San Jose, CA (Vocus) September 30, 2010
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, increased the demand for specialty luggage products. Luggage is increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures and clean contoured lines becoming the norm. Luggage producers are focusing more on research and development, to design and manufacture luggage with high quality materials and advanced features. This linkage of luggage with fashion mandates luggage suppliers to constantly innovate in order to meet evolving lifestyles and trends. Lately, security conscious tourists are opting for lightweight, avant-garde, cabin-size luggage with highly safe-lock systems to travel overseas. When it comes to luxury luggage, consumers in the present times are more selective when compared to their counterparts a decade ago. Buyers in the present scenario prefer luggage, which offers both comfort and style.
Competition in majority luggage markets worldwide is based on the finest brand name, product quality, product design, and price. Other important parameters include consumer advertising, product differentiation, 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. Major players including Samsonite, are continuously engaged in developing luggage with sophisticated technology, focusing on lightweight and solidity, security and storage features.
The economic slowdown in 2008 and 2009 had an adverse affect on the overall luggage industry, since the number of travelers considerably dwindled, leading to a repressed demand for suitcases and other travel and luggage accessories. The luggage industry is heavily dependent on the travel and tourism industry, which slumped by over 3% in 2009 compared to the corresponding period in 2008. The prospects for 2010 also do not appear bright with a minimal growth of below 1% estimated for the year. The global market for luggage witnessed decline in growth rates over the last 2-3 years. With both business as well as leisure travelers cutting down on travel expenses amid the economic downturn, the luggage industry is also expected to witness reduced demand. Luggage manufacturers as well as retailers worldwide continue to struggle with lower margins owing to the decline in growth of luggage sales.
The US stands tall as the single largest global market, as stated by the new market research report on Luggage. Europe and Japan follow as the other significant markets for luggage, the three accounting for a consolidated lion’s share of the global market. In terms of growth, the Asia-Pacific market, driven by India, China, Taiwan, Thailand, and Hong Kong, among others, is projected to trail blaze ahead of the other world markets by 2015.
The Suitcases/Pullmans Casual Bags & Garment Bags is the clear winner amassing the largest share of the overall luggage market. The segment is also forecast to witness the fastest annual growth rate, compounded through 2015. Sports Bags Backpacks & Daypacks is the other significant luggage segment, retaining its popularity over the years.
The worldwide Luggage industry is highly fragmented and competitive, with hundreds of large, medium and small players competing for a larger slice of the market. Survival in the dynamic environment is dependent upon innovation, expertise, pricing and evolution. Major participants include Antler Ltd, Atlantic Luggage Co., Boyt Harness Company, LLC, Delsey S.A., Eagle Creek, Inc., Etienne Aigner AG, Forward Industries, Inc., Hartmann Inc., JanSport, Inc., Luggage America Inc., LVMH, Nike, Inc., Platt Luggage Inc., Samsonite, Targus Group International, Inc, Tumi Inc., Valigeria Roncato and VIP Industries Ltd.
The report titled “Luggage: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of industry outlook, overview, market trends, product overview, recent industry activity, and profiles of market players worldwide. Analysis and overview is presented for major geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Market analytics are provided in terms of terms of dollar (value) for product segments including Suitcases/Pullmans Casual Bags & Garment Bags, Business Bags, Sports Bags Backpacks & Daypacks and Others. The study also presents historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Luggage_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year.
Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site http://www.StrategyR.com/
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