Carrying on: Industry revenue is expected to be pressured by evolving consumer spending habits
Handbag, Luggage & Accessory Stores in the US
The Handbag, Luggage and Accessory Stores industry includes specialty retail stores that primarily sell fashion accessories, such as handbags, costume jewelry, hats and small leather accessories. The industry also includes stores that primarily sell suitcases, backpacks and other kinds of luggage. Over the five years to 2019, this industry has fared well, as the number of women entering the workforce has increased, granting greater purchasing power to a key downstream market. Although industry revenue has expanded during the five-year period, growth has been pressured by heightened levels of competition. The industry competes with a host of external operators, including discount retailers, outlet stores, department stores and internet retailers. In particular, online retailers have represented a mounting threat to the industry’s growth, especially as consumers become more comfortable conducting high-value transactions online. Over the five years to 2024, industry revenue is forecast to continue growing. Tapered growth is reflective of consumer purchasing trends that emerged toward the latter half of the preceding five-year period. For example, women are putting more thought into handbag purchases than ever before, with some claiming to wait a month before finalizing a decision.
This industry includes specialty retailers that primarily sell handbags, luggage, costume jewelry and clothing accessories, such as hats, wallets and neckwear. Stores in this industry may also sell apparel or footwear, but sales from these products are not included in the industry. The industry does not include department stores or mass merchandisers that sell similar items. In addition, the industry does not include specialty retailers that primarily sell lingerie or swimwear.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.