The North America handbag market size was valued at USD 11.86 billion in 2022. The market is projected to grow from USD 12.77 billion in 2023 to USD 19.35 billion by 2030, exhibiting a CAGR of 6.12%. Fortune Business Insights™ provides this information in its research report titled “North America Handbag Market, 2023-2030.”  

Information Source:

https://www.fortunebusinessinsights.com/north-america-handbag-market-105566 

Top Key Player Covered in the North American Handbag Market

• Tapestry Inc. (U.S.)
• Michael Kors USA (U.S.)
• LVHM (France)
• Longchamp (France)
• Vera Bradley Sales LLC. (U.S.)
• CHANEL LIMITED (U.K.)
• Tory Burch LLC (U.S.)
• Kering Pinault S.A. (France)
• PVH Corp. (U.S.)
• Prada Holding S.P.A. (Italy)

Segmentation:

Spacious Nature of Tote Segment to Hold the Largest Market Share

Based on product type, North American market analysis for the handbag can be conducted based on clutch, tote, satchel, and so on. The size of tote bags has allowed women consumers to store things such as documents and notes, lipsticks, sanitizers, cosmetics, and others, leading tote to hold the largest share of the market.

Fashionable Outlook and Higher Durability to Fuel the Demand for Leather Bags

Based on raw material, the leather share dominated the largest market. The greater durability and fashionable appearance over other raw material types are anticipated to grow the market. The fabric segmental market is anticipated to grow owing to the different colors, sizes, price ranges, and popularity of the fabric. North America Handbag Market share is projected to grow during the forecast period.

Huge Spending on Accessory and Clothing Makes Women’s Segment Dominate Market Share

According to end-users, the women segment holds a major share due to the huge demand for female clothing and accessories things for regular usage. Women are largely concerned about their appearance in public gatherings and events. This reason has mainly fueled women’s demand for new and unique clothing and accessories, thereby skyrocketing women’s segmental growth.

Expensive Handbags at Brand Stores Make Others Segment to Hold the Largest Market Share

As per the distribution channel, the other segment consists of specialty and brand stores. The presence of premium and luxury quality clothing and accessories things of higher prices in these stores makes other segments exhibit the largest market share.

Report Coverage:

The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.

Drivers and Restraints:

Increasing Consumer Spending on Luxury Goods to Drive the Market Growth

Consumer spending on luxury goods such as jewelry, clothing, digital watches, and others uplifts product revenues, fueling the region’s market growth. Moreover, the increasing popularity of premium quality and luxury bags among the middle-income group of the region’s population will drive market growth. Hence, North America Handbag Market growth is anticipated to escalate market growth. Indeterminate U.S. governmental import restrictions imposed on luxury goods are anticipated to bind the country’s product consumption, restraining market growth. Huge consumer preference towards purchasing luxury goods from local manufacturers, particularly in Canada and Mexico, is predicted to limit Louis Vuitton and other foreign brands’ business growth in these countries.

Country Insights:

U.S. Market to Hold the Largest Share in the Market Owing to Newer Market Opportunity

U.S. dominated the region in the North American market owing to the huge usage of multiple purses among the U.S. population for their everyday fashion. Newer market growth opportunities tend to grow market with the growing consumer trends towards using smaller-sized luxury totes and clutches in Canada.

Mexican consumers prefer buying fashion goods and luxury totes from native manufacturers such as PANTERA, Collectiva Concepcion, POPPY BARLEY, Jaime Ibiza, and many others over foreign brands.

Competitive Landscape:

New Product Launches and Global Expansion are the Plans Accepted by Key Companies to grow their business

Companies nowadays focus on launching boutiques in the Canadian and Mexican markets to grow their business. Moreover, they conduct various investments to introduce a newer product collection and grow their regional business.

Key Industry Development:

• November 2022: Jaime Ibiza, a Mexican fashion designer, launched ‘Talismán,’ a commercial video to spread awareness of its Mexican style contemporary purses in the country.