Eastern Asia: Handbag Market 2024

Handbag Market Size in Eastern Asia

In 2022, the East Asian handbag market decreased by -5.1% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption saw a pronounced descent. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Handbag Production in Eastern Asia

In value terms, handbag production amounted to $X in 2022 estimated in export price. Overall, production recorded a noticeable contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 18% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Handbag Exports

Exports in Eastern Asia

In 2022, overseas shipments of handbags increased by 6.4% to X units, rising for the second consecutive year after five years of decline. Overall, exports, however, recorded a perceptible decline. The pace of growth appeared the most rapid in 2021 with an increase of 31% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, handbag exports expanded remarkably to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 24% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China dominates exports structure, finishing at X units, which was near 98% of total exports in 2022. Hong Kong SAR (X units) held a minor share of total exports.

China was also the fastest-growing in terms of the handbags exports, with a CAGR of -2.1% from 2012 to 2022. Hong Kong SAR (-13.5%) illustrated a downward trend over the same period. While the share of China (+3.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-3.9 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest handbag supplier in Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China totaled +1.1%.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2017 when the export price increased by 22% against the previous year. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.4%).

Handbag Imports

Imports in Eastern Asia

Handbag imports fell to X units in 2022, waning by -3.3% against the previous year. Overall, imports showed a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 17% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, handbag imports declined slightly to $X in 2022. Over the period under review, imports, however, saw a strong increase. The growth pace was the most rapid in 2021 when imports increased by 36% against the previous year. As a result, imports attained the peak of $X, and then shrank slightly in the following year.

Imports by Country

In 2022, South Korea (X units), distantly followed by Japan (X units), China (X units) and Hong Kong SAR (X units) were the key importers of handbags, together making up 96% of total imports. The following importers - Macao SAR (X units) and Taiwan (Chinese) (X units) - each reached a 3.7% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +30.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of imports in 2022, with a combined 75% share of total imports.

Among the main importing countries, China, with a CAGR of +18.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2022, with a decrease of -1.7% against the previous year. In general, the import price, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 an increase of 33% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Macao SAR ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+28.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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