Handbags have been a dominant force in the women accessory industry since the 19th Century.  One handbag manufacturer, Coach, reached a market capitalization of $13 billion in 2007.  Before the great migration of manufacturing out of the United States, the US Census Bureau (2002 Economic Census Industry Series Report) estimated handbag manufacturing was a $300 million industry.  In the ever expanding handbag industry, an interesting niche market blossomed to fill a growing need for convenience, security and health protection. The new $30 Million niche market is best described as “Handbag Accessories”.

Handbag accessories are defined as subordinate or supplementary products that are used mainly to increase the convenience, attractiveness and safety of handbags.  Currently there are two main categories of handbag accessories; handbag hangers and key finders.  Just as a handbag is also know as a purse, handbag hangers are also known as purse hangers, purse holders, purse hooks, handbag hooks, and handbag holders. The terms are used interchangeably in this article.

Purse hooks work on gravity to hold a handbag under a table or counter for convenience, security and to keep it off a dirty floor. The weight of the handbag hanging on the hook or shaft pulls against the rubber pad under the decorative face.  By using a purse hanger, a woman can chat with friends without cluttering her space, worrying about a purse snatcher or picking up germs.  Most handbag hooks are made of steel and have a rubber pad that prevents the device from sliding off the surface of a table or counter top.  There are three basic styles of handbag holders; classic, folding and compact.

Classic purse hangers first appeared in the US market in 2001, their popularity and variety increased by the Internet. Today they have a 65% market share.  Their shaft or hook is 4 to 5 inches long and is attached to the face by a swivel joint.  The joint usually turns 360 degrees which allows movement and provides stability. Classic handbag hangers can usually hold 15 pounds and many can hold 20 pounds.  The average weight of a woman’s handbag ranges from 6 to 9 pounds which means these cleaver accessories are engineered properly. Quality purse hooks sell from $9.98 to $19.98 depending on the complexity of designs.  Most are sold with black velvet carrying pouches for storage inside handbags.

Folding purse holders share the same round face with a rubber pad as a classic handbag hanger but they have four links rather than a solid shaft.  The links are curved and fold around the face into a two inch circle or disk.  Today, they have a 25% market share.  Women appreciate their condensed size.  Folding handbag holders are priced from $14.98 to $29.98.

Compact purse hangers are the latest evolution and have a dual function which is especially useful for a crowded handbag.  The decorative face opens to reveal a mirror that women can use to freshen their face.  They are available with Classic shafts or folding links.  Compact Handbag holders range in price from $13.98 to $29.98 and have 5% market share in the handbag accessory market.

The growing popularity of purse hooks has created a demand by well known companies that want to associate their established brands with these innovative products.  Custom handbag hook manufacturers such as Chatt Gifts, the largest custom purse hook company in the United States, market custom purse holders to other companies. The price ranges from $27.98 for one custom handbag hanger to $3.25 when companies purchase 5,000.  They have a 5% market share.

Key finders are a new handbag accessory category that Sandy Stein invented from a vision that her deceased father sent her in a dream.  She was granted a US Patent and has sold more than 4 million units.  Her company is Alexx, Inc. and trade name is Finder Key Purse.  Retail prices of Finder Key Purses are from $6.98 to $11.98 for the more expensive crystal designs that were produced by Alexx, Inc. exclusively for Chatt Gifts, Inc.

A key finder prevents a frantic search for keys.  They slid over the side of a purse.  The decorative face rests outside the handbag and the keys are tucked safely inside.  A short metal bar connects the decorative face of the key finder to the keys by curving over the top of a handbag. Alexx, Inc. offer dozens of attractive styles of Key Purse Finders.

A completely different key finder recently entered the handbag accessory market.  Known as magnetic key finders, they also offer women the convenience of easily finding their keys.  An attractive face is positioned on the outside of the handbag and held in place by a magnet inside the handbag.  Women place their keys on the same magnet inside the handbag.  The magnet simultaneously holds the exterior key finder face on the outside and the keys inside the handbag.

About the author: 
Gregory Washio graduated from the University of Miami with a BBA in Marketing and Florida Atlantic University with a MBA.  He is a well know figure in the Handbag and Fashion Accessory Industries.  In 2006, he launched his innovative Chatt leather handbag line.  Chatts were the first handbags designed especially for wireless with special pockets for carrying wireless phones.