Growing popularity of outdoor sports and adventures drives sales
The luggage market generated $38.55 billion in revenue in 2021, and it is expected to grow by 7.45% from 2021 to 2030, to generate $73.60 billion in revenue in 2030. It is attributed to changing consumer lifestyles, the growth of the travel and tourism industry and the soaring disposable income in developing countries.
Additionally, rapid urbanization with growing consumer preference for luxury bags with advanced technologies including high security locks, GPS trackers, expandable capacity and heavy duty wheels is expected to propel the demand for the product. in the years to come.
Additionally, increasing educational opportunities with increasing participation in adventure and outdoor sports, including government support for leather accessories, is expected to drive the advancement of the industry in the near future.
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Additionally, growing consumer preference for branded luggage, increased spending on luxury and smart products, and growing popularity of backpacks, shoulder bags, and wheeled duffel bags are expected to fuel the growth of the market. industry in the near future.
Currently, stylish office bags and casual bags are trending all over the world.
Under product type, the travel luggage category is expected to grow the fastest in the coming years. It is attributed to the growing popularity of outdoor and adventure sports in developing countries. Additionally, rising middle-class household incomes, especially in developing countries, are driving demand for stylish, high-end travel gear.
Moreover, customers usually spend on luxurious and expensive accessories to match current trends. Additionally, product advancements including eco-friendly variants with creative designs reflect a positive market outlook.
The increase in business travel activities, the growing ease of demand for public transportation, and the emergence of vacation planning and booking portals are driving the demand for travel equipment. Rising awareness of vacation destinations, driven by TV shows, social media, and advertising, is driving an increase in travel activity, which in turn is propelling luggage consumption.
Under the distribution channel, supermarkets and hypermarkets dominate the industry, accounting for 40% of the industry’s revenue share. Booming hypermarket chains with increasing emphasis on marketing and promotion activities, such as lucrative discounted products, are expected to drive the growth of the industry in the near future.
The online category is expected to experience the strongest growth in the coming years. The convenience offered by online shopping is leading to a massive change in shopping behavior for bags for tourism and other purposes on e-commerce platforms.
Additionally, improving living standards, combined with the global increase in disposable income, are expected to fuel the growth of online stores.
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The growing travel and tourism industry is driving the demand for travel luggage. Currently, the tourism sector is the most dynamic and diversified activity in countries like Germany, China, South Korea, India, United States, United Kingdom, Netherlands- Bas and Brazil.
The main companies operating in the industry are; Adidas AG, VIP Industries Limited, LVMH, MCM Worldwide, VF Corporation, VIP Industries Limited and United States Luggage Company LLC.
Hence, the expansion of the travel and tourism industry sector is boosting the growth of the luggage industry.
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This press release was published on openPR.