Increasing Travel & Tourism and Disposable Incomes Positively Impact the Growth of Luggage and Bags Market Outlook: Ken Research
Outpouring in educational opportunities, growing travel and tourism, boom in online tourism are escalating requirement for luggage products. Into the bargain, improving the technology has developed attributes of several luggage products. Such aspects are boosting growth of the worldwide luggage market over the forecast duration. The luggage and bag market research report are primarily categorized into casual bags, travel bags, and business bags. Luggage is classified in terms of lifestyle products, in various underdeveloped countries, further, owing to changing lifestyles, application-specific the worldwide luggage market is estimated to observe a requirement in luggage related products. Owing to an upsurge in requirement, the global luggage market is predicted to witness a boost in growth during the near future.
Luggage and Bags Industry Research Report provides a comprehensive analysis of the bags and luggage industry of respective region. The report covers several aspects including the current bags and luggage sales in the Kingdom, its segmentations viz, Type of Bags (Handbags, Backpacks, Business Bags, Wallets, Crossbody Bags, Duffel Bags, Briefcases, and Other Bags), Type of Luggage (Hard Case and Soft Case), By Price Segment (Luxury, Premium, and Economy), By Sales Channel (Offline and Online), By Retail Format (EBOs, MBOs, and Local Retailers) and By Type Cities, Consumer Preferences and Trends Analysis, Pricing Analysis, Major trends and development, matters and challenges and competitive benchmarking. The report completes with market projections for the future of the industry counting forecasted industry size by revenue along with the GTM Strategy and Recommendations.
Although, Luggage and Bags Industry Research Report predicts that the competition was experimental to be highly fragmented for premium & economy brands and concerted for high-end luxury brands with the occurrence of a broad gamut of modern trade channels. Companies in the Saudi Arabia Bags & Luggage Market are increasingly implementing the Omni channel distribution strategy post-COVID to obtain a foothold in the market since consumer are sceptical about visiting offline stores. The company is also aiming on smaller products that can carry items such as hand sanitizer and extra masks which can be folded up into a tiny square when not in usage and several other accessories such as iPhones and sunglasses. Companies are competing on several parameters such as SKUs, Price offered, After Sale Services, Retail TouchPoints, Partnerships with B2B/Online podiums, Brands, and many more.
Since the COVID-19 pandemic has enforced the major part of the populace of the world to sit at home owing to the travel restrictions and lockdown, the luggage and backpacks industry has been hit solid by pandemic. Also, owing to the COVID 19 Impact on Luggage and Bags Market most of the conceivable consumers restricted their spending on travel luggage which straight wedged the sales revenues of maximum big brands in the luggage market.
Although, the effective augment in convenience of online shopping has led to a chief shift in consumer preferences for the obtaining of travel bags and other luggage bags through e-commerce platforms, such as Amazon, eBay, and many others. This can be observed as the prime factor influencing the rapid growth of the online store segment.
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Ankur Gupta, Head Marketing & Communications