2014-03-10 19:29:01 - Identifying Opportunities in a Slowing Global Bags and Luggage Market - a new market research report on companiesandmarkets.com
In 2012, the global luggage market is expected to reach US$112 billion in global retail sales. However, 2012 will not be experiencing the same strong sales growth during the appreciable sales recovery seen in 2010 and 2011. This is a result of the weak consumer confidence and economic improbability.
The overall bags and luggage category is seeing a much lower growth rate compared to pre-recessionary period, there is signs of returning growth in recent years between 2010 and 2011 and the current year is expect to be part of this temporary growth
Luggage was the fastest growing category in 2012, and will continue to lead growth in the forecast period with a 6% CAGR. While all categories experienced a real terms unit
price dip following the 2008 recession, luggage is the only category where unit prices are predicted to increase consistently through the forecast period.
-Everyday bags is the major category that stands out in terms of value and volume contribution, driven by the fashion orientation and functionality of these frequently used bags compared to the other categories.
-The European debt crisis is having different effects on Western and Eastern European consumers. While Western Europeans are wary of the economic uncertainty, Eastern Europeans are readily purchasing bags according to fashion and the different seasons.
-Rapidly growing sales of smartphones and tablets are having an influence on consumers purchasing decisions in bags. Consumers are opting for hands-free products that allow them to be in contact with their IT gadgets when on the move.
-There is a trend for consumers to purchase bags that are made of better quality materials and are well designed, as they are perceived to last longer. This is evident in higher value sales growth than volume growth.
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