Italy's Handbag Exports Jump by 11%, Reaching An Unprecedented $8.9 Billion in 2023

Italy Handbag Exports

In 2023, approx. 59M units of handbags were exported from Italy; increasing by 8.8% against the year before. Over the period under review, total exports indicated a remarkable increase from 2015 to 2023: its volume increased at an average annual rate of +5.0% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +60.4% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 22%. The exports peaked in 2023 and are likely to continue growth in years to come.

In value terms, handbag exports stood at $8.9B (IndexBox estimates) in 2023. Overall, total exports indicated resilient growth from 2015 to 2023: its value increased at an average annual rate of +8.5% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +52.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 29%. The exports peaked in 2023 and are likely to continue growth in years to come.

Exports by Country

France (8.4M units) was the main destination for handbag exports from Italy, accounting for a 14% share of total exports. Moreover, handbag exports to France exceeded the volume sent to the second major destination, the United States (3.6M units), twofold. Switzerland (3.5M units) ranked third in terms of total exports with a 6% share.

From 2015 to 2023, the average annual rate of growth in terms of volume to France amounted to +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+6.1% per year) and Switzerland (-2.0% per year).

In value terms, France ($1.5B), the United States ($1B) and Switzerland ($998M) appeared to be the largest markets for handbag exported from Italy worldwide, with a combined 40% share of total exports. China, South Korea, Japan and Hong Kong lagged somewhat behind, together accounting for a further 30%.

In terms of the main countries of destination, China, with a CAGR of +21.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Handbags with outer surface of leather, composition leather, or patent leather (32M units), handbags with outer surface of plastic sheeting or of textile materials (23M units) and handbags with outer surface of vulcanised fibre or of paperboard (3.6M units) were the main products of handbag exports from Italy.

From 2015 to 2023, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by handbags with outer surface of leather, composition leather, or patent leather (with a CAGR of +7.9%), while the other products experienced more modest paces of growth.

In value terms, handbags with outer surface of leather, composition leather, or patent leather ($6.4B) remains the largest type of handbags exported from Italy, comprising 71% of total exports. The second position in the ranking was held by handbags with outer surface of plastic sheeting or of textile materials ($2.3B), with a 26% share of total exports.

From 2015 to 2023, the average annual rate of growth in terms of the value of handbags with outer surface of leather, composition leather, or patent leather exports amounted to +7.3%. With regard to the other exported products, the following average annual rates of growth were recorded: handbags with outer surface of plastic sheeting or of textile materials (+12.1% per year) and handbags with outer surface of vulcanised fibre or of paperboard (+14.5% per year).

Export Prices by Country

In 2023, the handbag price stood at $152 per unit (FOB, Italy), increasing by 1.7% against the previous year. Overall, export price indicated tangible growth from 2015 to 2023: its price increased at an average annual rate of +3.3% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, handbag export price decreased by -10.1% against 2021 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by 30% against the previous year. The export price peaked at $169 per unit in 2021; however, from 2022 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was South Korea ($370 per unit), while the average price for exports to Russia ($45 per unit) was amongst the lowest.

From 2015 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform