The luggage is a passenger’s individual belongings supported while travelling onboard ship, an aircraft or bus, whether checked or unchecked. Whereas, the travel bags are a form of travel gear that is utilized by the trekkers, explorers, tourists and travelers to carry their cloths and several other belongings. In addition, earlier, the luggage was primarily made of heavy materials or wood. However, with the effective growth in accessibility in the air travelling, consumer preferences toward the lightweight bags and suitcases have also augmented. The passengers can straightforwardly carry such lightweight bags and such bags can also comprise small clothing, possessions, trip demands and toiletries.
In addition, the luggage and bags market increased at a double digit growth rate over the review duration and was further assisted by the enlarging travelling based expenditure for both corporates tourism and leisure, growing proliferation of online portals, establishment of affordable pricing products and customer move from the unbranded to branded quality products.
Based on LUGGAGE AND BAGS MARKET SEGMENTATION, the market structure of luggage and bags market is segmented into unorganized market and organized market. The unorganized segment around the globe the luggage and bags has been traditionally registering in terms of revenue. However, the condition is marginally turning out to be in favor of the reputable organized players. The organized players entail of high-end showrooms i.e., special brand outlets or multi-brand outlets and other hypermarket chains which tend to sell branded luggage, bag and several other travel gear decorations whereas, the unorganized market entail of local shops and dealers.
Furthermore, during the recent years requirement for luggage and leather goods industry has augmented, so as competition in the market. It has become one of the fashion statements for women; they denote designer handbags, laptop bags and travelling bags etc which has crooked their aim towards high end brands such as LVMH and other challenging on the similar platform Global luggage and leather goods industry has been hit by the recession during 2009 but from mid of 2010 onwards situation is projected to be controlled. Also, the requirement for travel bags depends upon the growth of travel industry of a specific region. Bags, wallets and purses register the requirement, of total luggage and leather goods industry.
Luggage and Bags Market Analysis estimates since the COVID-19 pandemic has forced the primary part of the populace of the globe to sit at home owing to travel restrictions and lockdown, the luggage and backpacks industry has been hit rigid by the pandemic. Whereas, conversion in lifestyle, increasing travel and tourism, customer inclination toward high-end luggage, owing to effective augment in disposable incomes are possible to completely impression the Luggage and Bags Market Growth in Forecast period.
Furthermore, the effective growth in travel and tourism has intensified the petition for travel bags. Besides, growth in urbanization, fluctuations in lifestyle, and mandate for innovative products such as polycarbonate luggage is further predicted to impel the global travel bag market among 2017 and 2023. Augment in purchasing power of middle-class households specifically in the developing regions is estimated to create more petition for premium and fashionable travel bags around the region.
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Ankur Gupta, Head Marketing & Communications