Research Report on the Development Status and Investment Prospects of Women’s Bag Industry in China (2022-2029)

Research Report on the Development Status and Investment Prospects of Women’s Bag Industry in China (2022-2029)

Women’s bags are derived from the gender classification of bags, and are limited to bags that conform to women’s aesthetic standards. Women’s bag is one of women’s accessories. According to the domestic classification, it can be divided into short wallet, long wallet, cosmetic bag, evening bag, handbag, shoulder bag, shoulder bag, messenger bag, travel bag, chest bag and multi-function bag according to the function; According to the material, it can be divided into genuine leather bags, PU leather bags, PVC, canvas bags, lacquered leather bags, hand woven bags and cotton bags; According to the style, it can be divided into handbags, handbags, shoulder bags, shoulder bags, messenger bags, backpacks, waist bags, change wallets, wrist bags, evening wear bags, etc; By category, it can be divided into fashion leisure bags, luggage bags, sports bags, business bags, dinner bags, wallets, key bags, mommy bags, cosmetic bags, briefcases, etc; According to the classification of softness and hardness, it can be divided into leisure bags, semi leisure bags, semi shaped bags and shaped bags.

Women’s bags are mainly made of mink, rabbit hair, canvas, cowhide, sheepskin, PU leather, PVC, imitation leather, synthetic leather, cotton cloth, linen, denim, fur, Oxford cloth, corduroy, non-woven fabric, canvas, polyester, plastic, nylon cloth, non-woven fabric, velvet, woven grass, woolen cloth, silk, waterproof cloth, grass, linen, windbreaker cloth, crocodile skin, leather, snake skin, pigskin, paper, etc.

1、 Luggage industry

Women’s bags belong to the luggage industry. China’s luggage industry has always occupied an important position in the world. Its output has accounted for more than 70% of the global share, and has occupied a dominant position in the world. Relevant data shows that China has more than 20000 luggage manufacturers, producing nearly one third of the world’s luggage, and its market scale is huge. From 2018 to 2020, the number of luggage market will remain around 9000-11500, and in 2020, the number of luggage market will be 10081. However, at present, China is still a big country in the production of bags, with products concentrated in the low-end market, weak brand influence and low unit price. In the context of consumption upgrading, consumers pay more attention to the product quality and brand awareness of luggage. Therefore, it is the only way for Chinese luggage enterprises to further develop by combining their own manufacturing advantages to create their own luggage brands.

2、 Women’s Bag Market

In recent years, the market of women’s bags in China has been developing continuously. The data shows that the market size of women’s handbags in China’s consumer market in 2019 has exceeded 600 billion yuan, and the annual growth rate is more than 10%. And driven by the growing consumption level and demand, the scale of women’s bag market is still expanding. However, when the market prospect is good enough, each brand is also racing to gain ground, improving its core competitiveness in quality, price, design style and other aspects, hoping to find opportunities for rapid growth in the domestic women’s bag market. However, how to stand on the market, stand out from the competition among many brands, and win the favor of consumers has become the direction that all women’s bag brands in China are trying to find.

At present, the demand scale of women’s bag market continues to expand due to the following factors:

First, China’s female consumer base is huge. Data shows that in 2021, the number of women in China will exceed 688 million, reaching 689.49 million, an increase of 940000 over the previous year, accounting for 48.81% of the total population.

Second, women’s consumption capacity is becoming stronger and stronger. As China attaches great importance to the development of education, the proportion of women with bachelor’s degree or above has increased, and the number of young women with high academic qualifications is more than that of men of the same age. Higher academic qualifications open up women’s horizons, and their desire to drive self-improvement is stronger, and their spiritual needs are stronger; As well as the improvement of the national economic level, women’s consumption capacity is becoming stronger and stronger. Data shows that 97% of Chinese urban women have income and 68% of them own houses. By 2022, the average monthly salary of women in the workplace in China will reach 8545 yuan. Compared with the same period in 2021, women’s salary will increase by 5%, slightly higher than that of men’s salary by 4.8%.

Third, women have always been the main force in the consumer goods market. According to data, there are 400 million core consumers aged 20-60 in China. The total annual disposable consumption expenditure is up to 10 trillion yuan, and more than 70% of the social purchasing power is in the hands of women. According to relevant market research, under the slogan of “cure all diseases”, women’s bags have always been the leading consumer goods in the female market, and their proportion in women’s fashion consumption has always been in the forefront.

Fourth, “her power” is prominent in the consumer market. In recent years, with the improvement of income level and education level, women have a higher voice in consumption. According to JD’s sales, the number of female users has been rising in recent years, and the purchasing power of female users has also shown a new peak. The continuous growth of consumption shows that “they” play a “female power” in consumption upgrading, and female consumers have become the backbone of consumption. In particular, 30+women will become more fastidious and pursue quality of life. According to the 2019 population statistics, the number of women aged 30-55 has reached 278 million. They are in a life stage with strong economic dominance and play an important role in various market segments.

Fifthly, the “her economy” is rising constantly, and the female consumer market is expanding. With the continuous development of society and the continuous participation of women in cultural, economic, political and other fields, women’s social status is also improving. More and more women are no longer only “serving” their families, but more willing to invest in “self investment”. According to relevant research, about 60% of married women put themselves first, and husbands and children should “lean back”. Such “awakening of consciousness” also seems to have brought “vitality” to the female consumer market in China, and “her economy” is constantly rising. According to data, 97% of women in China will be the main force of “buy and buy” in their families in 2020, and the female consumer market in China will exceed 10 trillion yuan.

In the context of the rising of the above “her economy”, the female consumer market is expanding. According to the report of the People’s Daily, China has a female consumer market of 4.8 trillion yuan in 2020. In other words, Chinese women have consumed 4.8 trillion yuan in a year. As the leader of consumer goods in women’s market, women’s bag market also has great market demand.

Seven is the prevalence of e-commerce. Online shopping has given women a better consumption channel and also brought development opportunities for women’s handbags. At present, the number of female Internet users in China has reached more than 500 million, and the People’s Daily also said that the proportion of female users in vertical e-commerce is as high as 70-80%, which shows that women have “absolute purchasing power”.

Data shows that by January 2022, the active scale of female mobile Internet users has reached 582 million, up 2.3% year on year, and the proportion of the whole network has risen to 49.3%. The average monthly usage time of female users exceeded 170 hours; Online consumption is more than 1000 yuan, accounting for 69.4%.

In particular, live broadcast e-commerce. Since 2018, China’s live broadcast e-commerce industry has become a wind outlet. In 2019, the strong flow and liquidity of KOL such as Li Jiaqi will further promote the rapid development of live broadcast e-commerce. In 2020, the epidemic situation gave birth to a further boom in the “housing economy” and stimulated the vitality of the live broadcast e-commerce industry. The market scale increased by 121% compared with the previous year, reaching 961 billion yuan. It is estimated that the size of China’s live broadcast e-commerce market will reach 1201.2 billion yuan in 2021, and will further increase to 1507.3 billion yuan in 2022.

In 2020, the turnover of China’s live broadcast e-commerce will increase from 26.8 billion yuan in 2017 to 1288.1 billion yuan, an increase of 4700%, with rapid development. By the first half of 2021, the turnover of China’s live broadcast e-commerce will reach 1094.1 billion yuan.

At the same time, the female economy has been vigorously advocated, and the female consumption power in the consumer market has also been proved. Driven by the strong female consumption power, the live broadcast e-commerce, as one of the new retail industries, has also benefited. According to data, as of August 2021, more than 60% of the users of live broadcast e-commerce are women. In this context, women’s bag merchants are also constantly entering the track.