United Kingdom: Handbag Market 2024

Handbag Market Size in the UK

The UK handbag market soared to $X in 2022, surging by 40% against the previous year. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Handbag Production in the UK

In value terms, handbag production expanded to $X in 2022 estimated in export price. Over the period under review, production saw resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 34% against the previous year. Handbag production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Handbag Exports

Exports from the UK

In 2022, the amount of handbags exported from the UK declined to X units, with a decrease of -12.4% on 2021. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 33% against the previous year. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, handbag exports contracted to $X in 2022. In general, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -10.3% against 2020 indices. The pace of growth was the most pronounced in 2020 when exports increased by 18% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ireland (X units) was the main destination for handbag exports from the UK, with a 30% share of total exports. Moreover, handbag exports to Ireland exceeded the volume sent to the second major destination, France (X units), threefold. The third position in this ranking was held by the Netherlands (X units), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-7.0% per year) and the Netherlands (+5.0% per year).

In value terms, the largest markets for handbag exported from the UK were Hong Kong SAR ($X), Macao SAR ($X) and South Korea ($X), together accounting for 44% of total exports.

In terms of the main countries of destination, Macao SAR, with a CAGR of +117.1%, 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.

Export Prices by Country

The average handbag export price stood at $X per unit in 2022, rising by 4.4% against the previous year. Over the period under review, the export price showed resilient growth. The growth pace was the most rapid in 2020 when the average export price increased by 64%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Ireland ($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 Spain (+20.7%), while the prices for the other major destinations experienced more modest paces of growth.

Handbag Imports

Imports into the UK

In 2022, overseas purchases of handbags increased by 73% to X units, rising for the second year in a row after five years of decline. In general, total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, handbag imports soared to $X in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), India (X units) and Vietnam (X units) were the main suppliers of handbag imports to the UK, with a combined 87% share of total imports. Indonesia, Italy, Bangladesh, Myanmar, France and Hong Kong SAR lagged somewhat behind, together accounting for a further 9.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Myanmar (with a CAGR of +378.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and France ($X) constituted the largest handbag suppliers to the UK, with a combined 77% share of total imports. India, Vietnam, Indonesia, Myanmar, Bangladesh and Hong Kong SAR lagged somewhat behind, together accounting for a further 12%.

Myanmar, with a CAGR of +410.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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, dropping by -29.7% against the previous year. Over the period under review, the import price saw a slight slump. The pace of growth was the most pronounced in 2018 an increase of 19% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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