2012-09-25 18:51:33 - UK luggage market represented by Louis Vuitton as the leading manufacturer
The UK luggage market has experience a compound annual growth rate (CAGR) of 4% through 2012, a marginal increase on the 3% witnessed through 2007-2012.Value sales growth of UK luggage improved for a number of reasons, including manufacturers pushing higher manufacturing costs onto consumers, as well as consumers continuing to opt for more high-end brands with better quality.LVMH MoÃ«t Hennessy Louis Vuitton SA was the leading manufacturer of luggage in the UK in 2011 with a market value share of 6%. Louis Vuitton continues to be an internationally recognised brand and tourists, especially from Asian nations, are driving sales of this brand in the UK.The company with the strongest growth in 2011 was Mulberry Group Plc, growing by 65% in
current value terms, and gaining one percentage point to hold 3%. Mulberry bags are popular with UK consumers due to their British heritage and classic designs.Handbags were the fastest growing segment of the UK luggage market in 2012 in terms of current value sales at 6%, which was due to more consumers choosing high-end brands. UK consumers view the purchase of a handbag as an investment, since a quality bag can last them a number of years. Handbags are also perceived as a fashion statement whereas the manufacturers and brands of other bags and luggage segments are less important.Consumers are increasingly seeking convenience when purchasing bags and luggage. Crossbody bags have become very popular with UK consumers as they offer added convenience to be hands-free and consumers therefore do not have to worry about their bag being stolen. The sector recorded a growth in volume terms of 1% in 2012.The luggage market was negatively affected during the economic crisis, recording a decline in travel and tourism, which resulted in a decline in volume sales of certain luggage segments such as luggage, duffel bags and business bags.The UK luggage market is predicted to strengthen in growth over the next five years, with volume sales estimated to grow at a CAGR of 2%, while the review period showed a 1% CAGR.For more information on the UK luggage market, see the latest research: UK Luggage MarketFollow us on Twitter @CandMResearch
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