2014-04-30 08:09:02 - Global Luggage Market 2014-2018 - a new market research report on companiesandmarkets.com
The increase in the number of marketing and promotional initiatives by vendors is playing an important role in luggage product sales. Advertising is the key marketing tool used by vendors to increase brand penetration and spread awareness about their products to consumers. Some of the common promotional strategies practiced by vendors include offering discounts, seasonal offers, and lucky draws. The availability of a large number of advertising channels/modes and the growing penetration of the internet enable vendors to effectively increase their reach and gain customer loyalty. Thus, the focus on increasing promotional and marketing strategies by vendors is expected to propel the growth of the market during the forecast period.
One of the main drivers in this market is the increasing
consumer income levels in many developing countries of the world. The rapid economic growth in many countries and improving macroeconomic conditions has increased the disposable income of consumers. This growing disposable income is triggering consumer spending on luggage, thereby driving the growth of the market.
Further, the report states that the increasing competition from local brands and counterfeit products is one of the main challenges hindering the growth of the market. This competition has led to market fragmentation, which has, in turn, resulted in several issues such as lack of price standardization, an uneven competitive scenario, and market share erosion.
The key players operating in the global luggage market include ACE Co. Ltd., Samsonite International SA, Tumi Inc., and VF Corp.
The global luggage market is forecast to increase at a CAGR of 7.15 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing consumer income levels. The Global Luggage market has also been witnessing the growing number of marketing initiatives. However, increasing competition from local brands and counterfeit products could pose a challenge to the growth of this market.
Other vendors operating in the market are Antler Ltd., Boyt Harness Co. LLC, BRIC´s Industria Valigeria Fine S.p.A., C&C Manufacturing Co. Ltd., Delsey SA, Etienne Aigner AG, MoÃ«t Hennessy Louis Vuitton, Nike Inc., Rimowa Luggage, Targus Group International Inc., Valigeria Roncato S.p.A., Victorinox Swiss Army, and VIP Industries Ltd.
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