
  • Large

Market, by design, 2018 – 2032

  • Plain
  • Printed

Market, by occasion, 2018 – 2032

  • Formal
  • Casual

Market, by distribution channel, 2018 – 2032

  • Online
  • Offline

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

Men’s luxury bag market size reached USD 11 billion in 2023 and is set to expand at over 4.5% CAGR between 2024 and 2032 owing to the rising consumer demand for high-end products, especially in emerging economies.

The backpacks segment generated USD 3 billion in revenue in 2023 and is anticipated to grow through 2032 attributed to the ongoing trend towards more casual and versatile fashion.

North America men’s luxury bag industry accounted for 21% revenue share in 2023 and is estimated to exhibit robust growth through 2032 driven by the increasing presence of fashion conscious consumers across the region

Some of the popular men’s luxury bag industry players include Bottega Veneta, Burberry, Chanel, Fendi, Gucci, Hermès, Louis Vuitton, Prada, Ralph Lauren, Valentino, Versace, Yves Saint Laurent (YSL), and Zegna.

Mens Luxury Bag Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 250
  • Countries covered: 22
  • Pages: 387
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