The term 'handbag component' can be summarized by the crossword solution 'STRAP, ' which is a five-letter word. A STRAP is a type of material, usually made of leather or fabric, that is used to attach a handbag to a person's body. It is typically secured with buckles or clips and is adjustable in length. Straps are an essential part of handbags, as they provide support and make it easier to carry the bag.