This is called "Value Pack Bag".
That's what it says in the little orange sunburst at the top. It's a clear sack with 2 bags inside for school. The first is a schoolbag (Though not as big as a traditional one) with running Sonic at the top, checkered band, and clapping Sonic at the bottom. He says "Time for fun...homework's Done!!" as he claps near the Game Gear logo.
The second bag is a hip pack/belt bag/fanny pack type smaller long item. It has the Sonic logo on the front & features Robotnick chasing after running Sonic. The top to this is lavender to match the school bag, and has a red zipper.
These MAY have had a dual release, both in the UK and in the USA. This bag, or a similar bag may have also been sold by itself/not on a value pack