Increasing urbanization and changing lifestyles are the key drivers for the global luggage market. Technological advancements are further creating opportunities for luggage sales among high net-worth individuals, for whom safety is a major concern.
Albany, NY -- (SBWIRE) -- 09/28/2015 -- Global luggage market includes bags for packaging of personal belongings. The market can be broadly segmented into casual bags, travel bags, and business bags. These segments include several types of luggage (such as spinner bags, suitcases, duffel bags, messenger bags, carry-on bags, expandable bags, and others) to suit various consumer needs. The luggage market can also be segmented on the basis of distribution channels, which broadly include specialist retailers, factory outlets, internet sales channels, and others. Specialist retailers include independent retailers that exclusively sell luggage or related products. Factory outlets are company-owned stores that generally sell products of the respective companies. Internet sales channels are those types of distribution channels that generate orders through the internet (including company's own internet sales channel and other independent e-commerce channels). The others segment includes supermarkets, hypermarkets, discounters, and small independent retailers.
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Increasing urbanization is escalating demand for lifestyle products. To some extent, luggage is also considered as a lifestyle product, especially in developing countries. Earlier, people in developing countries used one luggage for all purposes such as travel, tour, and business. However, owing to growing urbanization and rising disposable income, their lifestyles have changed, which is also reflected in their usage of purpose-based luggage. Asian and African countries are expected to experience highest urban growth in the future. According to the China Development Research Foundation, urban population in China is expected to increase from 52.6% in 2012 to 70% by 2030. Urbanization is growing at a swift pace across Asia Pacific. Pacific countries such as Australia and New Zealand already have high urbanization.
High net-worth individuals (HNWIs) refers to those people with liquid financial assets worth USD 1 million and above. There are several other hierarchies below them which are graded as affluent, and rich depending upon their liquid financial assets. The HNWI population, known for their lavish lifestyle, is increasing globally. This, in turn, is supporting the growth of the luggage market in terms of revenue. HNWIs tend to be more particular about their security and privacy as compared to the general masses. These individuals usually purchase high-end luggage such as those with in-built GPS tracking devices. According to the U.S. Wealth Report 2014 released by Capgemini and RBC Wealth Management in September 2014, the number of HNWIs in the U.S. was 4million in 2013. According to Bain & Company, a global management consulting firm based in the U.S., the number of HNWIs in China was 700,000 in 2013, almost twice as many as that in 2008.
The major players in the global luggage market include Samsonite International S.A., Tumi Holdings, Inc., VIP Industries, VF Corporation, Briggs & Riley Travelware, Rimowa GmbH, MCM Worldwide, Louis Vuitton Malletier S.A., Goyard, and ACE Co, Ltd.
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