North America Handbag Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Raw Material, End User, Distribution Channel, and Region

North America Handbag Market Definition:

A handbag is a form of fashion accessory that is mostly used by women to hold personal items. Handbags are often manufactured by stitching together various pieces of cloth or leather in a variety of sizes, designs, and colours. Shoulder, satchel, handled, and sling bags are the most common varieties of handbags on the market. Gender-neutral bags are becoming increasingly popular among consumers of all ages.

 

Further, the North America Handbag market is segmented by Product, Raw Material, End User, Distribution Channel, and geography. On the basis of product, the North America Handbag market is segmented under Tote, Clutch, Satchel and Others. Based on the Raw Material, the market is segmented under the Leather, Fabric and Others. Based on the End User, the market is segmented under the Men and Women. Based on the distribution channel, the market is segmented under the channels of Online and Offline. By geography, the market covers the following Countries: United States, Canada and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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North America Handbag COVID 19 Insights:

Companies are raising the prices of pocketbook items these days in order to make up for lost COVID-19 sales. From April to May 2020, well-known designers including Gucci, Chanel, and Prada raised their bag costs in the American markets. During the pandemic, this has kept the region's purse revenues intact. People are increasingly preferring to buy for personal items from internet sites to prevent becoming infected with the coronavirus. During the pandemic, this helped to boost product profits.

 

However, the closure of specialty and brand apparel stores as a result of COVID-19 lockout regulations, primarily in the United States and Canada, offers considerable obstacles for luxury labels such as Prada, Gucci, Chanel, and others to distribute their products through such locations. Sales of apparel and accessory stores in the United States fell drastically to USD 2.84 billion in April 2020, compared to USD 22.91 billion in January 2020, due to COVID shutdown restrictions in the country.

 

North America Handbag Market Dynamics:

Consumers are increasingly choosing to use sustainably produced goods in their daily lives. As a result, companies are concentrating their efforts on manufacturing vegan leather-based purses in order to provide environmentally beneficial items to their customers. LugLife, a prominent lifestyle goods brand specialising in attractive and well-appointed purses, for example, announced the introduction of its first PETA-approved, vegan leather-based purses collection on QVC's 'Saturday Morning Show' in the United States in March 2021. Moreover, expanding companies' focus on providing cruelty-free luxury items will aid the development of the North American handbag market. These factors are driving the growth of the North America Handbag Market.

 

The market's growth is primarily driven by increased consumer acceptance of luxury handbags as a daily fashion necessity. The desire for clutches and cross-body purses with attractive designs and premium patterns will also be fueled by improved consumer access to such items. In addition, increasing consumer knowledge of the availability of such purses via social media sites and apps such as Instagram, Snapchat, and others is propelling market growth of North America Handbag Market. Moreover, totes and satchels are frequently used by women for official purposes. As a result, the growing number of working women is expected to ease the use of such things, propelling the handbag market forward.

 

Import limitations on luxury goods enforced by the US government are expected to reduce product use in the country, limiting market growth. For example, the Trump Administration levied 25% import tariffs on French handbag manufacturers in July 2020. Also, a strong customer preference for purchasing luxury goods from local manufacturers, particularly in Mexico and Canada, is expected to impede multinational firms' commercial expansion in these nations, limiting market growth.

 

North America Handbag Market Segment Analysis:

By Product, The tote segment dominated the market with 40 % in 2023. Women have been able to keep shopped products such as lipsticks, cosmetics, paperwork and notes, sanitizers, and other stuff because to the larger size of totes. Moreover, the segment's continued expansion is aided by the easy disposal and reusability of such handbags.

 

In today's world, women prefer to carry small, trendy handbags with them to public events and parties. As a result, the clutch segment of the North American handbags market is predicted to increase at a quicker rate than other types due to clutches' compact size and premium outlook.

 

Due to the softer material design, availability of straps, and rectangular shape of such bags over other varieties, the Satchel market is expected to increase significantly at a CAGR of 4.9%. In addition, rising consumer preference for satchels for daily office work, combined with a rising employment rate in the region, is propelling the satchel category forward.

 

 

By End User, the women segment dominated the market with 57 % share in 2023. Women's online spending is expected to more than double in coming years. Due to the enormous number of women consumers who want apparel and accessory products on a regular basis, the women's category has a significant market share. Sales of women's clothes and accessories at U.S. retail outlets reached up by 1.12 % from the previous month in February 2021. In the fashion industry, handbags are also seen as a fashion statement. As a result of this trend, consumer demand for accessories has skyrocketed, propelling the women's portion of the North American handbag market to new heights.

 

The demand for cross-body and hobo bags among the region's men is mostly driven by changing outdoor leisure patterns. Moreover, growing fashion education and social media influence among the millennial male population is expected to boost segments growth.

 

North America Handbag Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the North America market, key players in the market, particularly in  North America are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the North America Handbag market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Handbag market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the North America Handbag Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the North America Handbag market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Handbag market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Handbag market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the North America Handbag market. The report also analyses if the North America Handbag market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the North America Handbag market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Handbag market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Handbag market is aided by legal factors.

 

North America Handbag Market Scope:

North America-Handbag Market
Market Size in 2023	USD 10.2 Bn
Market Size in 2030	USD 19.53 Bn
CAGR (2024-2030)	9.73 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Product Tote Clutch Satchel Others
	by Raw Material Leather Fabrics Others
	by End User Men Women
	by Distribution Channel Online Offline
Country Scope	United States Canada Mexico

 

 North America Handbag Market Key Players: 

• Coach IP Holdings LLC (U.S.)
• Louis Vuitton Malletier (France)
• Chanel Ltd(France)
• Guccio Gucci S.p.A.( Italy)
• Prada S.p.A. (Italy)
• Fendi (Italy)
• Hermès International S.A.( France)
• Kate Spade (U.S.)
• Calvin Klein Inc. (U.S.)
• Burberry Group PLC. ( Italy)
• Tapestry, Inc (New York)
• Michael Kors (New York)
• Ted Baker plc ( United Kingdom)