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The global handbag market size is projected to reach USD 78.46 billion by 2028 owing to the increasing availability of premium bag brands on e-commerce platforms.
Fortune Business Insights™ shares this information in its report, titled “Handbag Market, 2021-2028”.
The report further states that the global market value was USD 47.57 billion in 2020, and the market is expected to register a CAGR of 6.8% from 2021 to 2028.COVID-19 ImpactThe COVID-19 pandemic has seriously injured the consumer goods industry and has hampered the handbag market growth.
According to Fortune Business Insights™, the global market slumped by a staggering 25.6% in 2020, with its size predicted to reach USD 49.63 billion in 2021.
The main reasons for the market’s declining growth trajectory in the 2020-21 period include sharp demand contractions underpinned by falling incomes, increasing raw material prices, and reduced production.Sequential Brands Group & Centric Brands to Collaborate for Handbag & Jewelry CollectionsIn November 2019, Sequential Brands Group teamed up with Hollywood celebrity Jessica Simpson to enter into a multi-year licensing partnership with Centric Brands.
Under the agreement, the two companies will collaborate to develop, manufacture, and distribute Simpson’s new line of handbag and jewelry collections.