In the bag: Demand for affordable luxury accessories will strengthen industry growth

The Handbag, Luggage and Accessory industry has fared well as revitalized demand for fashion accessories and improved consumer confidence levels have driven robust growth in recent years. Operators have increasingly focused on catering to aspirational luxury shoppers who indulge in purchasing modern luxury items with lower price tags. In the next five years, rising disposable income and increased travel frequency are expected to drive strong sales for industry products. However, competition from alternative accessory retailers will potentially constrain industry performance...read more.

Industry Statistics & Market Size
Revenue
$14bn
Annual Growth 12-17
0.7%
Forecast Growth 17-22
Profit
Employment
105,344
Businesses
48,587
What Our Customers Say

Industry Threats & Opportunities

  • Rising disposable income levels and increased travel frequency boosts industry revenue
  • Many foreign visitors to the United States place a high value on US and European luxury brands
  • The industry will continue to experience external competition from alternative retailers
  • Industry Report - Starting a New Business Chapter

    The industry is characterized by medium barriers to entry. Although market share concentration is moderate, new operators may struggle to gain a customer base, as brand loyalty plays a significant role in this industry. The largest industry players have developed a reputation as quality, desirable brands, and new entrants may find it difficult to gain consumer approval in this competitive and brand-loyal industry.Nonetheless, the lack of strict regulations for handbag, luggage and accessory retailers may encourage potential new players to enter the industry. Likewise, the low level of investment requirements makes entering into the market relatively easy for aspiring accessory stores. Fur...purchase to read more.

    Additional Insights for the Handbag, Luggage & Accessory Stores Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Handbag, Luggage & Accessory Stores Industry are

  • Having a clear market position
  • Attractive product presentation
  • Having links with suppliers
  • IBISWorld analysts also discuss how external factors such as Consumer spending and Per capita disposable income in the Handbag, Luggage & Accessory Stores industry impact industry performance..

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    What is the Handbag, Luggage & Accessory Stores Industry?

    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.

    Industry Products
  • Men's accessories
  • Women's accessories
  • Jewelry
  • Luggage & leather goods
  • Other clothing accessories
  • Industry Activities
  • Selling handbags
  • Selling hats, wigs and other headwear
  • Selling belts and other leather accessories
  • Selling travel bags and luggage
  • Selling costume and novelty jewelry
  • Selling wallets and gloves
  • Selling ties and other neckwear
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Consumer spending
  • Per capita disposable income
  • Inbound trips by non-US residents
  • International trips by US residents
  • Percentage of services conducted online

  • Current Performance
  • Key demographic segments
  • Competition and profit
  • Chart: Revenue Growth

  • Industry Outlook
  • In the bag
  • Competition
  • Table: Handbag, Luggage & Accessory Stores Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Handbag, Luggage & Accessory Stores Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Jewelry Manufacturing
  • Leather Good & Luggage Manufacturing
  • Piece Goods, Notions & Other Apparel Wholesaling

  • Products & Services
  • Women's accessories
  • Jewelry
  • Men's accessories
  • Luggage & leather goods
  • Other clothing accessories
  • Chart: Handbag, Luggage & Accessory Stores Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Consumers aged 25 to 45
  • Consumers aged 45 to 65
  • Consumers under 25 years old
  • Consumers over 65 years old
  • Chart: Major Market Segmentation for the Handbag, Luggage & Accessory Stores Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Rent and utilities
  • Other costs
  • Chart: Cost Structure Benchmarking – Sector vs Handbag, Luggage & Accessory Stores

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Handbag, Luggage & Accessory Stores Industry

  • Industry Globalization
    Coach Inc. Michael KorsGenesco Inc.
  • Table: Coach Inc. - financial performance
  • Table: Michael Kors - financial performance
  • Table: Genesco Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Handbag, Luggage & Accessory Stores Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Handbag, Luggage & Accessory Stores Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Per capita disposable income (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Aspirational Shopper
  • Shoppers who aspire to purchase high-end luxury goods, but limit their budget to about $300, thereby purchasing small-ticket items like purses and accessories.
  • Baby Boomers
  • The generation born in the post-World War II era. This generation is currently aged between 45 and 65.
  • Generation X
  • The generation following the baby boomer generation, currently aged between 30 and 45.
  • Generation Y
  • Individuals currently aged between 10 and 30 who were born to baby boomers and follow Generation X.
  • Lipstick Effect
  • A theory proposed by Leonard Lauder, of Este Lauder, which states that consumers will purchase lower-cost luxuries rather than higher-priced luxuries in times of economic uncertainty.
  • Outsourcing
  • Subcontracting process where manufacturing is conducted by a third-party company, either locally or internationally.
  • Why buy this report?

    IBISWorld’s industry research report on Handbag, Luggage & Accessory Stores contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
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    This report on Handbag, Luggage & Accessory Stores:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Handbag, Luggage & Accessory Stores market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Handbag, Luggage & Accessory Stores, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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