North America Handbags Market Report and Forecast 2025-2034

North America Handbags Market Size

The North America handbags market reached around USD 12.90 billion in 2023. The market is projected to grow at a CAGR of 6.1% between 2024 and 2032 to reach nearly USD 21.99 billion by 2032.

North America Handbags Market Outlook

• North America constitutes a 32% share of the global market for luxury products.

• In 2021, the number of luxury product buyers in the United States surged by 86% over the historical period.

• In 2019, an average Canadian household spent CAD 3344 on clothing and accessories.

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 2024-2032 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

Key Highlights of the Report