Philippines: Handbag Market 2024

Handbag Market Size in the Philippines

The Philippine handbag market skyrocketed to $X in 2022, surging by 37% against the previous year. Over the period under review, consumption continues to indicate strong growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Handbag Production in the Philippines

In value terms, handbag production surged to $X in 2022 estimated in export price. Overall, production enjoyed a resilient increase. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Handbag Exports

Exports from the Philippines

In 2022, shipments abroad of handbags decreased by -37.4% to X units, falling for the third consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 177% against the previous year. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, handbag exports shrank sharply to $X in 2022. Overall, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 162%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for handbag exports from the Philippines, accounting for a 74% share of total exports. Moreover, handbag exports to the United States exceeded the volume sent to the second major destination, Japan (X units), more than tenfold. China (X units) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+16.0% per year) and China (+38.3% per year).

In value terms, the United States ($X) remains the key foreign market for handbags exports from the Philippines, comprising 73% of total exports. The second position in the ranking was held by China ($X), with a 5.2% share of total exports. It was followed by Japan, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+49.7% per year) and Japan (+21.9% per year).

Export Prices by Country

In 2022, the average handbag export price amounted to $X per unit, surging by 8.7% against the previous year. Over the period under review, the export price saw a buoyant increase. The most prominent rate of growth was recorded in 2014 an increase of 42%. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Hong Kong SAR ($X per unit) and China ($X per unit), while the average price for exports to Japan ($X per unit) and the Netherlands ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Handbag Imports

Imports into the Philippines

In 2022, overseas purchases of handbags decreased by -30.9% to X units, falling for the third consecutive year after three years of growth. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 58%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, handbag imports expanded remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 157%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of handbag to the Philippines, accounting for a 84% share of total imports. Moreover, handbag imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), more than tenfold. The third position in this ranking was taken by Vietnam (X units), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+20.1% per year) and Vietnam (+3.7% per year).

In value terms, China ($X), Italy ($X) and Vietnam ($X) constituted the largest handbag suppliers to the Philippines, together accounting for 59% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +116.8%, 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, increasing by 64% against the previous year. Over the period under review, the import price recorded resilient growth. The pace of growth was the most pronounced in 2018 an increase of 88% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

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 Italy ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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