I was 17 years old when I first experienced the seductive power of a beautiful handbag. It was the summer holidays and I had just spent the best part of £100 on a small leather bag I had been coveting for three weeks.

It was a black, rectangular clutch from Whistles, with a wrist strap, tiny square front pockets and the most seductive nude-coloured lining I have ever seen. Someone told me it looked like a camera bag the photographer David Bailey used to carry in the 1960s. I was completely smitten.

Ten years later, I still find myself seduced by the beauty of an artfully crafted designer handbag. The sumptuous feel of butter-soft leather, the crisp-yet-heavy motion of a quality zip, the luxurious fabrics and exquisite trimmings - how can a girl possibly resist?

I'm not the only one to have fallen prey to the seductive charm of a designer bag. Every year British women collectively spend around £350m on handbags, many of which come with four- or even five-figure price tags. On top of that, the phrase "It Bag" has become synonymous with modern fashion thanks to glossy magazines and luxury goods labels such as Mulberry, who are opening their second Scottish store on Glasgow's Ingram Street at the end of this month.

Indeed, designer handbags have become so revered that, in certain social circles, if you're not carrying a Stam, a Paddington, an Emmy or a Birkin, you may as well smear your face in pan-stick and pull on a shellsuit, such is the extent of the fashion faux pas you have committed.

Edinburgh-based personal stylist Aimi Hautau knows all about the allure of an attractive handbag. With designer bags from labels such as Paul Smith, Mulberry, Tanner Krolle and Stuart Gladstone, Aimi can count around 20 handbags in her current collection. "I was born loving them," says the 30-year-old, who set up her own styling business, Inspire Me, six months ago. "I used to dress up with my mother's shoes and bags when I was a little girl. I would change my outfit four or five times a day.

"Bags have always been something I loved to own. I don't buy them to impress other people - sometimes I don't even use them that often. I buy them for me. I see it a bit like collecting stamps. Some people do that; I collect handbags instead."

Aimi's collection of handbags reads like the Harvey Nichols accessory department. There's a Mulberry Piccadilly bag which retails for £795, a Paul Smith shoulder bag she bought for £495 and a decadent, hand-stitched, silk clutch bag a friend brought her back from Hong Kong as a 30th birthday present. Passion or not, there's no doubt that collecting handbags involves a serious financial outlay. Is there any price Aimi considers too high?

"There are bags I can't afford right now but aspire to owning," she shrugs. "The Yves Saint Laurent patent tote bag that costs £1050 - one day I see myself buying that. Right now it's just a bag that I love and would love to own."

Mulberry's creative director, Stuart Vevers, is a man who knows his handbags. He has previously worked on accessory collections for labels such as Louis Vuitton, Givenchy and Bottega Veneta, and created celebrity-endorsed It Bags such as the Mulberry Emmy, which was famously spotted on the arm of Kate Moss last spring. So why does Vevers think women adore handbags so much?

"They appeal to everyone, irrespective of size, age or shape," he explains.

"It's something every woman needs to carry as well, so people don't mind spending a bit more money on things they use every day - especially if they think it will last more than one season."

While practicality might be one of the reasons why women continue to spend hundreds of pounds on a single bag, it doesn't go all the way to explaining our unrivalled obsession with handbags. With waiting lists that last as long as six months and price tags becoming increasingly more expensive, there must be something else about handbags that floats our fashion boat. In Vevers's opinion, that something is one part celebrity endorsement and the other part gut reaction.

"Of course, when celebrities carry a certain handbag it can make it more desirable," he says. "But we don't find that it has the same response that you might think. Often a bag simply sells well because women respond positively to it in the shop. When I design a bag, I often show the people in the office and my girl friends to see what they think. Most people tend to respond in the same way to the same bags - if you've got a popular bag on your hands you tend to know it fairly quickly."

Neil Stewart, store manager of Louis Vuitton in Edinburgh, agrees. "We get a lot of women coming in who see the bags in the adverts and want their own look," he says. "Everyone is definitely aware of what the celebrities and the icons are doing.

"There are also a lot of women who are into oversized handbags at the moment. We've just introduced a bag called the Never Full, and although it's only been out for a few weeks, it's turning into one of the most popular bags in the store at the moment. Bags are getting bigger and bigger, and that seems to be what women want at the moment."

What women want apparently knows no limits when it comes to handbags. This summer season, luxury store Cruise has been inundated with requests from its customers for pricey statement bags - including the Jimmy Choo Ramona, which retails for £1600.

"Demand for bags has been phenomenal this season," explains Cruise accessory buyer Pamela Collins. "We have increased our offer for autumn/winter, widening ranges and placing more emphasis on advertised image pieces."

For bag-lover Aimi, however, increased variety can only be a good thing, especially if it means she can find a handbag untouched by celebrity hands.

"When I see a celebrity carrying a certain bag it actually puts me off," she adds. "I look for things that I like, or that are classic. I'm not swayed at all by people like Kate Moss or actresses."

But what if Kate happened to get to that perfect bag before her? Would she still add it to her collection?

"Oh, I'd still buy it if I really liked it," she says with a laugh. "It doesn't put me off that much."

Who's who with handbags Interviews by Emma Clifford Jenni Falconer Broadcaster and presenter of the Scottish Fashion Awards Do you own any designer handbags? Yes, I am obsessed and have a collection of bags, both affordable high-street and designer. The designer bags are by Marc Jacobs, Mulberry, Chloe, Bracher Emden, Vivienne Westwood, Prada and Gucci - as well as a few vintage bags.

What is the most you have ever spent on a bag? I spent £595 on a Mulberry bag but my boyfriend bought me my most expensive ones.

How much is too much? I think too much is when you can't pay your bills. It's one thing to have a great handbag, it's another to be able to buy food.

Aggie MacKenzie Co-presenter, How Clean is Your House?

Do you own any designer bags? The only one is an Italian Coccinelle bag.

What is the most you have ever spent on a bag? £300. It's not designer but it's made by an artist. It has buttons down one side. I just couldn't resist it.

How much is too much? £400 or £500. I think that's becoming silly money - and slightly immoral, too.

Liz Cameron Glasgow councillor, chairwoman of culture and sport and former Lord Provost Do you own any designer bags? I've got a Jaeger bag and I love it. If I'm going to Italy I will look for a Furla handbag in the sales. I also have a small Furla handbag that I've had for 10 years.

What is the most you have ever spent on a bag? £100 or £150.

How much is too much? I hate the thought of spending £500 on a bag. I could get a really good suit that could last me for years for that. Maybe it's because I'm Scottish.

Nicola Sturgeon Health Secretary and Deputy First Minister Do you own any designer handbags? I do own some, although I can't remember which specific designers they are by.

What is the most you have ever spent on a bag? My mum is the handbag queen in our family, so I don't have to buy any bags as I get her cast-offs.

How much is too much? Spending £3000 on one handbag is clearly ridiculous, but many women will invest in one handbag which will last them for years.