According to new research published by consumer, product and media intelligence company Mintel, handbags are catching up with women’s shoes in terms of American women’s favourite luxury purchase as only one in three (32%) women now believe that they "spend more on shoes than they do on purses and bags", down from 37% in 2005.

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

The US handbag market is currently booming, with sales having increased 22% since 2004, and is set to become a $6.4 billion market this year.