North America Handbag Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Tote, Clutch, Satchel, and Others), By Raw Material (Leather and Fabric), By End-User (Men and Women), Distribution Channel (Departmental Stores, Mass Market, Off-Price, and Others), By Country (United States, Canada, Mexico, and Rest of North America) and North America Handbag Market Insights, Industry Trend, Forecasts to 2032.Industry: Consumer Goods
North America Handbag Market Insights Forecasts to 2032
- The North America Handbag Market Size was valued at USD 12.3 Billion in 2022.
- The Market is Growing at a CAGR of 6.8% from 2022 to 2032
- The North America Handbag Market size is expected to reach USD 23.8 Billion by 2032.
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The North America Handbag Market Size was valued at USD 12.3 Billion in 2022 to USD 23.8 Billion by 2032 at a CAGR OF 6.8% during the forecast period (2022-2032).
These bags are frequently used by people for their everyday clothes and accessory needs. Companies struggle to maintain the workability and overall quality of waste leather in a final bag product during the handbag production process. As a result, businesses are using a variety of production techniques to create high-quality leather bags and prevent such problems. For instance, LANCASTER, a well-known handbag producer with operations in the United States and Canada and headquarters in Paris, France, utilizes a special chemical procedure to recycle leather into what is known as recycled leather waste. As a result, the firm was able to preserve the original leather quality in the scrap leather. Handbags have become essential due to changing fashion trends and lifestyles, especially for the young and working population, which in turn is fueling market expansion in North America. The rising use of social media sites like Instagram, Facebook, and others is also encouraging Generation Z to adopt the latest fashion trends. As a result, major companies in the area are spending money on digital marketing and celebrity endorsements to market their handbag lines and draw in target customers. Social media platforms can enable businesses to reach wider consumer bases without spending more money on infrastructure and sales staff.
This research report categorizes the market of the North America handbag market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America handbag market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America handbag market.
North America Handbag Market Report Coverage
|Market Size in 2022:||USD 12.3 Billion|
|Forecast Period 2022-2032 CAGR:||6.8%|
|2032 Value Projection:||USD 23.8 Billion|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Product Type, By Raw Material, By End-User, By Country, and COVID-19 Impact Analysis|
|Companies Covered:||Tapestry Inc., Michael Kors USA, LVHM, Longchamp, Vera Bradley Sales LLC, CHANEL LIMITED, Tory Burch LLC, Kering Pinault S.A., PVH Corp., Prada Holding S.P.A.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The growth of the industry is largely driven by consumers' increasing acceptance of luxury handbags as a daily fashion need. The desire for such things will also be fueled by the easier availability to customers of clutches and cross-body bags in opulent patterns and designs. Along with this, social media platforms and apps like Instagram, Snapchat, and others are raising consumer knowledge about the availability of such handbags and promoting the market growth. Also, modern customers increasing environmental consciousness is encouraging the trend toward ethically made handbags and sustainable raw materials, such as PETA-approved vegan handbags, biodegradable packaging, climate-positive products, recycled & sustainable materials, and repair & take-back programs. Moreover, rising consumer spending (per capita income) on luxury goods such as clothing, digital watches, jewelry, and others uplifts product revenues, thereby driving the region's market growth.
The consumption of luxury goods in the United States is anticipated to be restrained by uncertain import regulations from the government, which will curb the market's expansion. For instance, the French handbag industry was subject to 25% import taxes in July 2020 under the Trump Administration. Additionally, it is anticipated that strong customer preferences for buying luxury items from domestic producers, notably in Mexico and Canada, would restrain the expansion of international business markets in these nations.
- In 2022, the tote segment is dominating the market with a higher growth rate during the forecast period
Based on the product type, the North America handbag market is bifurcated into tote, clutch, satchel, and others. Among these, the tote segment is expected to have a higher market share value over the forecast period, due to the roomier size of bags has made it possible for women shoppers to keep stuff like lipsticks, cosmetics, documents and notes, hand sanitizers, other items. Furthermore, the segment's ongoing growth is being boosted by the easy disposal and reusability of such handbags. Nowadays, ladies who are interested in fashion tend to like carrying small, stylish handbags to meetings and events in public. Because of its small size and perceived richness compared to other varieties, clutches are expected to grow faster than other types of handbags in the North American market.
- In 2022, the leather segment is leading the largest market share over the forecast period.
Based on the raw material, the North America handbag market is segmented into leather and fabric. Among these, the leather segment held the largest market share over the forecast period due to being more durable and stylish than other kinds of raw materials. Further bolstering the segmental growth in the area is the leather products industry's ongoing expansion. For instance, Fendi, a well-known LVHM-owned Italian fashion house, increased its market share in Canada in October 2019 by opening a leather goods store in Toronto, Canada's York Dale selling Mall.
The fabric category is expanding mostly as a result of customers having easier access to affordable fabric bags in a variety of sizes, colors, functions, and price points. Additionally, the growing acceptance of print-on-demand fabric handbags among the local populace boosts the fabric segment's product earnings.
- In 2022, the women segment is influencing the largest market share over the forecast period.
Based on the end user, the North America handbag market is segmented into men and women. Among these, the women segment influences the largest market share during the forecast period Due to the high demand for apparel and accessory products among women customers. In February 2021, women's apparel and accessory sales from U.S. retail outlets hit USD 2.15 billion, up 1.12% from the previous month, according to statistics provided by the U.S. Department of Commerce, Census Bureau. Additionally, in the fashion world, purses are seen as a statement of style. Such a factor has increased consumer demand for accessories, driving up the price of women's handbags in the North American handbag industry.
- In 2022, the departmental store segment is dominating the market with the highest market growth during the forecast period
On the basis of distribution channels, the North America handbag market is divided into departmental stores, mass market, off-price, and others. Among these, the departmental stores segment influences the largest market share during the forecast period owing to department shops, consumers may find a wide range of clothing and accessories including watches, jewelry, purses, and others all under one roof. As a result, the department store category grows more quickly. Furthermore, the regular distribution of discounts and coupons by such retailers is likely to encourage customers to buy consumer items from these establishments, so driving the expansion of this market.
The United States segment is dominating the largest market growth over the projection period
Based on the country, the North America handbag market is classified into the United States, Canada, Mexico, and the Rest of North America. Among these, the United States segment holds the largest market growth during the forecast period, because customers are familiar with the brand's products and presence in several retail locations. Modern, wealthy consumers choose international brands because they retain transparency in the quality of the materials used and competence in the sophisticated, appealing designs that draw customers. In addition, given that the young, luxurious population of the U.S. is heavily impacted by international fashion trends and culture, the market development in the future may be attributed to the strong demand for personalized and multipurpose handbags.
Greater consumer preferences for smaller-sized luxury bags and clutches in Canada are projected to second largest market to provide fresh market expansion potential. Additionally, the growing popularity of luxury handbags across the middle-class and lower-income segments of the population is a significant driver of market expansion in Canada.
The report offers the appropriate analysis of the key organizations/companies involved within the North America handbag market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Tapestry Inc.
- Michael Kors USA
- Vera Bradley Sales LLC
- CHANEL LIMITED
- Tory Burch LLC
- Kering Pinault S.A.
- PVH Corp.
- Prada Holding S.P.A.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In March 2022, a premium handbag company from India named Aranyani increased its market share in the US and launched its goods at the Indian Consulate General in New York.
- In September 2021, Pixie Mood, a fashion brand that creates 100% vegan leather handbags and accessories with PETA approval, updated its website and unveiled its avant-garde Fall/Winter '21 collection.
- In April 2021, to introduce an amazing selection of wine bags in the US, Porto Vino, a purse maker with headquarters in the US, purchased Swankey tote bag firm.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the North America Handbag Market based on the below-mentioned segments:
North America Handbag Market, By Product Type
North America Handbag Market, By Raw Material
North America Handbag Market, By End Users
North America Handbag Market, By Distribution Channel
- Departmental Stores
- Mass Market
North America Handbag Market, By Country
- United States
- Rest of North America
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