If you want a similar beach bag that won't break the bank, I found several great options for you. The first one is the closest version and retails for $85 (still pricey, but a lot less than the Kate Spade original). Click on the photo below to purchase (also comes in two other colors).
The next option is from Land's End and isn't available in yellow but comes in both vista blue and orange spice (seen below). It retails for $49.50.
And the final version is the most budget friendly but the least like the Kate Spade version. It retails for $16.50 at Old Navy and you can click on the photo below to purchase!