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Japan luxury travel goods market: YEN 91 billion industry in 2012

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Luxury Travel Goods in Japan - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-12 06:41:01
Louis Vuitton, Hermès , Goyard, Globe Trotter, Rimowa and Tumi are the most coveted brands in the Japan luxury travel goods market. Louis Vuitton, Hermès, Bottega Veneta and Goyard travel bags are popular for their heritage and origin in manufacturing travel bags. Rimowa and Tumi are specialised travel bag brands that promote functional beauty of the product more than heritage and craftsmanship. Rimowa and Tumi bags are popular among businessmen who go on frequent business trips. Globe Trotter comes in the middle, given that it is made from Vulcan fibre, but not of leather.

Luxury travel goods continue to appeal to a specific segment of consumers in Japan. For some, non-luxury travel goods are functional and durable enough to suit their travel needs. As luxury travel bags can be a once-in-a lifetime investment, Japanese consumers usually prefer to buy maintenance service levels. To receive this service smoothly, consumers usually need to buy products at official retailers in Japan.

Luxury travel goods will decline by a CAGR of 1% in constant value terms over the forecast period. However, there is no sign of a sudden decline as the wealthy class will remain customers of luxury travel goods. However, the middle class population who spends money on luxury goods as a once in a lifetime investment is likely to reduce spending on travel goods which are only used on an occasional basis.

Key Headlines

- Luxury travel goods posts a decline of 2% current value terms with sales reaching ¥91 billion in 2012
- New types of outlets near airports and stations pave new business opportunities for luxury travel goods
- Functional luxury bags continues to find favour with Japanese businessmen
- Imported luxury brands for travel goods remains dominant
- Luxury travel goods is predicted to demonstrate a constant value CAGR contraction of 1% over the forecast period

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