Market Trends of North America Handbags Industry
This section covers the major market trends shaping the North America Handbags Market according to our research experts:
Increase 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.
