Luggage bags have to endure long journeys, rugged terrains and frequent mishandling. As a result, they require materials and designs that make luggage bags durable, versatile and sturdy, besides also providing adequate safety against unauthorised unlocking and theft. In recent years, luggage bags have also become a reflection of the socio-economic category of their users, thus creating a need for attention to their stylistic aspects and leading to a vibrant premium luggage bags market.
The premium luggage bags market has been getting increasingly fragmented as manufacturers of bags have steadily increased their product portfolios, leading to more and more players entering the premium luggage bags market. This has also caused new product launches to be a key marketing strategy for manufacturers.
The market is also fragmented due to various local players in different regions of the world that can deliver products at lower prices. Manufacturers of premium luggage bags hence emphasis on the high quality of their products. Manufacturers also face a challenge from counterfeiting, which was earlier limited to developing countries but is now penetrating developed economies as well; China is the largest source of global counterfeit premium luggage bags.
Some of the key global players in the premium luggage bags market include VIP Industries Limited, Samsonite International, The Lacoste Group, Globe Trotter Holdings Limited, Loeffler Randall, VF Corporation, Nike, Delsey, Michael Kors Holdings, LVMH, PVH Corp, Adidas, United States Luggage Company, LBU, Kate Spade, ACE Luggage, Macy’s, Giorgio Armani, Fabri-Tech, Chloe, MCM Worldwide and Furla.
The market’s women’s segment has grown substantially in recent years as more women have been travelling for work-related purposes. This has caused several companies that specialise in women’s bags and accessories to enter the premium luggage bags market. Some such companies are Michael Kors, Furla, Kate Spade and Chloe.
Trends in the premium luggage bags market in recent years have been inclining towards increasing safety of products, including incorporating technologies that make locks harder to crack. Stylistic and design aspects have meanwhile tended to bring back an old-world vibe to products, resulting in earthy colours and angular designs making a comeback.
Most companies in the market have capitalised on their established brand names to push products. Some companies that are synonymous with their brand names include Globe Trotter, Lacoste, Nike, Adidas and Delsey. Some other popular brands in the premium luggage bags market include Samsonite’s American Tourister, LVHM’s Loius Vuitton and Dior, PVH’s Calvin Klein, VF Corporation’s Eagle Creek and JanSport, and United States Luggage Company’s Briggs & Riley.
In terms of distribution channels, the rapid growth in online sales in recent years has propelled major companies to enhance their online presence through aggressive branding. However, traditional modes still remain the major distribution channel.
Drivers of the Premium Luggage Bags Market
Increasing disposable incomes and increased travel have been the largest drivers of the premium luggage bags market. Increasing fashion consciousness among the elite, upper middle and middle-class segments has also contributed to this growth.
Impact of Covid-19
The Covid-19 pandemic has brought international travel to a virtual standstill, besides also affecting domestic travel in several countries. For the long-term, it is speculated that travel and its affiliated sectors, such as aviation, will witness a much slower recovery than other core sectors.
Furthermore, the economic crisis being caused because of the pandemic is likely to result in a reduction in disposable incomes, especially in the upper middle and middle-classes. These factors may have a negative impact on the premium luggage bags market. Manufacturers may also be tempted towards focussing on durability rather than style in the coming years with an aim of binging down product costs.
North America and Europe accounted for the largest regional market shares in the premium luggage bags market, while East Asia, South Asia and Latin America had witnessed the fastest growth. This growth was mainly led by the rising economies of China, India, the Southeast Asian nations, Brazil and Mexico. Middle East and Africa and Oceania are the other key regional segments.
The premium luggage bags market can be segmented based on the following:
By Distribution Channel
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.