Luxury handbags products are expected to sell well in 2021 even though Australian borders remained closed as a result of the COVID-19 crisis. While the luxury segment has been hit by the marked fall in inbound tourism resulting from the pandemic, it has seen an upturn in domestic spending.
Demand for business and bigger bags such as totes has picked up in 2021. The COVID-19 crisis led to a dramatic shift to working from home as part of efforts to limit the spread of the virus, and, even with the easing of restrictions, many people have continued to work part-time from home.
Louis Vuitton Australia Pty Ltd strengthened its leading position in bags and luggage in the Australian market in 2020, thanks to the iconic international status of brands such as Christian Dior and, particularly, market leader, Louis Vuitton, and the growing consumer interest in luxury brands. The company holds a clear lead in an otherwise fragmented category which plays host to a large number of companies and brands.
There has been a considerable rise in awareness of animal welfare and environmental issues in recent years, which has led to an increase in the prevalence of vegan diets and growing interest in vegan products. In line with this trend, rising concerns about the use of leather in personal accessories are leading to the increasing popularity of vegan leather in bags and luggage.
Australians are well-known for enjoying travel, thus once COVID-19 related restrictions are eased and fears about exposure to the virus subside, it is expected that there will be a spike in movement as people start taking trips and holidays again. Recovering from the decline experienced during the COVID-19 crisis, luggage is expected to register the strongest CAGR in bags and luggage over the forecast period.
With the closure of physical stores and consumer concerns about viral transmission through social contact, the COVID-19 crisis has seen a surge in online sales of bags and luggage. This is expected to have a lasting effect on consumer behaviour, with many consumers coming to appreciate the convenience and competitive pricing of e-commerce.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Bags and Luggage industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Bags and Luggage research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page