Bags and Luggage in Asia Pacific

April 2022

Sales of bags and luggage returned to positive growth in 2021, following the decline seen in 2020, when Coronavirus (COVID-19) first hit the region. Luggage was particularly badly hit by the closed borders and travel restrictions implemented to contain the spread of the virus, with sales not expected to return to pre-pandemic levels until 2025. Bags, on the other hand, saw a slower decline in 2020 and should be back to 2019 levels again as soon as 2022.

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This report comes in PPT.

Key findings

Return to positive growth in 2021

The arrival of the COVID-19 virus in Asia Pacific in 2020 resulted in a marked decline in bags and luggage sales in this year. Sales of bags were not as badly impacted by the pandemic as luggage, which lost a third of its retail value as the travel industry more or less ground to a halt. Luggage was the most dynamic area in bags and luggage in 2021, even though some cross-border travel restrictions were still in place, as domestic tourism helped revive this category.

Luxury handbags a ray of light during 2020

Luxury handbags managed to continue recording positive growth in real value terms in 2020, in spite of the pandemic. However, this was mostly based on a very dynamic performance in China, with luxury handbag sales benefiting from the travel restrictions, given the Chinese were buying such products in their domestic market, rather than abroad, as they often purchase luxury goods when they are on their travels. Luxury handbags is also expected to remain one of the most dynamic categories over the forecast period.

E-commerce gains share in the pandemic

Although store-based retailing continues to dominate sales of bags and luggage in Asia Pacific, the exceptional circumstances in 2020 helped e-commerce record strong share gains, which further growth seen in 2021. Over a fifth of retail value is now accounted for by online sales in some markets (India, South Korea), with the regional rate topping 16% in 2021.

Positive growth expected over 2021-2026

Bags and luggage is expected to see positive annual growth rates throughout the 2021-2026 period, although its performance in 2021 and 2022 was still being influenced by lingering restrictions across the region given localised spikes in COVID-19 case numbers. While bags is currently expected to return to pre-pandemic sales levels in 2022, this is not expected before 2025 for luggage.

Scope
Key findings
Asia Pacific continues to account for half of global sales
Positive growth rates expected throughout the forecast period
China leading the regional rebound in 2021
Luggage rebounds stronger than bags in 2021
Luxury handbags in China dominates new sales in 2016-2021
Asia Pacific bounces back from 2020’s sales slump in 2021
Bags and luggage specialist retailers and department stores dominate…
…but lose share to the e-commerce channel during the pandemic
Relatively fragmented competitive landscape for bags and luggage
Leading players gain share in Asia Pacific in 2020
China the main market for all of the top 10 players
Samsonite slips down the rankings as luggage sales slump
Bags and luggage bounces back with positive growth in 2021…
…but luggage will take some time to return to pre-pandemic levels
China: Market Context
China: Competitive and Retail Landscape
Hong Kong, China: Market Context
Hong Kong, China: Competitive and Retail Landscape
India: Market Context
India: Competitive and Retail Landscape
Indonesia: Market Context
Indonesia: Competitive and Retail Landscape
Japan: Market Context
Japan: Competitive and Retail Landscape
Malaysia: Market Context
Malaysia: Competitive and Retail Landscape
Philippines: Market Context
Philippines: Competitive and Retail Landscape
Singapore: Market Context
Singapore: Competitive and Retail Landscape
South Korea: Market Context
South Korea: Competitive and Retail Landscape
Taiwan: Market Context
Taiwan: Competitive and Retail Landscape
Thailand: Market Context
Thailand: Competitive and Retail Landscape

Personal Accessories

Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.

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