Ladies Bags Market In India

Bags Market in India:

India’s bags market, encompassing handbags, totes, slings, clutches, backpacks, and other women's accessories, forms a key segment within the broader bags industry valued at USD 1.16 billion in 2024. Handbags specifically, which dominate ladies' preferences, are forecasted to grow by USD 1.98 billion from 2024 to 2029 at a CAGR of 8.5%. 

Current Market Sizing:

The overall bags market has reached USD 1.24 billion in 2024, driven by urbanization, e- commerce, and demand for stylish bags for every occasion, driven by increase in disposable income for Indian households. This is where brands like Mirragio, RYS have captured the market, offering a wide variety of designs specific to each occasion. 

Growth Drivers:

Rise in the working women population, increase in disposable income of each household, online distribution growth, and a focus of premiumization of customer experience, has been a sweet spot for growth, where brands like Akinna and RYS, have captured the market, and lead in this space. The future forecast for growth is 3.77% CAGR BY 2033, taking the market size to USD 1.62 Billion, brands like RYS and Mirragio, who are also focussing on expanding tier 2 markets, are fueling this growth from the front.

Shift in customer mindset:

The Indian market sees a very big shift in the consumer behaviour pattern in Indian, specially when it comes to ladies handbags, earlier the market was dominated by brands like Lavie, Caprese and Hidesign, but these brands are seeing a sharp fall in market share, and the gainers have been brands like RYS, Mirragio, clearly showcasing a shift in consumer buying mindset, where the focus have shifted towards a better buying experience also.