The Chinese handicraft industry market size forecast

The Chinese handicraft industry plays a very critical role in the Chinese economic growth and society. It has a profound impact on trade, investment and overall economic development. As a developing country, China has seen tremendous growth in its economy as well as its handicraft industry in the recent past. This has given rise to a number of conditions that have made the Chinese handicraft industry a more vibrant and dynamic sector. This article looks at the potential future size of the Chinese handicraft industry.
I. Domestic Market Development
The Chinese handicraft industry is supported by a huge domestic market. With the rapid development of the nation's economy, the demand for Chinese handicrafts has been increasing at a rapid rate. According to estimates from the China Handicrafts Association, the output of China's handicrafts industry reached 815 billion yuan ($121.83 billion) in 2017, up 11.1% from the previous year. This indicates that the Chinese handicraft market is continuing to expand as domestic demand grows.
Moreover, the growth of online shopping and e-commerce has provided a new platform of rapid development for the Chinese handicraft industry. Tmall's Handicrafts Standard Store, which was established in 2014, has seen a continuous surge in sales. According to a report from 2017, the total sales of Tmall's Handicrafts Standard Store reached 2.2 billion yuan, up 32.5% year-on-year. In recent years, due to the development of the e-commerce industry, the domestic market is expected to continue to grow rapidly, leading to an increase in the size of the Chinese handicrafts industry.
In addition, the Chinese government has played an active role in promoting the development of the Chinese handicraft industry. With the implementation of “One Belt and One Road” and the building of the “Silk Road Economic Belt”, Chinese handicraft products are exported to many countries in the region. There have also been a number of government initiatives to improve the quality of Chinese handicrafts, such as the launching of a nationwide “Crafts Party” and the setting up of a “National Crafts Technology Promotion Center”. These measures have further helped to boost the development of the Chinese handicrafts industry.
II. International Market Expansion
The Chinese handicrafts industry has also seen large-scale expansion into the international market in recent years. According to the World Tourism Organization, Chinese handicraft products are one of the top sellers in the top ten countries visited by Chinese tourists in 2017. This shows that international markets are increasingly recognizing the high quality of Chinese handicraft products.
Moreover, the Chinese government has taken steps to strengthen the international presence of the Chinese handicraft industry, such as the hosting of international exhibitions and trade events. In addition, China's Ministry of Commerce has signed many free trade agreements, such as the “One Belt and One Road” are also helping to further develop the Chinese handicrafts industry in the international market.
In order to further enhance its international presence, the Chinese government has established an “International Handicrafts Institute” in Beijing. The Institute helps to promote the internationalization of Chinese handicrafts and to establish a friendly and cooperative relationship between China and other countries. This Institute also helps to organize large-scale international exhibitions for Chinese handicrafts enterprises.
III. Conclusions
In conclusion, it is clear that the Chinese handicrafts industry has seen rapid growth in recent years. The domestic market is continuing to expand due to increasing demand from consumers, and the international market is recognizing the high quality of Chinese handicrafts. The Chinese government has also taken a number of steps to promote the international presence of the handicrafts industry. With these measures in place, the market size of the Chinese handicrafts industry is expected to continue to grow in the future.