Luggage Market Size

Luggage Market Analysis

The luggage market was valued at USD 165,445.7 million for the current year and is projected to register a CAGR of 7.19% over the next five years.

• The revival of the tourism industry post-coronavirus (COVID-19) pandemic represents the primary factor behind significant market growth. A survey by Central Statistics Office (Ireland) shows that the expenditure of outbound tourists from Ireland bounced back in 2022 after falling dramatically with the onset of the COVID-19 pandemic. In Ireland, Outbound tourism spending skyrocketed to nearly EUR 8.6 billion (USD 10.2 billion) in 2022 from EUR 2 billion (USD 2.36 billion) in 2021. Besides this, the increasing participation of individuals in professional sports and outdoor activities and the rise of athleisure in the fashion industry are creating a significant demand for sports backpacks and other travel accessories designed for on-the-go lifestyles.
• Leading brands are targeting the millennial population, which is the most significant consumer of the luggage industry, through innovative, high-utility, and fashionable products. For instance, in November 2022, Australian manufacturer Strandbags revamped its brand to move away from its discount brand image to appeal to more discerning and younger demographics such as millennials and Gen Z. Meanwhile, startups focus on factors like eco-friendly offerings, sustainability, tech-enablement, and product look and feel variations to get a strong foothold in the segment.
• For instance, Away, an American luggage and travel accessories company founded in 2015, launched its Canvas Collection in June 2023. The collection was launched in two new limited-edition colors, a pale yellow and a natural beige, featuring premium leather accents to appeal to modern-day fashion-oriented customers and help the company drive its overall sales.
• Consumers in the market are leaning towards luxury luggage and backpacks. Many companies are crafting designer travel bags that are crafted beautifully to offer a luxury sense to their consumers. For instance, in July 2023, VistaJetlaunched a luxury luggage collection by collaborating with Valextra, a leather-goods brand, to offer a travel collection to complement its fleet of Global 7500 aircraft. The limited-edition set includes the classic Aviettatravel bag, the Boston travel bag, the Costa suitcase in small and medium, and a slimline passport holder. All items are created from Valextra'ssignature Millepuntecalfskin and are characterized by distinctive design details and handcrafted touches, including Valextra'shand-painted black lacquered Costa edging and VistaJet'strademark winglet.
• Therefore, the abovementioned factors are anticipated to influence the market positively during the study period.