Feb 28, 2025
IndexBox has just published a new report: United Kingdom – Handbags – Market Analysis, Forecast, Size, Trends And Insights.
The handbag market in the UK is expected to see slight growth in both volume and value terms from 2024 to 2035. A CAGR of +0.2% is anticipated for market volume, reaching 83 million units, while a CAGR of +0.9% is projected for market value, reaching $1.2 billion by the end of 2035.
Market Forecast
Driven by rising demand for handbag in the UK, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.2% for the period from 2024 to 2035, which is projected to bring the market volume to 83M units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +0.9% for the period from 2024 to 2035, which is projected to bring the market value to $1.2B (in nominal wholesale prices) by the end of 2035.
Consumption
United Kingdom’s Consumption of Handbags
In 2024, consumption of handbags decreased by -2.2% to 81M units, falling for the second year in a row after two years of growth. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak volume of 89M units. From 2023 to 2024, the growth of the consumption failed to regain momentum.
The value of the handbag market in the UK fell to $1.1B in 2024, with a decrease of -7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $1.3B. From 2023 to 2024, the growth of the market remained at a lower figure.
Production
United Kingdom’s Production of Handbags
Handbag production in the UK reached 172K units in 2024, stabilizing at 2023 figures. The total output volume increased at an average annual rate of +1.9% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 13% against the previous year. Over the period under review, production reached the maximum volume at 174K units in 2022; however, from 2023 to 2024, production failed to regain momentum.
In value terms, handbag production stood at $16M in 2024 estimated in export price. In general, production continues to indicate strong growth. The growth pace was the most rapid in 2020 when the production volume increased by 52% against the previous year. Handbag production peaked at $16M in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.
Imports
United Kingdom’s Imports of Handbags
In 2024, purchases abroad of handbags decreased by -2.7% to 84M units, falling for the second consecutive year after two years of growth. Overall, imports continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2022 with an increase of 38% against the previous year. Over the period under review, imports attained the maximum at 112M units in 2016; however, from 2017 to 2024, imports remained at a lower figure.
In value terms, handbag imports shrank to $1.2B in 2024. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of 22% against the previous year. Imports peaked at $1.4B in 2018; however, from 2019 to 2024, imports stood at a somewhat lower figure.
Imports By Country
India (58M units), China (45M units) and Vietnam (7.3M units) were the main suppliers of handbag imports to the UK.
From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +38.6%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Italy ($495M), China ($256M) and France ($246M) constituted the largest handbag suppliers to the UK, together accounting for 78% of total imports. India and Vietnam lagged somewhat behind, together accounting for a further 8.7%.
In terms of the main suppliers, Vietnam, with a CAGR of +41.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.
Imports By Type
In 2024, handbags with outer surface of plastic sheeting or of textile materials (69M units) constituted the largest type of handbags supplied to the UK, accounting for a 83% share of total imports. Moreover, handbags with outer surface of plastic sheeting or of textile materials exceeded the figures recorded for the second-largest type, handbags with outer surface of vulcanised fibre or of paperboard (8M units), ninefold.
From 2013 to 2024, the average annual rate of growth in terms of the volume of handbags with outer surface of plastic sheeting or of textile materials imports stood at -1.4%. With regard to the other supplied products, the following average annual rates of growth were recorded: handbags with outer surface of vulcanised fibre or of paperboard (+1.2% per year) and handbags with outer surface of leather, composition leather, or patent leather (-4.0% per year).
In value terms, handbags with the largest imports in the UK were handbags with outer surface of leather, composition leather, or patent leather ($643M), handbags with outer surface of plastic sheeting or of textile materials ($491M) and handbags with outer surface of vulcanised fibre or of paperboard ($33M), with a combined 99.9% share of total imports.
Handbags with outer surface of leather, composition leather, or patent leather, with a CAGR of +0.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main product categories over the period under review, while purchases for the other products experienced a decline.
Import Prices By Type
In 2024, the average handbag import price amounted to $14 per unit, reducing by -6.3% against the previous year. Over the last eleven years, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 17%. Over the period under review, average import prices attained the peak figure at $17 per unit in 2020; however, from 2021 to 2024, import prices failed to regain momentum.
Prices varied noticeably by the product type; the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($97 per unit), while the price for handbags with outer surface of vulcanised fibre or of paperboard ($4.2 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by handbags with outer surface of leather, composition leather, or patent leather (+4.4%), while the prices for the other products experienced mixed trend patterns.
Import Prices By Country
The average handbag import price stood at $15 per unit in 2023, growing by 3.5% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2017 when the average import price increased by 17% against the previous year. The import price peaked at $17 per unit in 2020; however, from 2021 to 2023, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($274 per unit), while the price for India ($1.4 per unit) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports
United Kingdom’s Exports of Handbags
In 2024, shipments abroad of handbags decreased by -16.7% to 2.5M units, falling for the seventh year in a row after five years of growth. Overall, exports saw a abrupt curtailment. The growth pace was the most rapid in 2014 when exports increased by 28% against the previous year. Over the period under review, the exports reached the maximum at 29M units in 2017; however, from 2018 to 2024, the exports failed to regain momentum.
In value terms, handbag exports declined rapidly to $403M in 2024. In general, total exports indicated measured growth from 2013 to 2024: its value increased at an average annual rate of +3.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -21.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. As a result, the exports reached the peak of $512M. From 2021 to 2024, the growth of the exports remained at a lower figure.
Exports By Country
Ireland (509K units), Macao SAR (349K units) and Germany (281K units) were the main destinations of handbag exports from the UK, with a combined 38% share of total exports.
From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Macao SAR (with a CAGR of +75.8%), while the other leaders experienced more modest paces of growth.
In value terms, the largest markets for handbag exported from the UK were Hong Kong SAR ($114M), Macao SAR ($80M) and the United States ($34M), together accounting for 48% of total exports.
In terms of the main countries of destination, Macao SAR, with a CAGR of +81.2%, 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.
Exports By Type
Handbags with outer surface of plastic sheeting or of textile materials (1.7M units) was the largest type of handbags exported from the UK, accounting for a 68% share of total exports. Moreover, handbags with outer surface of plastic sheeting or of textile materials exceeded the volume of the second product type, handbags with outer surface of leather, composition leather, or patent leather (626K units), threefold.
From 2013 to 2024, the average annual growth rate of the volume of handbags with outer surface of plastic sheeting or of textile materials exports totaled -16.1%. With regard to the other exported products, the following average annual rates of growth were recorded: handbags with outer surface of leather, composition leather, or patent leather (-6.6% per year) and handbags with outer surface of vulcanised fibre or of paperboard (-17.3% per year).
In value terms, handbags with outer surface of leather, composition leather, or patent leather ($314M) remains the largest type of handbags exported from the UK, comprising 78% of total exports. The second position in the ranking was held by handbags with outer surface of plastic sheeting or of textile materials ($80M), with a 20% share of total exports.
From 2013 to 2024, the average annual rate of growth in terms of the value of handbags with outer surface of leather, composition leather, or patent leather exports amounted to +6.0%. With regard to the other exported products, the following average annual rates of growth were recorded: handbags with outer surface of plastic sheeting or of textile materials (-2.3% per year) and handbags with outer surface of vulcanised fibre or of paperboard (-2.8% per year).
Export Prices By Type
In 2024, the average handbag export price amounted to $160 per unit, approximately equating the previous year. Over the period under review, the export price enjoyed significant growth. The pace of growth was the most pronounced in 2018 an increase of 93%. The export price peaked in 2024 and is likely to see gradual growth in the immediate term.
There were significant differences in the average prices for the major types of exported product. In 2024, the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($502 per unit), while the average price for exports of handbags with outer surface of plastic sheeting or of textile materials ($47 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: handbags with outer surface of vulcanised fibre or of paperboard (+17.5%), while the prices for the other products experienced more modest paces of growth.
Export Prices By Country
In 2023, the average handbag export price amounted to $158 per unit, jumping by 23% against the previous year. Over the period under review, the export price enjoyed significant growth. The growth pace was the most rapid in 2018 an increase of 93% against the previous year. The export price peaked in 2023 and is likely to see gradual growth in years to come.
There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Hong Kong SAR ($609 per unit), while the average price for exports to Poland ($17 per unit) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+23.2%), while the prices for the other major destinations experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform
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