What is the market potential for tote bags?--Factory Direct Wholesale - INITI | Hangzhou Initi Imp&exp Co., Ltd. - Professional Suppliers Of Tote Bags, Drawstring Bags, Makeup Bags, And More

What is the market potential for tote bags?

Dec 22,2023

Tote bags have become increasingly popular in recent years, serving as versatile accessories that combine functionality with fashion. These bags are known for their spaciousness, durability, and eco-friendly nature, making them a preferred choice for consumers across various demographics. This market analysis delves into the key insights, trends, and dynamics driving the tote bags industry.

In 2023, the revenue in the Luggage & Bags market worldwide is estimated to be US$177.00bn.
It is projected to experience an annual growth rate of 4.34% (CAGR 2023-2028).
Among all countries, in the United States generates the highest revenue, reaching US$28,730m in 2023.
When considering the population size, the per person revenue in 2023 amounts to US$23.03.
Additionally, by 2023, 67% of the sales in the Luggage & Bags market will be attributed to Non-Luxury.
Despite the global economic downturn, the demand for luxury luggage and bags in countries like France and Italy remains strong due to their reputation for high-quality craftsmanship and fashion-forward designs.

Structure:

The Luggage & Bags market is divided into the four sections:

The Suitcases & Briefcases market includes trunks, suitcases, beauty cases, briefcases, document cases, and schoolbags made from any material. Excluded are travel bags, backpacks, instrument cases, and tool bags.
The Hand bags market comprises smaller bags that contain items of everyday use.
The Wallets & Little Cases market covers articles (made from any material) that can be carried in a handbag such as wallets, coin purses, key cases, cigarette cases, and tobacco pouches.
The Bags & Containers segment covers a variety of containers to store and transport items. This includes travel bags, backpacks, tote bags, thermal bags for food or beverages, toiletry bags, and sports bags.