Market Insights Consumer Accessories Luggage & Bags

Handbags - Western Africa

Western Africa

In 2024, the revenue generated in the Handbags market in Western Africa amounts to US$2.27bn.
This market is projected to grow at an annual rate of 11.66%, according to the compound annual growth rate (CAGR) from 2024 to 2029.
When comparing revenue on a global scale, in the United States leads with a revenue of US$13,020m in 2024.
In terms of per capita revenue, in Western Africa generates US$5.49 per person in 2024.
The demand for locally-made, handcrafted leather handbags in Western Africa has seen a significant increase in recent years.

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

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Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on consumer spending on accessories that comprise of Watches & Jewelry and Luggage & Bags that are produced for private end customers for both offline retail and online retail.

Modeling approach:

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 independent databases and third-party sources, historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, 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, the exponential trend smoothing is well suited for forecasting the Accessories market with projected steady growth. 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).