Asia Pacific Back-to-School Market Gearing Up for Roaring Growth: Projected to grow at a CAGR of 6.0% by 2027
Published | 25 October 2021
The Asia Pacific Back-to-School market is growing due to innovations in back-to-school products, an increase in government expenditure, greater importance placed on primary education, and China's elimination of the one-child policy in conjunction with a decrease in infant mortality rates in the region. With the popularity of online shopping and the rise in demand for social media and digital marketing, there will be more opportunities in the industry...
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that Asia Pacific back-to-school market was worth USD 27.1 Billion in the year 2020. According to the study, the market is estimated to grow at the CAGR of 6.0%, earning revenue of around USD 40.7 Billion by the end of 2027. 'Back to school' refers to the time when students and their parents buy school supplies and apparel for the upcoming school year. The introduction of new back-to-school products, increased government spending, increased emphasis on primary education, elimination of one-child policy by China, and lower infant mortality rates in the region drive the growth of the Asia-Pacific back-to-school market.
Innovations in back-to-school products
Over the last few years, stationery supplies have changed a lot, especially backpacks. The evolution of these products is driven by many innovative ideas and unique features. For instance, most backpacks today come with memory foam shoulder pads that provide maximum comfort and support. In addition, these backpacks are designed to evenly distribute the weight of the materials to lower stress on the shoulders. Additionally, there have been a lot of innovations in pens in recent years, like leak-proof cartridges, vibration reduction while writing, and smooth flow ink, which have made the market more dynamic. As a result of these rapid innovations in back-to-school supplies, the market in Asia-Pacific is growing rapidly.
Seasonal Sales by Retailers
Asia-Pacific back-to-school market has grown in part due to the sale offers offered by retailers. Sales of school uniforms will likely increase as kids seek a fresh start as they head back to school. The back-to-school season is a time of new beginnings, and consumers are more eager to start over after the pandemic. This emotion of consumers will add to spending more on shopping. As families purchase school supplies, clothes, and college dorm décor during sales, retailers profit immensely.
Asia Pacific back-to-school market growth is hindered by the anxiety students experience about changes in the classroom and new requirements that would be in place in the post-COVID period. As a result, many parents are faced with unexpected financial concerns affecting the purchase of back-to-school supplies. In contrast, few parents and kids are excited about the upcoming school year and eager to get back into the classroom. Having been away from a social, educational setting for such a long time, purchasing new clothes and school supplies must be an altogether different feeling for students and their parents.
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Impact of COVID-19 in the industry
CoVID-19 started in late 2019 and spread throughout the world in early 2020. Many countries across the world were affected when this disease was declared a pandemic. This global emergency compelled the governments of different countries to impose lockdowns everywhere to check the spread of the coronavirus, which was spreading like wildfire. Thus, schools also had to be closed due to the emergency. Since virtual classes became the new trend for students, the demand for stationery items and clothing, footwear, lunch boxes, water bottles, and art & craft supplies declined sharply. Depending on the severity of COVID-19 cases in a particular region, schools were closed for months or reopened periodically for alternate days or a few weeks in a month. This closure of schools was a significant reason for weakening the growth of the Asia Pacific back-to-school market.
Based on product type, stationery occupies the largest share of Asia Pacific Back-to-School Market
Based on product types, the Asia Pacific back-to-school market is divided into backpack, electronics, stationery, clothing, shoes, and others. Among these. the stationery segment dominates the market with the largest share as this is the primary tool used for teaching and learning. This segment is expected to maintain its supremacy even during the forecast period. Additionally, a wide range of school stationery products are now sold on online platforms, including in-office stationery, which is yet another factor powering the growth of the stationery segment.
India is expected to witness significant growth in the market during the forecast period
The Asia Pacific back-to-school market is segmented into China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Singapore, Vietnam, Rest of Asia-Pacific, based on the regions. Among these countries, India holds the largest market share. Rise in literacy rates, increasing government support for education, and increasing demand for stationery student's products contribute to the growth of the Asia Pacific Back-dto-School Market. Local unorganized players in India's stationery market face substantial competition in terms of low prices and low-quality products to customers. are importing products from China and selling at lower prices.
Key players in the Asia Pacific back-to-school market are Adidas AG, Harlequin International Group Pty Ltd., Kokuyo Camlin Ltd., ITC Limited, Mitsubishi Pencil Co., Ltd., Zebra Pen Corp., Pelikan International Corporation Berhad, Acco Brands, Puma Se, and Wh Smith Plc., and other manufacturers.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia Pacific back-to-school market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Asia Pacific back-to-school market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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