The "2024 Global Luggage Market Insight Report" mainly covers market overview, consumer insights, regional analysis, industry analysis, and brand case studies, providing industry participants with comprehensive market information and development trend analysis.
1. Market Overview
- Product Definition and Classification: Luggage products are diverse in type, rich in materials, and designed with a focus on durability, comfort, and multifunctionality, combining practicality and fashion attributes. According to function, they can be categorized into suitcases and briefcases, handbags, wallets and small boxes, bags and containers, etc.
- Market Size and Growth Trends: The recovery of the tourism industry has driven the growth in global luggage market demand. In 2022, the market value was approximately $152 billion. From 2022 to 2026, the compound annual growth rate for suitcase products reached 12%, while the backpack market grew at 8.2% annually. The rise of e-commerce has led to a yearly increase in online sales share, with a CAGR of 7.07% from 2024 to 2029. China's luggage export scale shows an overall upward trend, with Southeast Asia and North America as the main export markets.
2. Consumer Insights
- Behavioral Preferences: Consumers favor leather handbags, and although plastic luggage offers high cost performance, its market share is small. When purchasing suitcases, consumers tend to prefer products with diverse functions and high cost performance, with mid-priced suitcases holding the largest market share.
- Influencing Factors: Functionality, fashion and trends, price, quality, and brand are crucial in consumer purchasing decisions. Consumers value practicality, multifunctionality, and comfort in luggage, pay attention to appearance design, choose products based on budget and cost performance, and also emphasize product quality, material craftsmanship, and after-sales service. Brand image and positioning also influence consumer choices.
3. Regional Analysis
- Regional Market Overview: The global luggage market continues to expand. In 2022, the Asia-Pacific region had the largest market share for suitcases, with an expected CAGR of 6.8%; North America’s suitcase and briefcase market is growing fastest, with a CAGR of 6.3% from 2022 to 2028; demand for business bags is rising in the Middle East, which is expected to become a new growth point.
- Analysis of Popular Regions and Countries: The Asian market is steadily growing, with China’s luggage market on the rise and outstanding performance in online transactions; the North American market is driven by travel demand, with the US luggage market ranking first globally and e-commerce penetration continuously increasing; the European market is gradually recovering, luxury goods revenue is rising, competition is fierce, and all types of brands are covered.
4. Industry Analysis
- Industry Prospects: Global economic recovery, increased consumer purchasing power, rising demand for tourism and business travel, and the needs of younger consumers are driving the development of the luggage market. The rise of cross-border e-commerce provides broader market opportunities.
- Overseas Advantages: China’s luggage industry chain is well-developed, and cluster production brings cost advantages, but it faces challenges such as product homogenization and varying certification requirements in different countries.
- Development Trends: The combination of travel and fashion, personalized design is valued; product functions are diversified and intelligent, meeting the needs of different scenarios.
5. Brand Case Studies
- Songmont: Products cover various bags and accessories, targeting young luxury women aged 25-35, using imported high-standard raw materials and combining Eastern philosophy with innovative technology. Marketing is carried out through documentaries, cross-industry collaborations, and themed discussions, conveying brand warmth and values. The independent site’s transaction amount in the past six months reached $226,000, with diverse traffic sources and popular countries including the US and France.
- Monos: The product series meets different travel needs, with a simple and classic design, priced at $200-500. Adhering to the concept of mindful travel, focusing on environmental protection, products are popular in many countries. Marketing is conducted through limited edition products, direct sales models, and flexible market strategies, with a monthly website visit volume of 888,000 and a wide age distribution among the audience.
