The luggage industry faced significant challenges during the pandemic, with sales plummeting in 2020. As COVID-19 restrictions eased in 2021, travel rebounded, aiding sales recovery. However, factors like inflation, the war in Ukraine, and China's ongoing restrictions hindered complete revival. Travel recovery is expected by 2024, but the market will look different post-pandemic. Changing travel dynamics offer opportunities for luggage brands that adapt to evolving consumer needs.
This report comes in PPT.
Luggage sales globally were heavily impacted by the pandemic, but as COVID-19 restrictions eased in 2021, travel returned and sales rebounded. However, inflationary pressures, the war in Ukraine and continued restrictions in China hampered the full recovery of the industry, causing global retail value sales to remain 20% below pre-pandemic levels in 2022.
Value sales of luggage in North America had returned to 2019 levels by 2022, while unit sales will recover by 2024, reflecting rising selling prices and ongoing premiumisation in the region. Conversely, in Latin America, value sales are not expected to return to pre-pandemic levels until 2024, and unit sales will not recover until late in the forecast period.
Despite a strong rebound in 2022, luggage sales in Europe will not return to pre-pandemic levels until 2024. The war in Ukraine, higher energy and commodity prices, and inflation weighing on real incomes paint a challenging scenario over the forecast period in the region.
Sales of luggage in 2022 remained below pre-pandemic levels across countries in Asia Pacific. Continued COVID-19 restrictions in China throughout 2022 severely impacted overall industry performance. This, coupled with a late start to recovery in Japan, Australia, Thailand, Malaysia and Singapore, pushes the region’s return to 2019 levels further into the forecast period.
International and domestic trips are set to return to 2019 levels by 2024, but as happened in other industries, consumers’ needs around travel have evolved since the pandemic. Duration, frequency, purpose and travel modes are different now, and will continue to change, leading to changed needs for luggage. Brands able to understand these changes are set to grow.
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
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