North America Handbags Market Report and Forecast 2025-2034
Description
The North America handbags market reached around USD 12.90 Billion in 2024. The market is projected to grow at a CAGR of 6.10% between 2025 and 2034 to reach nearly USD 23.32 Billion by 2034.
North America Handbags Market Growth
The global market for personal luxury goods recorded net sales of EUR 234.4 billion in 2022, which grew at a CAGR of 2.3% between 2018 and 2022. Global sales are further projected to grow at a CAGR of 3.2% till 2028, with substantial growth of the market in North America. The anticipated decline of inflation levels and interest rates after 2025 is expected to lead to annual GDP growth of 2% in the United States, thereby increasing the demand for personal luxury products such as designer handbags.
By 2027, the sale of luxury items in retail stores is expected to hit $136 billion. Due to rising smartphone penetration and internet accessibility rates, Gen Z is 107% more likely to read online fashion magazines to find their next luxury purchase. This represents a significant market opportunity for product promotion for handbag manufacturers.
Over the next five years, generative AI is expected to contribute $150 billion-$275 billion to the luxury, apparel, and fashion industry, which is expected to accelerate its adoption among luxury brands to achieve gains associated with creativity and efficiency. Moreover, it can significantly boost customer engagement with brands through chatbots and virtual assistants, thereby driving the market growth.
North America Handbags Industry Segmentation
North America Handbags Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Raw Material
Leather
Fabric
Others
Market Breakup by Product Type
Satchel
Bucket Bag
Clutch
Tote Bag
Others
Market Breakup by Category
Mass
Premium
Market Breakup by Distribution Channel
Online
Offline
Market Breakup by Country
United States
Canada
North America Handbags Market Share
Based on country, the market is divided into the United States and Canada. Over the forecast period, the United States is expected to grow at a CAGR of 6.7%, due to rising economic growth and innovations in luxury handbag design.
Leading Companies in the North America Handbags Market
Luxury handbag designers are focusing on providing customised designs for consumers to enhance the perceived value of the product and foster customer loyalty. Innovative strategies for brand storytelling are also expected to play a critical role in driving the market growth.
Burberry Group Plc
Fossil Group Inc.
LVMH Moet Hennessy Louis Vuitton SE
Prada Holding S.p.A.
Kering S.A.
Hermes International S.A.
Chanel S.A.
Tapestry Inc. (Kate Spade & Company)
Capri Holdings Limited
Tory Burch LLC
Others
North America Handbags Market Growth
The global market for personal luxury goods recorded net sales of EUR 234.4 billion in 2022, which grew at a CAGR of 2.3% between 2018 and 2022. Global sales are further projected to grow at a CAGR of 3.2% till 2028, with substantial growth of the market in North America. The anticipated decline of inflation levels and interest rates after 2025 is expected to lead to annual GDP growth of 2% in the United States, thereby increasing the demand for personal luxury products such as designer handbags.
By 2027, the sale of luxury items in retail stores is expected to hit $136 billion. Due to rising smartphone penetration and internet accessibility rates, Gen Z is 107% more likely to read online fashion magazines to find their next luxury purchase. This represents a significant market opportunity for product promotion for handbag manufacturers.
Over the next five years, generative AI is expected to contribute $150 billion-$275 billion to the luxury, apparel, and fashion industry, which is expected to accelerate its adoption among luxury brands to achieve gains associated with creativity and efficiency. Moreover, it can significantly boost customer engagement with brands through chatbots and virtual assistants, thereby driving the market growth.
North America Handbags Industry Segmentation
North America Handbags Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Raw Material
Leather
Fabric
Others
Market Breakup by Product Type
Satchel
Bucket Bag
Clutch
Tote Bag
Others
Market Breakup by Category
Mass
Premium
Market Breakup by Distribution Channel
Online
Offline
Market Breakup by Country
United States
Canada
North America Handbags Market Share
Based on country, the market is divided into the United States and Canada. Over the forecast period, the United States is expected to grow at a CAGR of 6.7%, due to rising economic growth and innovations in luxury handbag design.
Leading Companies in the North America Handbags Market
Luxury handbag designers are focusing on providing customised designs for consumers to enhance the perceived value of the product and foster customer loyalty. Innovative strategies for brand storytelling are also expected to play a critical role in driving the market growth.
Burberry Group Plc
Fossil Group Inc.
LVMH Moet Hennessy Louis Vuitton SE
Prada Holding S.p.A.
Kering S.A.
Hermes International S.A.
Chanel S.A.
Tapestry Inc. (Kate Spade & Company)
Capri Holdings Limited
Tory Burch LLC
Others
Table of Contents
150 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Countries
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Handbags Market Overview
- 5.1 Key Industry Highlights
- 5.2 Global Handbags Historical Market (2018-2024)
- 5.3 Global Handbags Market Forecast (2025-2034)
- 5.4 Global Handbags Market Breakup by Region
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 Latin America
- 5.4.5 Middle East and Africa
- 6 North America Handbags Market Overview
- 6.1 Key Industry Highlights
- 6.2 North America Handbags Historical Market (2018-2024)
- 6.3 North America Handbags Market Forecast (2025-2034)
- 7 North America Handbags Market by Raw Material
- 7.1 Leather
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Fabric
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Others
- 8 North America Handbags Market by Product Type
- 8.1 Satchel
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Bucket Bag
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Clutch
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Tote Bag
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Others
- 9 North America Handbags Market by Category
- 9.1 Mass
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Premium
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 North America Handbags Market by Distribution Channel
- 10.1 Online
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Offline
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 11 North America Handbags Market by Country
- 11.1 United States
- 11.1.1 Historical Trend (2018-2024)
- 11.1.2 Forecast Trend (2025-2034)
- 11.2 Canada
- 11.2.1 Historical Trend (2018-2024)
- 11.2.2 Forecast Trend (2025-2034)
- 12 Market Dynamics
- 12.1 SWOT Analysis
- 12.1.1 Strengths
- 12.1.2 Weaknesses
- 12.1.3 Opportunities
- 12.1.4 Threats
- 12.2 Porter’s Five Forces Analysis
- 12.2.1 Supplier’s Power
- 12.2.2 Buyer’s Power
- 12.2.3 Threat of New Entrants
- 12.2.4 Degree of Rivalry
- 12.2.5 Threat of Substitutes
- 12.3 Key Indicators for Demand
- 12.4 Key Indicators for Price
- 13 Value Chain Analysis
- 14 Competitive Landscape
- 14.1 Supplier Selection
- 14.2 Key Global Players
- 14.3 Key Regional Players
- 14.4 Key Player Strategies
- 14.5 Company Profiles
- 14.5.1 Burberry Group Plc
- 14.5.1.1 Company Overview
- 14.5.1.2 Product Portfolio
- 14.5.1.3 Demographic Reach and Achievements
- 14.5.1.4 Certifications
- 14.5.2 Fossil Group Inc.
- 14.5.2.1 Company Overview
- 14.5.2.2 Product Portfolio
- 14.5.2.3 Demographic Reach and Achievements
- 14.5.2.4 Certifications
- 14.5.3 LVMH Moet Hennessy Louis Vuitton SE
- 14.5.3.1 Company Overview
- 14.5.3.2 Product Portfolio
- 14.5.3.3 Demographic Reach and Achievements
- 14.5.3.4 Certifications
- 14.5.4 Prada Holding S.p.A.
- 14.5.4.1 Company Overview
- 14.5.4.2 Product Portfolio
- 14.5.4.3 Demographic Reach and Achievements
- 14.5.4.4 Certifications
- 14.5.5 Kering S.A.
- 14.5.5.1 Company Overview
- 14.5.5.2 Product Portfolio
- 14.5.5.3 Demographic Reach and Achievements
- 14.5.5.4 Certifications
- 14.5.6 Hermes International S.A.
- 14.5.6.1 Company Overview
- 14.5.6.2 Product Portfolio
- 14.5.6.3 Demographic Reach and Achievements
- 14.5.6.4 Certifications
- 14.5.7 Chanel S.A.
- 14.5.7.1 Company Overview
- 14.5.7.2 Product Portfolio
- 14.5.7.3 Demographic Reach and Achievements
- 14.5.7.4 Certifications
- 14.5.8 Tapestry Inc. (Kate Spade & Company)
- 14.5.8.1 Company Overview
- 14.5.8.2 Product Portfolio
- 14.5.8.3 Demographic Reach and Achievements
- 14.5.8.4 Certifications
- 14.5.9 Capri Holdings Limited
- 14.5.9.1 Company Overview
- 14.5.9.2 Product Portfolio
- 14.5.9.3 Demographic Reach and Achievements
- 14.5.9.4 Certifications
- 14.5.10 Tory Burch LLC
- 14.5.10.1 Company Overview
- 14.5.10.2 Product Portfolio
- 14.5.10.3 Demographic Reach and Achievements
- 14.5.10.4 Certifications
- 14.5.11 Others
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