Recovery in the Travel & Tourism Industry to Aid Growth of the Global Luggage Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Luggage markets. Global market for Luggage is projected to exceed US$50 billion by 2018, driven by recovery in travel and tourism around the world. Growth is likely to be fuelled by emerging economies, owing to the increase in both leisure and business travel. While increasing economic activity is driving the business travel market, economic prosperity is driving the leisure market in developing countries of Asia and Latin America. Asia-Pacific region, particularly China, is projected to be the major source of foreign travelers over the next few years. Higher travel automatically translates into more purchases of Luggage thus fuelling market growth.
San Jose, California (PRWEB) October 30, 2012
Follow us on LinkedIn – Travel and tourism drive luggage sales. Travel luggage sales peak during tourist season and are sluggish during the rest of the year. The popularity for outdoor sports, tourism, and adventure travel is increasing the demand for specialty luggage products that augment comfort, convenience, and utility to sports travel experience. Moreover, luggage makers are enhancing their product lines by using faux leather and microfiber for manufacturing purposes, and offering them in sophisticated colors such as burgundy, blue, orange, and lime green.
The economic slowdown that started in the latter part of 2008 had an adverse affect on the luggage industry, since the number of leisure and business travelers considerably dwindled, leading to a repressed demand for suitcases and other travel and luggage accessories. Various branches of tourism including leisure and business tourism, incentive travel, cruise tourism and shopping tourism among others showed decline. Business travel was also affected as companies tried to cut costs by opting for video conferences rather than in-person meetings. However, the global luggage industry rebounded in 2010, driven by the resurgence in growth fundamentals such as improvement in global economy, increase in credit availability, improvement in consumer purchasing power and buying confidence, and subsequent increase in passenger traffic.
Luggage is increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures and clean contoured lines. Luggage producers are focusing more on research and development, expending their money and time, to design and manufacture luggage with high quality materials and advanced features. This linkage of luggage with fashion demands luggage suppliers to constantly innovate to meet evolving lifestyles and trends. Women are primary decision makers and also major luggage purchasers. Both function and fashion are pertinent criteria for travel luggage selection. Women prefer efficient and portable luggage and luggage advertisers therefore, focus on their needs. In the context of changed security concerns, manufacturers are developing ergonomically designed passenger friendly luggage.
The global airline industry is being affected by high operational costs. As such, Airlines are devising innovative ways to generate revenues. Many airlines have increased excess baggage charges, and also introduced new charges for travelers. With weight emerging as a major concern for air travelers, luggage manufacturers have been introducing lighter yet stronger luggage products. Some airlines, especially in the US, have begun imposing charges even for the first check-in bag leading to travelers preferring cabin luggage. This phenomenon is leading to the development of versatile designs to accommodate more in smaller bags.
As stated by the new market research report on Luggage, the United States represents the largest market, accounting for a major share of the global market. Japan leads the global luggage market in terms of per capita expenditure, followed by North America and Europe. However, per capita spending in Japan is projected to decline in the coming years owing to the maturity of the region's travel & tourism industry. Asia-Pacific region offers the highest growth potential owing to increasing travel in the region, especially in China. Suitcases/Pullmans, Casual Bags & Garment Bags represents the largest and fastest growing Luggage segment.
The global luggage market is highly competitive and fragmented. Competition in most markets is based on the finest brand name, product quality, product design, and price, accompanied by consumer advertising, product differentiation, product innovation, and customer service. Entry barriers for competitors in the soft side luggage market are comparatively lower than the hardside market as hard-side luggage production is more capital intensive, while soft-sided is labor-intensive. On the distribution part, the Internet is evolving as a major tool for manufacturers/retailers to gain a competitive edge, thanks to the growing population of tech-savvy consumers, increase in Internet access and improvement in payment security and privacy. Major players in the global marketplace include Ace Co. Ltd., Antler Ltd., Atlantic Luggage Co., Boyt Harness Company LLC, Delsey S.A, Eagle Creek Inc., Etienne Aigner AG, JanSport Inc., Luggage America Inc., Moët Hennessy Louis Vuitton (LVMH), Nike Inc., Rimowa Luggage, Samsonite International S.A., Targus Group International Inc., Tumi Inc., Valigeria Roncato, and VIP Industries Ltd.
The research report titled "Luggage: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Luggage in value (US$) for the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Middle East, and Latin America. Key segments analyzed include Suitcases/Pullmans, Casual Bags & Garment Bags; Business Bags; Sports Bags, Backpacks & Daypacks; and Others.
For more details about this comprehensive market research report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebluggage_suitcases/pullmans_casual_bags/prweb10072386.htmView Comments and Join the Discussion!