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Global Luggage (Casual, Business, Travel) Market Outlook, 2023
By: Calvin Klein Inc, David Jones Limited, Delsey SA
Shoppers are concentrating on experiences like travelling and seeing the world quite a lot more so than procuring material belonging. Luggage is really the one product category that is an important part of that shift. The definition of luggage is now completely different from what it was in past time. Luggage maker has always come up with the latest and trendy luggage which everyone need from different material to different purpose to different usage and more. All these lead overall luggage industry to colossal rate of growth of luggage industry. According report on 'Global Luggage (Casual, Business, Travel) Market Outlook, 2023' published by Bonafide Research, Overall luggage market has witnessed Compounded annual growth rate less than 6% from 2012 to 2017 which is extremely streamlined and is looking at a good next few years. Travel bags is the major market share holder due to the substantial boom in the travel and tourism sector fosters the demand for various types of travel bags. Business bags in APAC region has grown with half of the CAGR of other regions during 2012 to 2017. Casual Bags have contributed between 28% to 35% in all the region except North America where it has grown at rife rate due to frequent business travel.
Giant of luggage industry are maturing by acquisition and merger due to competitive situation. Louis Vuitton is known for combining quality fabrication with innovative designs to reflect the needs of customers and the ever-changing modes of world travel. Starting from merger between Moët Hennessy and Louis Vuitton in 1987 to latest acquisition of Christian Dior in 2017 LVHM has become colossus. It owns brand like Céline, Berluti, Kenzo, Loewe, Sephora, Marc Jacobs, DKNY, Rimowa, Christian Dior and many more. Another Mammoth Samsonite has also proven that merger and acquisition has led luggage maker to reach their destination. It has acquired Rolling Luggage, Speck Products, eBags.com, Hartmann, High Sierra Sport Company, Tumi Holdings etc. Lastly, Mid-market luggage leader TravelPro was acquired by private equity firm MidOcean Partners. This consolidation comes as the incumbent players attempt to gobble up competition.
Report Link: https://www.bonafideresearch.com/
Furthermore, cope up with innovation has also remained key factor to contribute in luggage makers' growth. The reason behind is that Beyond durability, travelers now have high-tech expectations for their travel companions. Functionalities like fingerprint locking, built-in global tracking, bluetooth speakers, self-weighing scales, and Wi-Fi hotspots are an important growth segment. Luggage makers have been hoping to take advantage of worldwide development in cell phone and application use. For e.g. Paris-based Delsey have been developing a smart travel bag, Pluggage. With the Pluggage app, one can stay updated on any flight changes, when the bag has been loaded or if it's bag been opened. Toronto-based Heys launched a line of "smart luggage." Each bag has a built-in weight scale. There's also a mini-radio signal that is broadcast to Apple and Android smartphones. There are numerous startups like 'Away' and 'Raden' also in the space that are trying to gain significant pie in luggage industry.
Thus at recent times as well as in future time, Luggage maker will develop themselves if they stick to product innovation and development with tapping untapped luggage market. Developing nations would be their hot destination due to increasing disposable income, increasing expenditure on travelling items, establishing tourist destination etc. which mainly affect the purchase of luggage by any individual.
Bonafide Research & Marketing Pvt. Ltd.
Steven Thomas – Sales & Marketing Manager