America’s Guilty Pleasures: Handbags Give Shoes A Run For Their Money

Chanel, Gucci, Chloe or Fendi? A celebrity just wouldn’t seem complete without their super-sized and often super-priced designer "it" bag. New research from Mintel shows the US handbag market is booming, as more and more American women scramble to get their hands on the latest must-have handbag.

In fact, purse sales have increased by an incredible 22% since 2004, with the U.S. handbag market set to become a $6.4 billion market this year. And this high level of market growth shows no signs of abating, with a further 25% rise in sales forecast by 2011.

"Purse shopping has grown from simple accessory buying to a guilty pleasure on par with shoe shopping," comments Kat Fay, senior consumer analyst at Mintel. "Driven by the choices of their favorite celebrities, women look for their perfect ‘it’ bag, that satisfies both style and status, no matter what the cost."

Purses are clearly catching up with women’s shoes in the world of guilty pleasures, as Mintel’s exclusive consumer research reveals that only one in three (32%) women "spend more on shoes than they do on purses and bags," down from 37% in 2005.

What is more, the number of women who believe that "an everyday purse or handbag and maybe a couple for special occasions are enough for me" has fallen from well over half (55%) in 2005 to just 44% this year.

Bag yourself a celeb

While brand awareness and luxury upscale purchases have clearly played their role in the market, it is the trend towards aspirational shopping by everyday American women that is really driving growth. Spending a little extra on the latest must-have handbag is becoming increasingly popular, as it is a relatively affordable way to get a piece of the luxury lifestyle that their favorite celebrities flaunt.

"With the huge number of fashion magazines, websites and blogs, it is no surprise that unofficial celebrity endorsement is a key driver in the handbag market. In our media obsessed culture, celebrity influence is not likely to abate," explains Fay.

Bags that leave you green with envy

For women on a tighter budget but who still have an avid fashion sense, eco- and cheap-chic provide an attractive alternative to luxury brand handbags. Not only are they easy on the environment, but they are usually also easy on the bank account!

"Women looking to expand 'green living' into their wardrobes and accessories will be looking for stylish handbags and grocery totes made of recycled and sustainable materials, such as reclaimed rubber, billboard vinyl, candy wrappers and vintage fabrics. Recent celebrity sightings are already generating plenty of buzz," concludes Fay.