Travel and Business Bags in India Experiencing Fast Growth: Technavio Report

Aug. 18, 2015 - PRLog -- Technavio, the independent tech-focused global research firm, has published a report on the travel and business bags market in India2015-2019, which is expected to grow at a CAGR of 15.49% during the forecast period of 2014-2019.

High demand for affordable luxury products, rising number of sales offers, an increase in travel frequency, a high demand for esthetically appealing luggage bags, and marketing campaigns by manufacturers are some of the factors that foster the prospects of growth in this market. Apart from the aforementioned reasons, implementation of government initiatives that liberalize FDI policies, reduce customs duty, and lower central excise have allowed multinational enterprises to set-up their retail stores in India.

“Airport retailing is a popular concept, globally, but it is still in its nascent stage in India. However, it is poised for impressive growth in the country. One of the reasons for this is the renovation of most major airports, with large dedicated areas for retail stores,” says Faisal Ghaus, Vice President of Technavio.

“Other factors such as two-hour prior check-ins, delayed flights, and last-minute shopping also contribute to this growing market. Many national and international brands such as Samsonite, Tumi, and VIP Lounge have established outlets in domestic and international terminals across the country.”

Key Market Drivers:

·         Increased Urbanization and Rise in Disposable Income.

·         Improving Travel and Tourism Industry.

·         Growth in Middle-class Population.

·         Growing Brand and Fashion Consciousness.

·         Younger Demographics.

·         High Demand during Festive Seasons and Special Occasions.

·         Increase in Marketing Campaigns.

·         Increasing Demand for Ultra-lightweight Materials for Bags.

Key Market Trends:

·         Increased Use of Social Media by Retailers.

·         Increasing Demand for Online Retailing from Tier II and Tier III Cities.

·         Sale of Travel and Business Bags at Airports.

·         Introduction of Smart Bags.

·         Emergence of New Goods and Services Tax to Simplify Tax Structure.

·         Celebrity Endorsements.

Key Market Vendors:

·         Delsey

·         Louis Vuitton

·         Safari

·         Samsonite

·         VIP

·         Wildcraft

To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.

If you are interested in more information on this topic and our upcoming research on the Travel and Business Bags Market in India 2015-2019 (http://www.technavio.com/report/india-travel-and-business...), please send an e-mail to media@TechNavio.com.