Luxury handbag market pivots to accessible pricing

The global luxury handbag market is experiencing a realignment towards more affordable price points, according to comprehensive data from Joor, the digital wholesale platform.

The latest analysis of global handbag transactions reveals a nuanced picture of consumer spending and retailer strategies. While the overall bag category has maintained its transactional volume, a recalibration is occurring in pricing and consumer choices.

Most notably, the 250-500 dollar price range has emerged as the sweet spot for luxury accessories, expanding from 63 percent to 70 percentof total bag units purchased between 2021 and 2024. Conversely, the ultra-luxury segment—bags priced over 1,000 dollars—has dramatically contracted, plummeting from 7 percent to just 3 percent of total handbag orders.

Regional variations highlight diverse market dynamics

The geographic breakdown of handbag purchasing provides a fascinating insight into regional market variations:

• North America overwhelmingly gravitates towards accessible luxury, with 84 percent of handbag units falling in the 250-500 dollar bracket.
• Asia-Pacific (APAC) shows the highest proportion of budget-conscious purchases, with 57 percent of bags priced under 250 dollars
• The European, Middle Eastern, and African (EMEA) market remains the stronghold for high-end luxury, with 10 percent of bags exceeding 1,000 dollars and 35 percent above 500 dollars

Style trends

The data also tracks an intriguing evolution in bag styles. Tote bags, which dominated the market from a pre-pandemic 12 percent to a peak of 50 percent in 2023, have recently receded to 41 percent of total bag units in 2024. This decline coincides with the rise of alternative styles:

• Shoulder bags: Growing from 13 percent to 17 percent
• Top handle bags: Increasing from 5 percent to 8 percent
• Backpacks: Expanding from 3 percent to 5 percent

Industry perspective

The bag sector has long been a key driver of growth in the fashion industry. While many luxury brands are navigating challenging market conditions, the data highlights significant opportunities for brands offering accessible price points and sought-after silhouettes.

European brands maintain luxury dominance

Despite the market shift, European brands continue to command the high-end handbag market, with 90 perfcent of bags priced over 1,000 dollars originating from EMEA-based brands. Prominent brands in Joor's network including Chloé, Coperni, The Row, Marc Jacobs, Tory Burch, Michael Kors, and Kate Spade reflect this global ecosystem.

Broader implications

The data from Joor—which processes orders for over 14,000 brands and 650,000 fashion buyers across 150 countries—suggests a broader economic narrative. Consumers are becoming more discerning, prioritising value and versatility over pure luxury pricing.

This trend reflects a broader economic context where consumers are balancing aspirational purchasing with practical considerations, signaling a potential long-term restructuring of the luxury accessories market.