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The hobo bag is a style of handbag or purse that is typically large and characterized by a crescent shape, a slouchy posture and a long strap designed to wear over the shoulder. Hobo bags are made out of soft, flexible materials and tend to slump, or slouch, when set down. There are many different sizes and shapes of this popular woman's fashion accessory.
This style of purse is called a hobo bag because it resembles the shape of the bindle on a stick that hobos are portrayed as carrying over their shoulder in drawings and cartoons.
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Source of the article : Wikipedia