Handbag, Luggage & Accessory Stores in the US - Industry Market Research Report

Carrying on: Evolving consumer spending habits are expected to pressure industry growth

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 years to 2023, this industry has fared well, particularly as the number of trips, both foreign and domestic, taken by US residents exhibited strong growth in the first half of the period, driving demand for luggage items. Sharp declines in spending and travel amid the COVID-19 pandemic pressured key markets, but demand shortly following the mass immunization efforts in 2021. Revenue has been increasing at a CAGR of 2.7% over the past five years, and is estimated to reach $27.3 billion in 2023. This includes an 8.4% increase in 2023 alone. 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.