North America Handbags Market - Growth, Trends, Covid-19 Impact, and Forecast(2022 - 2027)

North America Handbags Market - Growth, Trends, Covid-19 Impact, and Forecast(2022 - 2027)

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.

Key Market TrendsIncrease in Demand for Luxury Handbags

The emergence of a younger population, high disposable income, and an increase in the number of working women are the key factors driving the demand for luxury handbags in the region. According to the United States Bureau of Economic Analysis disposable personal income has increased from USD 14,138.7 billion in 2016 to USD 18,507.6 billion in 2021 which is influencing the consumers' spending capability and can boost the sales of luxury fashion products including handbags. Further, luxury handbags are perceived as a symbol of status and consumers are using digital platforms to stay informed about the trending designs and new product offerings in the handbag segments. Moreover, manufacturers are making products more appealing to consumers by emphasizing superior handbag quality and exclusivity. The digital penetration of luxury brands is further boosting the demand for luxury handbags as consumers have a wide range of options to purchase through digital channels at their convenience.

United States holds the Prominent Share

The United States holds the largest share in the North America handbags market as consumers are well-versed in the brand’s offerings and their presence across different retail stores. International brands are popular with modern and high-income consumers as these offerings maintain transparency in the quality of materials and expertise in the sophisticated and elegant designs which attract consumers. For instance, according to the statistics disclosed by the Office of Textiles and Apparel and the United States of Commerce, in 2020, USD 2.77 billion worth of women's handbags and purses were imported to the countries from different foreign markets including China, Italy, France, and Vietnam, among others. Although international trade of handbags and other fashion accessories was affected due to the impact of the pandemic, it has bounced back in 2021 and the imports are expected to increase during the forecast period, which in turn contributes to the market growth. Moreover, the future market growth can be attributed to the high demand for personalized and multipurpose handbags as the young and affluent population of the U.S. is highly influenced by global fashion trends and culture.

Competitive Landscape

The North America handbags market is highly fragmented with the presence of many regional and international players. The major players in the region include Tapestry Inc., Fossil Group, Inc., LVMH Moët Hennessy Louis Vuitton, Kering SA, and Burberry Group Plc among others. The companies in the market are expanding their geographical presence, enhancing their distribution channels, focusing on producing sustainable products, and strengthening their hold over online and offline marketing to maintain their leadership position in the market studied. For instance, in December 2021, LVMH Moët Hennessy Louis Vuitton company launched its Louis Vitton Cruise 2022 collection consisting of Louis Vuitton loop bag, Louis Vuitton Cousin BB, Louis Vuitton Beltbag Coussion, and others.

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• The market estimate (ME) sheet in Excel format
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