China and US Bag & Luggage Markets to See Fastest Growth, Projects Euromonitor in Topical Market Research Report Available at MarketPublishers.com31 Aug 2016 • by Natalie Aster
LONDON – Handbags are projected to contribute 45% to the growth of the bags and luggage market through to 2021, driven by an increasingly competitive mid-price segment.
Luxury expenditure is under pressure in the previously rapidly growing markets of China and Russia, but designer brands are still projected to capture a third of total sales in the years to come.
Embedded technology, like GPS trackers and fingerprint locking, is set to become standard practice amid the top luggage brands.
Competition is heating up in the sectors such as trendy business bags, retro duffel bags, hipster backpacks and men’s clutches.
The industry is likely to see a slew of innovative designs in the next 5 years, as brands make a search for new consumers and solutions for ever-changing demographics.
Worldwide growth in low-cost carriers has made international tourism more accessible, fuelling the demand for bags, in spite of the macro-level headwinds.
Geography-wise, the Chinese and the US markets are poised to witness the fastest growth in absolute terms, whilst India and the UAE are key major emerging markets.
Topical market research study “The Next Frontier for Bags and Luggage” elaborated by Euromonitor presents an unprejudiced, comprehensive analysis of the global personal accessories marketplace with a focus on bags and luggage domain. The research report limelights the size and shape of the market; gives deep insights into the growth sectors and canvasses the factors driving change. The report casts light on the macro influencers, technology developments, market dynamics by sector, burgeoning marketplace. The study evaluates the competitive environment, gives an all-round overview of the market’s leading players and major brands. Furthermore, granular forecasts depicting how the sector is poised to change in the forthcoming years are provided, as are the various criteria for success.
More comprehensive research reports by this publisher can be found at Euromonitor page.