The most common and most likely answer to this crossword clue is the 10 letter word HAVERSACKS
I've seen this crossword clue in Financial Times
H
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More clues leading to the result HAVERSACKS
Buddy explains!

The straight part
We know that "Bags" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case bags = haversacks.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HAVERSACKS mean?
HAVERSACKS noun- A small, strong bag carried on the back or the shoulder, usually with only one strap, and originally made of canvas.
- An oat-sack, or nosebag for a horse.