A Tote Bag is a type of handbag with parallel handles on both sides of the pouch. Compared to other handbags, it saves space and allows you to carry multiple items at once conveniently. Cloth, fabric, nylon, and jute are common materials. There has been a significant increase in the availability of tote bags in various shapes and sizes, which aids in the transportation of goods and products ranging in size from a grocery item to laptops.
Increased distribution drives market growth through e-commerce websites and the spread of social media. The Tote Bags industry heavily advertises on popular social media platforms such as Instagram, Twitter, and Facebook, allowing them to analyse audience preferences and offer specially curated products. These platforms assist businesses in incorporating innovative marketing strategies such as influencer and affiliate marketing to increase profitability.
The reusability of tote bags is also expected to accelerate market growth during the forecast time frame. Furthermore, the ease of folding the bags and storing them in a small space is expected to support the global tote bag market's growth. Furthermore, tote bags are popular among working women. Rising working women population in global workforce can be a driving factor in global market growth in the near future.
CAPRI Holdings acquired Versace, a luxury fashion brand, in June 2019. The acquisition enabled the company to broaden its portfolio in the luxury tote bag domain. Furthermore, as a result of this acquisition, CAPRI Holdings can now increase its sales in multiple regions by leveraging Versace's extensive distribution network. This enabled the company to gain a 25% market share in the global tote bag market.
Key players operating in the global tote bags market include Michael Kors, Guangzhou Yaxin Leather Corporation Limited, XIAMEN NOVELBAG CO., LTD., BIDBI, H&M Group, Blivus Bags, and others.
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