Luxurious lifestyle, the ever-expanding travel and tourism vertical, and inclination of customers towards high-end luggage are the major factors driving the luggage market throughout. Additionally, the frequency of business travel has been increasing sizably post the unlock thing.
At the same time, the fact that developing economies are being flooded with counterfeit products/cheaper substitutes in comparison with branded products is likely to restrain the luggage market. There aren’t strict regulations in place to check the counterfeit/low-grade products, which helps the unorganized players to thrive. A golden mean needs to be devised to get away with these cheaper alternatives that are detrimental in the long run.
On the other hand, the baby boomers are more into leisure travel than ever before. This has, in turn, resulted in increase in sales of duffel bags, carpet bags, smart luggage bags, travel packs, and backpacks. Persistence Market Research has mentioned about these developments with insights in its latest market study entitled “Luggage Market”.
Luggage Market Dispersion
The global luggage market, by type of product, spans travel luggage, business luggage, sports luggage, and likewise. By distribution channel, it’s offline retail (hypermarkets and supermarkets, specialty stores, and the other offline channels) and online retail. Out of these, online retail holds the largest market share, especially in the post-Covid era. Also, sports luggage is expected to rule the roost in the upcoming period in wake of various sports activities on the anvil in the upcoming decade. Persistence Market Research has not missed to mention about these developments along with insights in its latest market study entitled “Luggage Market”.
North America and Europe are at the matured stage with respect to luggage market. However, the future belongs to the Asia-Pacific, with China taking the lead. As per the China Development Research Foundation, the luggage market in China is bound to witness a double digit CAGR between 2021 and 2031. In the Europe, the countries like Finland, Switzerland, and Sweden are leading from the front. India is also expected to follow suit in the years to come, especially after organized growth in the tourism industry. Persistence Market Research has mentioned about these developments with insights in its latest market study entitled “Luggage Market”.
Persistence Market Research has profiled the key players in the luggage market as Samsonite International S.A., Tumi Holdings, Inc., VIP Industries, VF Corporation, Briggs & Riley Travelware, Rimowa GmbH, MCM Worldwide, Louis Vuitton Malletier S.A., and likewise.
Persistence Market Research has also gone further with mentioning the latest developments herein. For instance – Go Travel has entered into partnership with Case for having its accessories showcased at “case Store” at Heathrow airport. Go Travel is well-known for its accessories like travel comfort collection, travel adapters, and pillows. Also, Horizn Studios has its new-fangled range of luggages termed as “Circle One”, which is completely plant-based as well as biodegradable.
The next line of developments mentioned by Persistence Market Research include that of Away, in December 2020, launching its novel holiday collection including 3 new backpack styles as a messenger bag, a laptop bag, and nylon-and-leather zip tote bag. VIP, in July 2018, entered into partnership with BuyMore for strengthening its foothold in online retail business. A year before, i.e. in April 2017, eBags was acquired by Samsonite. The former comes across as a popular online retailer of luggage, handbags, laptop bags, backpacks, and travel accessories.
The global luggage market is poised to grow on a resplendent note between 2021 and 2031 – Persistence Market Research
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