The North American handbag market size was USD 11.31 billion in 2021. The market is estimated to grow USD 17.91 billion in 2028 at a CAGR of 6.8% in the 2023-2028 period. This report is published by Fortune Business Insights, in its report, titled, North America Handbag Market, 2023-2028. As per our analysts, the increasing fashion industry’s influence over common people is likely to boost the demand for these bags, especially in the North American region given the high disposable income of the population.
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.
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Amplified Luxury Handbag Costs to Endure Market During COVID-19 Crisis
The coronavirus pandemic affected every region and almost every industry was left to suffer economically from its effects. Due to a halt in the production and shipment process, several companies faced huge losses amid the pandemic. To recover the losses, key corporations were forced to raise the costs of their products, which resulted in a global recession. For instance, from April to May 2020, premium brands such as Gucci, Chanel, and Prada increased the cost of their handbags in the European and U.S. markets.
This has preserved the regions bag income amid the pandemic. Moreover, to evade coronavirus infection, people are progressively opting to purchase personal products through e-commerce services. This assists in elevating product income in such rough times. For example, Wolf and Badger, which is a U.K.-based premium products online seller, stated a 414% hike in its Canadian luxury products sales in 2020 as compared to 2019.
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 extravagant 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.
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Segmentation
Based on product type, the market is segregated into a tote, clutch, satchel, and others. Among these, the North American handbag segment, tote bag, 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 American 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 in order 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, made an acquisition of Swankey in order to launch an implausible collection of wine bags in the U.S.
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Key Industry Development
February 2019:Rebag, a New York-based online shopping site for selling and purchasing premium handbags financed USD 25 million to launch five brick-and-mortar stores in Los Angeles, and New York, U.S. sites.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit North America Handbag Market Share, Size, Trend, Demand, Analysis by Top Leading Player and Forecast Till 2030
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