World Leather Luggage and Goods Market 2014 to 2020 – Industry Size, Growth, Trends, Opportunities and Forecasts : Acute Market Reports
Leather luggage comprises products such as trolley bags and suitcases used for carrying personal belongings, whereas products such as purses, wallets & belts, footwear, handbags, and others are included in the leather goods segment. Factors such as growing disposable income, increasing domestic and international travel, and improving living standards foster the growth of the leather luggage and goods market. Global market players continuously launch latest and stylish leather goods according to the changing demand of consumers. In addition, stylish and compact luggage products offered by market players provide convenience and ease to consumers while traveling. Increased per capita income encourages consumers to opt for premium and high-quality leather products.
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Changing fashion trends
Evolving fashion trends across the globe, has encouraged market players to launch innovative and trendy products to cater to the demands of consumers and maintain a loyal customer base. Moreover, consumers also prefer leather goods and luggage which are compact yet stylish. Changing fashion trends have resulted in expansion of men’s accessories including leather bracelets, neckpieces, and gloves. Thus, changing fashion trends would strengthen the growth of the market in coming years.
Growing domestic & international tourism
An increase in domestic and international tours has fostered the growth of various industries. People are opting for easy-to-handle leather luggage bags. Extensive traveling needs leather luggage that can resist harsh handling at any point of time. Thus, consumers opt for premium and better quality leather luggage for convenient traveling.
Increased awareness about branded products
Nowadays, consumers are very much aware of the fashion trends prevailing across the globe. Presence of social media, has exposed consumers to various international brands. Market players such as Prada and Gucci are known for their premium quality products. They have a strong customer base and are increasingly expanding to developing countries. With growth in disposable income, consumers are also owning international leather brands bags and accessories to complement their attires and improve living standards. Thus, awareness about branded products would foster the growth of overall leather luggage and goods market.
The world leather luggage and goods market is anticipated to grow at a moderate rate during the forecast period. The market is segmented on the basis of product type, which comprises leather luggage and leather goods. The leather luggage segment is further bifurcated into travel bags, casual bags, and business bags, whereas the leather goods segment comprises purses, wallets & belts, handbags, footwear, and other products. Among the leather goods segment, the handbags segment is anticipated to witness a notable growth in the market during the forecast period from 2015 to 2020, owing to factors such as rise in the working women population coupled with increasing purchasing power of consumers.
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The leather goods segment is bifurcated on the basis of end user into men and women. The women segment held the major share in the market, while the men segment is anticipated to witness robust growth during the forecast period, owing to increased inclination of men towards leather products such as leather wallets, handbags, and footwear.
Based on the mode of sale, the market is segmented into retail stores and online stores. The retail store segment accounted for over 90% share of the leather luggage and goods market revenue in 2014. On the other hand, the online sales platform, which contributes a small share in the market, is expected to witness a prominent growth during the analysis period, owing to growing popularity of ecommerce sites.The report provides an in-depth analysis of the world leather luggage and goods market in regions such as North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). In 2014, the Asia-Pacific region generated the highest revenue in the world leather luggage and goods market.
Prominent companies in the market adopted various growth strategies, such as acquisition and expansion, to sustain the intense market competition. In 2014, Coach, Inc. opened its first flagship store in Paris, which is located at one of the most prestigious shopping districts in the region. This expansion is likely to enable the company to strengthen its regional presence in Europe. The key companies profiled in the report include Prada S.p.A, Samsonite International S.A., Louis Vuitton, Hermes International S.A., Coach, Inc., Kering SA, Delsey S.A., Christian Dior SE, Tumi Holdings, Inc., and VIP Industries Limited.
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