US Handbags and Accessories Market Report 2022

Overview

• What you need to know
• This Report looks at the following areas
• Definition
• Market context
• COVID-19: US context
• Economic and other assumptions

Executive Summary

• Top takeaways
• Market overview
  • Figure 1: Handbags and accessories outlook, 2022-27
• Opportunities and challenges
• Focus on offering value
• Align handbags and accessories with evolving consumers’ preferences
• Leverage technology for greater consumer engagement
• Collaborate to differentiate from competitors
  • Figure 2: COACH X Basquiat collection
• Key consumer insights

Market Landscape

• The handbags and accessories market rebounds after adverse pandemic conditions, but not without headwinds

Market Factors

• Supply chain challenges bring new opportunities
• Consumers spending is expected to decelerate as prices rise
  • Figure 3: Consumer Price Index change from previous year, 2020-22
• The casualization of fashion expands to handbags and accessories
  • Figure 4: RowlyxRoxy activewear Collection
• Engage consumers through technology and innovation
  • Figure 5: Gucci releases limited-edition NFT
• Lead the sustainable conversation

Competitive Strategies

• Telfar makes shoppertainment part of its strategy
  • Figure 6: Bag security program by Telfar
• eBay gamifies shopping for luxury handbags
  • Figure 7: Luxury handbag machine by eBay
• Kellogg’s taps into the accessories market
  • Figure 8: Accessories by Kellogg’s
• Rentbrella start-up allows New Yorkers to rent umbrellas
  • Figure 9: Shared umbrellas by Rentbrella

Market Opportunities

• Expand product assortment
  • Figure 10: Best Buy expands its product assortment to luggage
• Serve pet owners
  • Figure 11: Pet’s accessories by Lego x Target
• Incorporate alternative business models
  • Figure 12: Resale program by Dagne Dover

The Consumer – Fast Facts

Handbags and Accessories Purchases

• Consumers are shopping fewer handbags and accessories
  • Figure 13: Handbags and accessories purchases, 2021
• • Figure 14: Repertoire of handbags and accessories purchases, 2021
• Young adults are the sweet spot
  • Figure 15: Repertoire of handbags and accessories purchases, by gender and age, 2021
• • Figure 16: Subscription service by Claire’s

Types of Accessories Purchased

• Accessories offer broad appeal
• • Figure 17: Types of accessories purchased, by generation 2021
  • Figure 18: Crocs releases its own socks
• Black and Hispanic consumers put the complete look together
  • Figure 19: Types of accessories purchased, by race and Hispanic origin, 2021
  • Figure 20: Simone I. Smith at Walmart

Types of Bags Purchased

• Urbanites need various types of bags
  • Figure 21: Types of bags purchased, by area, 2021
• • Figure 22: Bellroy highlights various benefits of its Melbourne backpack
• Parents have a lot of things to carry
  • Figure 23: Types of bags purchased, by gender, 2021

Channel and Retailers Shopped

• Consumers are shopping across channels for bags and accessories
  • Figure 24: Amazon unveils its first fashion store
• • Figure 25: Retailers shopped, 2021
  • Figure 26: State Bags at Target
• Value varies across cultures, impacting where consumers shop
  • Figure 27: Retailers shopped, by race and Hispanic origin, 2021
• • Figure 28: Gucci x The North Face collaboration

Reasons for Purchase

• Most purchases are planned, still there is room for spontaneity
  • Figure 29: Reasons for purchase, by gender, 2021
• • Figure 30: Italic highlights its bags for gifting occasions
• Young consumers need to see somebody else wear it first
  • Figure 31: Reasons for purchase, by generation, 2021
• • Figure 32: League Fits showcases athletes’ wardrobes and personal style

Attitudes and Behaviors toward Handbags and Accessories

• Consumers want items that last
  • Figure 33: Attitudes and behaviors toward handbags and accessories – Value, 2021
• The way consumers shop is evolving
  • Figure 34: Attitudes and behaviors toward handbags and accessories – Conscious shopping, by generation, 2021
• • Figure 35: Straps to complement bags by Longchamp
• Millennial males are a key target audience for premium offerings
  • Figure 36: Attitudes and behaviors toward handbags and accessories – Personal style, by gender and generation, 2021
• Help consumers to get their looks together
  • Figure 37: Attitudes and behaviors toward handbags and accessories – Planning outfits, by generation, 2021
• • Figure 38: Styling tips by Bombas

Approach to Bags and Accessories

• Aesthetics matter, especially to young and affluent consumers
  • Figure 39: Approach to bags and accessories – Style, by age and household income, 2021
• • Figure 40: Fendi collaborates with The Estate of Antonio Lopez and Juan Ramos
• Consumers prioritize quality over quantity
  • Figure 41: Approach to bags and accessories – Usage, by race and Hispanic origin, 2021
• • Figure 42: MZ Wallace showcases the versatility of its item’s design
• Younger consumers are more likely to buy non-leather bags
  • Figure 43: Approach to bags and accessories – Materials, by generation, 2021
• • Figure 44: Bags made with mushrooms by Lululemon

Appendix – Data Sources and Abbreviations

• Data sources
• Consumer survey data
• Abbreviations and terms
• Abbreviations

Appendix – The Consumer

• • Figure 45: Median household income, by race and Hispanic origin of householder, 2020
• • Figure 46: Median household income, by age of householder, 2019
• • Figure 47: Households, by presence of own children, 2010-20