Description

This report provides comprehensive and current information and analysis of the US Handbags and Accessories market including US Handbags and Accessories market size, anticipated market forecast, relevant market segmentation, and industry trends for the Handbags and Accessories market in the US.

Current market landscape

Overall, purchases of handbags and accessories have been decreasing – even before the pandemic. As consumers take a more conscious approach to shopping, they will seek to spend wisely on items they can hold for a long time and use frequently regardless of the season or occasion. As such, brands will look for ways to provide and highlight the necessary information to guide consumers’ decision-making. Furthermore, the increased awareness around sustainability will continue to give brands the opportunity to differentiate from competitors through material innovation and environmentally friendly operations.

Handbag and accessory trends in 2022

Affluent consumers are a high-value audience for handbags and accessories, as they tend to focus on aesthetics, and price is of less concern. However, the rising cost of goods due to inflation and supply chain disruptions will have a broad impact on consumers shopping the category. While this will impact some consumers more than others, brands and retailers must look to showcase the various forms of value (eg affordability, flexibility, premiumness) their brands and items can provide to consumers.

Read on to discover more about the US Handbags and Accessories consumer market, read our US Watches and Jewelry Market Report 2021, or take a look at our other Retail research reports.

Quickly understand

  • How economic factors such as inflation, supply chain disruptions, and the ongoing pandemic are impacting consumer behavior and the handbags and accessories market.
  • Where consumers are shopping for handbags and accessories, and what they are buying.
  • Reasons for purchasing.
  • Attitudes and behaviors toward handbags and accessories.

Covered in this handbags and accessories market report

Brands include: Coach, Tapestry, Roxy, Gucci, Telfar, eBay, Louis Vuitton, Hermès, Kellogg’s, Cheez-It, Rentbrella, Best Buy, TUMI, LEGO, Target, Dagne Dover, Claire’s, Crocs, Simone I. Smith, Walmart, Bellroy, Amazon, The North Face, Google, Italic, League Fits, Longchamp, Bombas, Fendi, MZ Wallace, Lululemon.

Expert analysis from a specialist in the field

This report, written by Marisa Ortega, a leading analyst in the Retail and eCommerce sector, delivers in-depth commentary and analysis on handbags and accessories market research to highlight current trends and add expert context to the numbers.

Changes to lifestyles stemming from the pandemic and rising prices are impacting how consumers shop for handbags and accessories. They are shopping less frequently and approach the category more consciously. As a result, consumers will look to spend wisely on items that last and shop brands and products they feel good about.
Marisa Ortega, Analyst, Retail and eCommerce
Marisa Ortega
Retail and eCommerce Analyst

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
    • COVID-19: US context
    • Economic and other assumptions
  2. 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
  3. Market Landscape

    • The handbags and accessories market rebounds after adverse pandemic conditions, but not without headwinds
  4. 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
  5. 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
  6. 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
  7. The Consumer – Fast Facts

  8. 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
  9. 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
  10. 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
  11. 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
  12. 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
  13. 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
  14. 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
  15. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
  16. 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

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

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