The import value of handbags with an outer surface of leather to Malaysia exhibited volatility from 2013 to 2023. The peak was in 2015 at around 2,171.2 thousand, followed by a decline and subsequent fluctuations. The year 2023 saw a modest increase to 1,542.5 thousand, reflecting a 3.14% year-on-year growth with an average annual growth rate (CAGR) of 7.62% over the past 5 years.
Future projections from 2024 to 2028 suggest a steady upward trend, with an anticipated CAGR of 2.32%, culminating in a value of 1,787.9 thousand by 2028, indicating a 12.16% growth over this period.
Future trends to watch for include:
- The potential impact of global economic fluctuations on luxury goods demand.
- Changing consumer preferences towards sustainability and ethically sourced products.
- Technological advancements in e-commerce platforms enhancing market reach.
