Market Size of North America Handbags Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Handbags Market Analysis
The North America Handbag market is projected to register a CAGR of 6.1 % during the forecast period, 2022-2027.
With the evolving fashion trends and changing lifestyles, handbags have become a necessity, especially for the young and working population, which in turn drives the market growth in North America. Moreover, the increased usage of social media platforms such as Instagram, Facebook, and others is influencing Generation Z to follow current fashion trends. As a result, key brands in the region are investing in digital advertisements and celebrity endorsements to promote their handbag collections and attract target consumers. Additionally, social media platforms allow companies to sell their products to larger customer groups without any additional investment in infrastructure and sales resources.
Moreover, the rising environmental awareness among modern consumers is driving the inclination towards sustainable raw materials and ethically made handbags such as PETA-approved vegan handbags, biodegradable packaging, climate-positive products, recycled & sustainable materials, and repair & take-back programs. This in turn encourages key brands to launch sustainable handbags. Presently, Gucci, Able, and Pixie Mood, among others are some of the luxury fashion brands specializing in sustainable handbags. Further, the increasing availability of a wide range of handbags at consumer convenience is enhancing the sales of handbags across both online and offline retail channels.
North America Handbags Industry Segmentation
A handbag, commonly known as a purse, is a handy medium-to-large bag used to carry personal items or other essentials. The North America handbag market is segmented by type, distribution channel, and geography. By type, the market is segmented into satchel, clutch, tote bag, sling bag, and other product types. By distribution channel, the market is segmented into online retail stores and offline retail stores. Also, the study analyzes the handbags market in emerging and established markets across North America, including the United States, Canada, Mexico, and the Rest of North America. The report offers market size and forecasts for North America handbags market in value (USD million) for all the above segments.
| By Type | |
| Satchel | |
| Clutch | |
| Tote Bag | |
| Sling Bag | |
| Others |
| By Distibution Channel | |
| Online Stores | |
| Offline Stores |
| By Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Handbags Market Size Summary
The North America handbags market is experiencing significant growth, driven by evolving fashion trends and changing lifestyles that make handbags a necessity, particularly among the young and working population. The influence of social media platforms like Instagram and Facebook is notable, as they encourage Generation Z to adopt current fashion trends. This has led key brands to invest in digital advertising and celebrity endorsements to promote their collections. The rise in environmental awareness is also shaping consumer preferences, with a growing demand for sustainable and ethically made handbags. Brands such as Gucci, Able, and Pixie Mood are responding by offering PETA-approved vegan handbags and other eco-friendly products. The availability of a diverse range of handbags through both online and offline channels is further boosting sales, catering to the convenience and preferences of modern consumers.
The demand for luxury handbags in North America is fueled by factors such as a younger population, high disposable income, and an increasing number of working women. Luxury handbags are seen as status symbols, and digital platforms play a crucial role in keeping consumers informed about the latest designs and offerings. The United States holds a significant share of the market, with international brands being popular among high-income consumers due to their quality and sophisticated designs. Despite the pandemic's initial impact on international trade, imports have rebounded, contributing to market growth. The market is highly fragmented, with major players like Tapestry Inc., Fossil Group, Inc., and LVMH Moët Hennessy Louis Vuitton expanding their presence and focusing on sustainable products. The future growth is expected to be driven by the demand for personalized and multipurpose handbags, reflecting the influence of global fashion trends on the affluent U.S. population.
North America Handbags Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Force Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Satchel
-
2.1.2 Clutch
-
2.1.3 Tote Bag
-
2.1.4 Sling Bag
-
2.1.5 Others
-
-
2.2 By Distibution Channel
-
2.2.1 Online Stores
-
2.2.2 Offline Stores
-
-
2.3 By Geography
-
2.3.1 United States
-
2.3.2 Canada
-
2.3.3 Mexico
-
2.3.4 Rest of North America
-
-
North America Handbags Market Size FAQs
What is the current North America Handbags Market size?
The North America Handbags Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in North America Handbags Market?
Tapestry Inc., Fossil Group, Inc., LVMH Moët Hennessy Louis Vuitton, Kering SA and Burberry Group Plc are the major companies operating in the North America Handbags Market.
