Market Insights Consumer Accessories Luggage & Bags

Handbags - Nigeria

Nigeria

In Nigeria, the revenue generated in the Handbags market in 2024 amounts to ₦US$1.45bn.
It is projected that the market will experience an annual growth rate of 14.39% from 2024 to 2029 (CAGR).
When compared to other countries globally, in the United States leads with a revenue of US$13,020m in 2024.
In terms of per capita income, each person in Nigeria contributes ₦US$6.34 towards the revenue generated in the Handbags market in 2024.
The handbag market in Nigeria is experiencing a surge in demand for locally made, high-quality leather bags.

Key regions: Germany, United States, Europe, Worldwide, India

Market

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).