GURUGRAM, India, July 1, 2021
GURUGRAM, India, July 1, 2021 /PRNewswire/ --
Growth beyond Luggage: Luggage Category is expected to grow @11.8% CAGR in the future period in the KSA market but its share of the overall bags and luggage market is still dwarfed by that of bags with handbags leading the charge with majority revenue share in the overall bags market in 2025F.
Less Popular Formats Gaining Ground: Because consumers are likely to opt for domestic destinations in the next few months along with focus on keeping a healthy lifestyle, a shift in preference towards smaller and convenient bags such as duffles, backpacks, and weekenders would be in demand. The company are also focusing on smaller products that can carry items like hand sanitizer and extra masks which can be folded up into a tiny square when not in use and other accessories such as iPhones and sunglasses.
Smart Luggage: Technology is the major boosting factor for bags and luggage market largely driven by increasing global tourism coupled with growing trend of integrating luggage with technology. Increase in Internet penetration may lead to adoption of smart luggage in KSA. However, leading manufacturers have yet to officially launch any significant attempts at "smart luggage" in the country.
The report titled "Potential Assessment In Saudi Arabia Bags & Luggage Market – Driven by Change in Lifestyle, Increasing Travel and Tourism and Customer Inclination toward High-end Brands" by Ken Research suggested that the bags and luggage market is further expected to grow in the near future owing to Change in demographics, Increase in consumer spending and Rise in E-commerce industry. The growth in domestic tourism along with surging young and women population foreseeing handbags as a style statement than its functional aspect has supplemented the market growth. The market is expected to register a positive six year CAGR of 10.1% in terms of revenue during the forecast period 2020-2025F.
Key Segments Covered in Saudi Arabia Bags and Luggage Market:-
Time Period Captured in the Report:-
Key Topics Covered in the Report:-
For More Information On the research report, refer to below link:-
Philippines Luggage and Bags Market Outlook to 2023 - By Bags (Handbags, Backpacks, Cross body Bags, Duffel Bags, Wallet Coin Pouches, Business Bags, Other Small Bags), By Luggage (Hard and Soft Case), By Distribution Channel
Philippines bags and Luggage Market is at the growing stage. All major international players have their presence in the market and are competing aggressively to dominate. Bags are in very high demand as compared to luggage and the global leader LVMH dominated the market. There is no major domestic designer brand in the luxury segment. The market has grown in terms of revenue due to the growth of domestic and outbound tourism, an increase in the young and working population and an increasing presence of bags and luggage retailers in the Philippines.
India luggage and bags market grew at a double digit growth rate over the review period 2013-2019 and was further supported by expanding travelling based expenditure for both leisure and corporate tourism, increasing proliferation of online portals, introduction of affordable pricing products and consumer shift from unbranded to branded quality products. The entry of several inter
national players has also contributed towards the same. Strong growth was observed in Indian luggage and bags industry majorly due to high consumer demand but a depreciating USD ($) affected profitability of multiple manufacturers in India. However, stabilization of GST rate at 18% (previously 28%) created a positive impact on the consumer demand.
KSA Online Grocery Delivery service gained traction among consumers as it allows customers to avoid the hassle of crowds, payment & parking queues and offers convenience as one doesn't need to be at home to pick up the order. Major grocery delivery companies entered the market between 2016 and 2018. Smartphone users aged between 25 and 44, is considered an influential customer base for online grocery shopping. The industry is currently positioned in a growth stage registering a double-digit growth rate close to 44% between 2017 and 2019. Changing consumer preferences, high smartphone penetration, and regional expansion of local and international players led to the growth of online grocery services in the Kingdom. Companies have expanded their product portfolios from food & beverages to household supplies, baby food, fresh food, fish & meat, and other product categories.
Ankur Gupta, Head Marketing & Communications