To develop world-class branded luggage and bag products, Chinese firms will focus on innovative design.
San Francisco, CA (PRWEB) September 30, 2012
China has become a major luggage and bag manufacturing country in the past decade. Over the past five years, demand for luggage and leather bags has been driven by developing fashion trends, increases in household disposable income, and high export demand as government standards improved the quality of the industry's products, says IBISWorld.
The scale of the Luggage Manufacturing industry in China has expanded over several years of continuous and steady development. Revenue has been growing at an annualized rate of 20.6% since 2007 to $68.6 billion. However, several problems remain, such as high volumes of low and medium-end unbranded and low-valued products, low international prices, and increased export competition from other countries. Competing imports are usually high-end, designer products, which are a growing niche market in China as wealth levels continue to rise.
There is strong growth potential for the Luggage Manufacturing industry in China. The concentration level within the industry is very low and small enterprises still have great opportunities to expand and develop new markets, both geographically and by product. In comparison, this industry has already reached relative maturity in developed countries. For low and medium-end products, the industry will continue to be price competitive, says IBISWorld. To develop world-class branded luggage and bag products, major industry players like Maydiang Group, Panyu Shimen Handbag, Huzhou Top Leisure Products, and Xiamen Datum Leather Product, will focus on developing innovative designs.
For more information, visit IBISWorld’s Luggage Manufacturing in China industry report page.
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IBISWorld industry Report Key Topics
The Luggage Manufacturing industry in China is engaged in the manufacturing of luggage and bags, usually made of leather, leatheroid (artificial leather), vinyl, plastic or textile fabric.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.