The North America handbag market size was valued at USD 12.77 billion in 2023 and is projected to grow to USD 19.35 billion by 2030, exhibiting a CAGR of 6.12% during the forecast period of (2024-2030).
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Additionally, the clearance sales and Black Friday sales in the U.S. are popular and women specifically tend to buy accessories such as purses. The international sellers present in the North American market witness a hike in their sales during these events. Therefore, the attraction for accessories is expected to bolster market growth during the forecast period.
Report Coverage
The report presents a holistic study of the fuel delivery system market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players are identified, and their strategies to bolster the market growth are shared in the report.
List of Key Players Covered in the North America Handbag Market Report
- Tapestry Inc. (New York, U.S.)
- Michael Kors USA (New York, U.S.)
- LVHM (Paris, France)
- Longchamp (Paris, France)
- Vera Bradley Sales LLC (Indiana, U.S.)
- CHANEL LIMITED (London, U.K.)
- Tory Burch LLC (New York, U.S.)
- Kering Pinault S.A. (Paris, France)
- PVH Corp. (New York, U.S.)
- Prada Holding S.P.A. (Milan, Italy)
Drivers and Restraints
Rising Implementation of Handbags by Consumers for Daily Usage to Drive Market Growth
Increasing adoption of premium purses by users as their regular fashion necessity is mainly budding the market growth. Moreover, consumer convenience related to the clutches and cross-body bags of chic designs and extravagance patterns shall drive the demand for such products. Also, rising consumer consciousness concerning the accessibility of such purses via social media sites such as Instagram, Snapchat, and others is stimulating market growth.
Anyhow, indefinite U.S. governmental import restrictions imposed on luxury goods are anticipated to resist product consumption, thus detaining market growth. For example, in July 2020, the Trump Administration executed 25% import duties on French handbag producers.
Segmentation
Based on product type, the market is segregated into the tote, clutch, satchel, and others. Among these, the North America handbag segment, tote bags, held the highest market share of about 33.24% in 2020. The factor influencing the growth is the amount of space tote bags offer for ladies to carry their belongings.
On the basis of raw materials, the market is divided into leather and fabric. By end-users, the market is further bifurcated into men and women. Based on distribution channels, the global market is classified into departmental stores, mass markets, off-price, and others. In terms of region, this industry is segregated into the U.S., Canada, and Mexico.
Regional Insights
The U.S. market was estimated at USD 8.69 billion in 2020. The U.S. held the maximum North America handbag market share of about 84.10% as of 2020. Owing to the large consumption of numerous handbags among the U.S. population for their regular fashion needs. As per the statistics published by the National Leather Council, and the Government of France, U.S. luxury goods imports were responsible for 17.2% of the worldwide imports in 2018. Increased import of premium products basically aids the U.S. in fulfilling its local customer requirements for such goods.
The rising user popularity of owning petite luxury totes and clutches in Canada is probable to deliver fresh market growth chances. Additionally, the escalating fondness towards luxury handbags amongst the middle and lower-income population is estimated to further drive the Canadian market growth.
The Mexican population mostly chooses to purchase fashion products from local producers such as Jaime Ibiza, Collectiva Concepcion, PANTERA, and POPPY BARLEY, among others over imported brands. This shall offer fresh opportunities for the native manufacturers to expand their business in Mexico.
Competitive Landscape
Key Players to Launch Fancy Products to Stay on Top Position
Key players are often seen making efforts to dominate the market regionally as well as globally. They at times use efficient strategies such as launching products, acquiring companies, signing collaborations, and many others. For instance, in April 2021, Porto Vino, a U.S.-situated manufacturer, acquired Swankey to launch an implausible collection of wine bags in the U.S.
Key Industry Development
- April 2023 – Reformation, an online luxury consignment product, launched a sustainable collection of luxury hand purses of styles such as Chiara, Vittoria, and Rosetta in the American market.
