Innovatively designed baggage & leather goods will remain in great demand as tourists from all parts of the world will prefer travelling in style. Soaring demand for trendy suitcases and hand bags will also be instrumented by higher durability of leather goods and luggage. A latest report published by Persistence Market Research projects that during the 2016-2024 forecast period, the global market for luggage & leather goods will reach US$ 361,326.1 Mn value. The report further estimates that the market, which is presently valued a little over US$ 244,000 Mn, will soar steadily at a CAGR of 5%.
Key factors impacting the dynamics of the global luggage & leather goods market are compiled in the report, which follow:
- Growing preference to vegetable-tanned leather is influencing the global consumption of leather luggage. Manufacturers of such goods are labelling their products according to such popular consumer preferences.
- Flourishing tourism industry is directly boosting the global sales of luggage & leather goods, with favors pouring in from both domestic and international tourism.
- However, the demand for luggage & leather goods is also expected to witness restrain from surging adoption of substitute materials. The demand for leather luggage products is expected to lose traction, gradually, to polyester, nylon, rexine, and other equally-durable synthetic materials.
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Rising demand for lightweight bags, organic leather products and affordable luggage goods is also expected to favor the growth of global market for luggage & leather goods. Over nine out of every ten luggage goods sold in the world will continue to be leather goods. The report predicts that by the end of 2024, the world will have witnessed sales of US$ 331,000 Mn worth of leather goods. Among which, footwear and leather accessories are anticipated to be top-selling leather products.
The report further reveals that specialty & multi brand stores, single brand stores, and general retail outlets will collectively serve as largest sales channels for luggage & leather goods. In 2016, over 2,000 million units of luggage & leather goods were sold through general retailers, while online sales accounted for a little over 4.5% revenue share. Key findings in the report also exhibit that North America and Europe will collectively dominate the global market for luggage & leather goods. Nevertheless, these regions are likely to showcase value CAGRs below 5%. Contrary to this, Latin America’s luggage & leather goods market is projected to soar at 5.3% CAGR. Asia-Pacific region, on the other hand, will witness fastest revenue growth at 5.8% CAGR.
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The report has also profiled globally-prominent manufacturers of luggage & leather goods, which include, Knoll, Inc., Samsonite International SA, Hermes International SA, American Leather, Inc., Aero Leather Clothing Ltd., Timberland, Woodland, Johnston & Murphy, LVMH Moët Hennessy Louis Vuitton SE, and VIP Industries Ltd.