Hong Kong SAR, China: Handbag Market 2024

Handbag Market Size in Hong Kong SAR, China

In 2022, the Hong Kong handbag market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption faced a deep slump. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Handbag Production in Hong Kong SAR, China

In value terms, handbag production amounted to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. Handbag production peaked in 2022 and is likely to see steady growth in years to come.

Handbag Exports

Exports from Hong Kong SAR, China

In 2022, exports of handbags from Hong Kong SAR dropped markedly to X units, declining by -19% against the year before. Over the period under review, exports showed a abrupt descent. The smallest decline of -2.4% was in 2021. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, handbag exports contracted to $X in 2022. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 3.7% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X units), the United States (X units) and China (X units) were the main destinations of handbag exports from Hong Kong SAR, together accounting for 42% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +1.4%), while the other leaders experienced mixed trend patterns.

In value terms, South Korea ($X), China ($X) and Macao SAR ($X) appeared to be the largest markets for handbag exported from Hong Kong SAR worldwide, together accounting for 63% of total exports. Taiwan (Chinese), the United States, Japan, Australia, Italy, France, the UK, the Netherlands, Spain and Germany lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +5.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average handbag export price amounted to $X per unit, increasing by 8.8% against the previous year. In general, the export price recorded a buoyant expansion. The pace of growth was the most pronounced in 2019 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Handbag Imports

Imports into Hong Kong SAR, China

For the tenth consecutive year, Hong Kong SAR recorded decline in overseas purchases of handbags, which decreased by -46% to X units in 2022. In general, imports showed a abrupt decrease. The smallest decline of -4.1% was in 2017. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, handbag imports contracted to $X in 2022. Overall, imports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2018 with an increase of 13%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest handbag supplier to Hong Kong SAR, accounting for a 72% share of total imports. Moreover, handbag imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold. The third position in this ranking was held by Cambodia (X units), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -19.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+17.6% per year) and Cambodia (+35.8% per year).

In value terms, France ($X), Italy ($X) and China ($X) appeared to be the largest handbag suppliers to Hong Kong SAR, together accounting for 77% of total imports. Vietnam, Cambodia, Indonesia and India lagged somewhat behind, together accounting for a further 3.7%.

Among the main suppliers, Cambodia, with a CAGR of +49.3%, 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

In 2022, the average handbag import price amounted to $X per unit, jumping by 59% against the previous year. Overall, the import price enjoyed a strong expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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