In the last five years, the demand for bag industry has grown significantly, with more manufacturers joining the global business scenario. With the increase in the global economic condition and improvement in a customer’s purchase power, the demand for bags and purses has grown significantly, especially in Western Europe and North America. To understand the growing trend of handbags, here are a few mind-boggling facts.
- The worldwide revenue generated from the handbag industry in 2017 was US$ 151 billion.
- The annual growth of sales in bags has increased by 3.2% over the last five years.
- About 1.9 million people are employed directly or indirectly by the industry.
- The United States is the second largest producer of bags in the world, after China. The most popular wholesale bags manufacturer companies are all based in the USA.
- The annual revenue from the industry, in 2022 is expected to rise by 11.4% at US$ 102,291 billion.
As the prospect of a successful business has increased, the number of new manufacturers flocking in also risen significantly. As the world economy strengthens, the bags industry will keep going.
Who are the major players in the industry?
Bags are a necessity even though most of it is treated as a luxury. With big names charging bigger bucks for their versions has enhanced the label of bags, making them a luxurious product. However, with more startups in the circuit, small to medium sized wholesale bags suppliers are lowering the prices, offering quality products to meet the growing demand. Again, bags are a necessity! This is the reason for more consumers flocking online to new stores to buy bags! Big brands remain but providing quality bags with a similar look and feel has allowed new manufacturers to make a firm stand.
The most popular products in the circuit
If the bag sections are browsed, you will find a wide variety of products displayed. However, a few of these are more popular as compared to others. These major designs can be summarized as follows.
- Handbags for both men and women
- Travel backpacks and luggage bags
- Laptop backpacks
The future trends for the bag industry
With such phenomenal growth to boast about, the future of the industry looks bright and prosperous. Here is a synopsis that provides an outlook of the future trends in the circuit.
- Personalized bags are a major run-through now. Private label bags brands are gracing the industry at large. More and more retailers are starting their own brands with the help of manufacturers. With authentic products and innovative designs, the private label market is expected to witness massive growth.
- Manufacturers are all making a switch to constructing bags using eco-friendly materials. Jute, cotton, bamboo along leather are being used commonly for these don’t harm the environment. Once discarded, bags made of these materials can be easily recycled.
Thus, the bag industry will keep growing steadily and will reach the pinnacle of success. If you are a retailer looking to start your personal business, venture into the world of bags to taste success like never.