China: Luggage Market 2024

Luggage Market Size in China

The Chinese luggage market fell significantly to $X in 2022, dropping by X% against the previous year. Over the period under review, consumption continues to indicate a deep downturn. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Luggage Production in China

In value terms, luggage production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

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Luggage Exports

Exports from China

In 2022, overseas shipments of luggage and handbags increased by X% to X units, rising for the second year in a row after three years of decline. Overall, exports, however, recorded a relatively flat trend pattern. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, luggage exports soared to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for luggage exports from China, accounting for a X% share of total exports. Moreover, luggage exports to the United States exceeded the volume sent to the second major destination, Japan (X units), fourfold. The third position in this ranking was taken by the United Arab Emirates (X units), with a X% share.

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

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

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Singapore (X% per year).

Export Prices by Country

The average luggage export price stood at $X per unit in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Indonesia ($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 Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Luggage Imports

Imports into China

In 2022, luggage imports into China shrank dramatically to X units, with a decrease of X% against 2021. In general, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X units in 2021, and then shrank markedly in the following year.

In value terms, luggage imports fell to $X in 2022. Over the period under review, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

Vietnam (X units), Cambodia (X units) and Italy (X units) were the main suppliers of luggage imports to China, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and Vietnam ($X) appeared to be the largest luggage suppliers to China, with a combined X% share of total imports. Cambodia, Indonesia, the United States, South Korea, the Philippines, Bangladesh, the Czech Republic, Myanmar, Japan and Thailand lagged somewhat behind, together comprising a further X%.

Cambodia, with a CAGR of X%, 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

The average luggage import price stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. Overall, the import price showed a measured increase. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in years to come.

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

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

Source: IndexBox Platform

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