LONDON--(BUSINESS WIRE)--The global tote bags market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Consumers are increasingly becoming fashion-conscious which is resulting in the increased consumer spending on personal goods including tote bags. The need for shopping bags is increasing because of its ability to carry multiple belongings. Moreover, the growing number of working women, increasing spending power and the proliferation of online shopping portals are further boosting the demand for luxury or premium varieties of tote bags. To capitalize on this growing demand, vendors are offering a wide range of products to give the consumers the choice to select the desired product as per their requirements. Hence, the increasing fashion consciousness and expenditure on personal goods is identified as a major factor responsible for the growth of the tote bags market size.
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As per Technavio, the increased demand at airport retail stores will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Tote Bags Market: Increased demand at airport retail stores
The popularity of airport retailing is growing as luxury and premium products are available at lower prices in the duty-free airport retail stores. As a result, travelers prefer to buy products, such as tote bags from airport retail stores rather than local retail stores. This growth of airline retail stores is one of the major tote bags market trends that will significantly boost the demand and drive the growth of the market.
“Apart from the increased demand at airport retail stores, the high need for luxury handbags and the rising marketing campaigns about the tote bags are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Tote Bags Market: Segmentation Analysis
This market research report segments the global tote bags market by distribution channel (offline and online) and geographical regions (North America, Europe, APAC, South America, and MEA).
European region led the market in 2018, followed by APAC, North America, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to dominate the global market and register the highest incremental growth, owing to the increased spending by millennials on personal goods in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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