North America Handbag Market Size, Share & COVID-19 Impact Analysis, By Product Type (Tote, Clutch, Satchel, and Others), Raw Material (Leather and Fabric), End-User (Men and Women), Distribution Channel (Departmental Stores, Mass Market, Off-Price, and Others), and Country Forecast, 2021-2028

North America handbag market size was USD 10.34 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with handbags witnessing a positive demand shock across all countries amid the pandemic. Based on our analysis, the North American market will exhibit a considerable growth of 9.36% in 2021. The market is projected to grow from USD 11.31 billion in 2021 to USD 17.91 billion in 2028 at a CAGR of 6.8% in the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

People commonly use these bags for their regular clothing and accessory needs. In the handbag production process, companies face a problem retaining the workability and general scrap leather quality in a finished bag product. Hence, companies are implementing various production methods to produce high-quality leather bags and avoid such issues. For instance, LANCASTER, a Paris, France-based handbag manufacturer with a strong presence in the U.S. and Canada, uses a unique chemical process to recycle leather into dubbed recycled leather scrap. This helped the company in retaining the original leather quality from the scrap material.

Increased Luxury Handbag Prices to Sustain Market During COVID-19 Pandemic

Nowadays, companies are hiking the prices of purse items to curb their overall COVID-19 lost sales. From April to May 2020, prominent brands such as Gucci, Chanel, and Prada hiked the prices of their bags from the European and U.S. market. This has maintained the region’s purse revenues during the pandemic. Nowadays, to avoid coronavirus infection, people increasingly prefer to shop personal goods from online stores. This help in uplifting product revenues during the pandemic. For instance, Wolf & Badger, a U.K.-basedluxury goodsonline retailer, reported a 414% spike in its Canadian luxury goods sales in 2020 over 2019.

However, shutting down of the specialty and brand clothing stores due to the COVID-19 lockdown restrictions, mainly in the U.S. and Canada, significantly poses challenges to Prada, Gucci, Chanel, and other luxury brands to distribute their products through such stores. According to the data presented by the Federal Reserve Bank of St. Louis, in April 2020, U.S. clothing and accessory stores’ sales were sharply slowed down to USD 2.84 billion due to the COVID lockdown restrictions in the country compared to that of USD 22.91 billion in January 2020.

LATEST TRENDS

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Shifting Consumer Trends towards Usage of Sustainably Made Bags to Drive Market

Nowadays, consumers increasingly prefer to use sustainably made goods in their daily lives. Therefore, companies are focusing on developing vegan leather-based purses to offer environmental friendly products to their consumers. For instance, in March 2021, LugLife, a popular lifestyle goods company specialized in producing fashionable, and well-appointed purses announced the launching of its first PETA-approved, vegan leather-based purses collection on QVC’s ‘Saturday Morning Show’ in the United States. Additionally, growing companies' focus on developing cruelty-free luxury goods will ease the North America handbag market development.

DRIVING FACTORS

Consumers’ Acceptance of Handbags as Their Regular Fashion Need to Drive the Markets

The rising consumer acceptance of luxury handbags as their daily fashion need is primarily driving the market's growth. Additionally, easier consumers’ accessibility of the clutches and cross-body purses of elegant designs and luxury patterns will fuel the demand for such items. Besides this, growing consumer awareness regarding the availability of such purses through social media sites and applications such as Instagram, Snapchat, and others is driving the market growth.

Moreover, women consumers widely use a tote and satchel for their regular official usage. Therefore, the rising number of working women population is likely to ease the consumption of such items thereby, driving the handbag market growth. According to the World Bank Group, in 2019, Mexico's female labor force participation rate reached 45.58% of the total labor force, compared to that of 44.11% in 2018.

The rising number of middle-income population groups mainly in China and India from Asia Pacific region and other regions such as Europe and Middle East, and North America will support the demand for such products.

Rising Consumer Spending on luxury Goods to Fuel the Market Growth

Rising consumer spending (per capita income) on luxury goods such as clothing, digital watches,jewelry和其他产品revenu振奋es, thereby driving the region's market growth. For instance, Gucci, owned by Pinault S.A. Kering, a French multinational corporation with its presence in Canada and U.S, reported 11% growth in its overall luxury goods sales in 2019 over 2018. Additionally, the increasing popularity of luxury & premium quality bags among the middle-income group of the region’s population will fuel the market growth in the region.

RESTRAINING FACTORS

Governmental Import Restrictions to Limit the Market Growth

Uncertain U.S. governmental import restrictions imposed on luxury goods are expected to limit the country's product consumption, thereby restraining market growth. For instance, in July 2020, Trump Administration imposed 25% import duties on French handbag manufacturers. Additionally, large consumer preference towards buying luxury goods from local manufacturers, particularly in Mexico and Canada, is expected to limit the foreign brands' business growth in these countries, thereby hampering the market growth.

SEGMENTATION

By Product Type Analysis

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Roomier Size of Totes Makes the Tote Segment to Hold a Major Market Share

Roomier size of totes has enabled women consumers, to store shopped items such as lipsticks,cosmetics, documents and notes, sanitizers, and others. This has made the tote segment hold a major North America handbag market share. Additionally, the easier disposability and reusability of such purses are helping the segment in its further growth. Nowadays, women fashion seekers mainly prefer to use compact-sized and fashionable purses in public events and gatherings. Therefore, the clutch segment of the north American handbags market is expected to grow faster due to clutches' compact size and luxury outlook over other types.

The Satchel segment is expected to grow considerably due to the softer material design, availability of straps, and rectangular shape of such bags over other types. Additionally, increasing consumers’ preference towards the usage of satchels for their daily office work coupled with the growing employment rate in the region is fueling the satchel segmental growth. Others segment include saddle and cross-body purses. Rising outdoor leisure trends among the people are driving the others segmental growth.

By Raw Material Analysis

Higher Durability and Fashionable Outlook Makes Leather Bags to Dominate the Market

The leather segment holds a major market share due to its higher durability and fashionable appearance over another raw material type. Additionally, the growing expansion of the leather goods companies further supports the segmental growth in the region. For instance, in October 2019, Fendi, a prominent LVHM owned Italian fashion brand, expanded its presence in Canada by launching a leather goods boutique at Toronto Canada's York dale shopping center.

Easier consumers’ accessibility for the cost-effective fabric bags of different sizes, colors, functionalities, and price ranges mainly fuel the fabric segmental growth. Moreover, the rising popularity of the print-on-demand fabric purses among the region’s population further uplifts the product revenues from the fabric segment.

By End-User Analysis

Large Spending on Clothing and Accessory Makes Women Segment to Hold a Major Market Share.

The women segment holds a major market share owing to the large women consumers' demand for clothing and accessory items for their regular usage. According to the data presented by the U.S. Department of Commerce, Census Bureau, in February 2021, women clothing and accessory products' sales from the U.S. retail stores reached USD 2.15 billion, 1.12% up over the previous month. Additionally, handbags are considered to be a style statement in the fashion industry. Such a factor has fueled the consumers’ demand for the accessories, thereby skyrocketing the women segment in North America handbag market.

Evolving outdoor leisure trends mainly drive the demand for cross-body and hobo bags among the region’s men population. Moreover, increasing fashion education and social media influence among the millennial men population is further likely to uplift the segmental growth.

By Distribution Channel Analysis

Higher Prices of Purses at Brand Stores Makes Others Segment to Hold a Major Market Share.

Others segment include brand and specialty stores. The presence of luxury and premium quality clothing and accessory items of higher prices in these stores makes others segment exhibit a major market share. Additionally, shifting trends of the middle-income group of population towards premium and luxury goods fuel the market for segmental growth in the region.

In departmental stores, consumers can purchase various clothing and accessory products such as watches, jewelry,handbags, and others under one roof. This drives the departmental stores' segment at a faster rate. Additionally, regular provision of discounts & coupons by such stores is likely to motivate the people towards shopping consumer goods from these stores thereby, supporting the growth of this segment.

存在大量的大型零售商ssociated with the clothing and accessory items in the U.S. and Canada results in considerable revenues of the clothing and accessory items from these stores. According to the data presented by the Department of Statistics, Government of Canada, as of 2019, there are 4,859 jewelry, luggage, and leather goods merchandising establishments in Canada. Second-hand clothing item retailers RealReal, Thredup, Depop, and others mainly support the off-price segmental revenues in the region.

COUNTRY INSIGHTS

The U.S. market was estimated at USD 8.69 billion in 2020. U.S. holds a leading position in the North American market due to the large consumption of various handbags among the U.S. population for their regular fashion needs. According to the data presented by the National Leather Council, Government of France, U.S. luxury goods imports accounted for 17.2% of the global imports in 2018. Large import of luxury goods essentially helps the U.S. to meet its local consumer demand for such items. Additionally, increased U.S. consumers' fashion sense and luxurious lifestyle result in the greater consumer demand for premium quality bags.

Increasing consumer trends towards using smaller-sized luxury totes and clutches in Canada are likely to provide newer market growth opportunities. In addition to this, the rising acceptance of premium handbags among the middle and lower-income groups of the population further fuel the Canadian market growth.

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The Mexican population mainly prefers to buy fashion goods from local manufacturers such as Jaime Ibiza, Collectiva Concepcion, PANTERA, POPPY BARLEY, and many others over foreign brands. This will provide newer opportunities for the local manufacturers to grow their business in the country. Also, the rising adoption of designer and classic handbags among the middle-income Mexican population is further fueling the product revenues in the country.

KEY INDUSTRY PLAYERS

Global Expansion and Product Launch are the Strategies Adopted by Key Companies to Grow their Business

Companies mainly focus on introducing boutiques in the Canadian and Mexican markets to expand their business in these countries. Additionally, they conduct various rounds of investments to launch a newer product collection and grow their business in the region. For instance, in August 2020, Hermosa Beach, a luxury handbag brand of a company Hammitt Inc. invested USD 2 million to launch ‘Brand Ambassador,’ a purse collection by endorsing the actress Jamie Chung in California, U.S.

LIST OF KEY COMPANIES PROFILED:

• 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)

关键行业的发展:

• April 2021 –Porto Vino, a U.S.-based purse manufacturer, acquired Swankey tote bag company to launch an incredible collection of wine bags in the U.S.


• 2019年11月:Etoile Star, an Etoile-owned handbag and tote brand expanded its presence by introducing its pop-up store at North Park center in the U.S.

REPORT COVERAGE

An Infographic Representation of North America Handbag Market

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The North America handbag market research report offers a deep analysis of the market. It focuses on key aspects such as competitive landscape, product types, raw materials, end-user, distribution channel, and application areas. Besides this, it gives insights into the various key market trends and highlights key industry developments. In addition to these mentioned factors, it encompasses several other factors that have contributed to the industry growth in recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2017-2028
Base Year	2020
Estimated Year	2021
Forecast Period	2021-2028
Historical Period	2017-2019
Unit	Value (USD Billion)
By Product Type	Tote Clutch Satchel Others
By Raw Material	Leather Fabric
By End-User	Men Women
By Distribution Channel	Departmental Stores Mass Market Off-Price Others
By Country	North America (By Product Type, Raw Material, End-User, Distribution Channel, and by Country) U.S. (By Product Type) Canada (By Product Type) Mexico (By Product Type)