Bags and luggage saw single-digit current value decline in 2020, with highly divergent performances across product areas, while a strong recovery is expected to be recorded in 2021. Travel restrictions and mandatory lockdown measures amidst the COVID-19 pandemic had a significant impact on bags and luggage sales, with two diametrically-opposed trends.
Luxury handbags sales continue to be propelled by both current value unit price increases and robust retail volume growth. Travel restrictions significantly diminished the overseas purchases of luxury handbags.
Traditional bags and luggage players were actively focused on transformation during the challenging times seen towards the end of the review period. Manufacturers with a strong focus on luggage prior to the COVID-19 pandemic, responded to diminished demand by optimising their product portfolios and flexibly adjusting their manufacturing lines.
There are increasingly diversified and personalised aesthetics for leather goods within bags and luggage, with this being propelled by young consumers. In addition, many niche designer handbags brands are gaining popularity and exposure in China.
To stay in touch with consumers during the absence of offline campaigns at the end of the review period, bags and luggage manufacturers are turning to online campaigns and livestreaming in order to boost exposure. With the increased adoption of livestream videos in all walks of life, consumers’ attitudes towards placing big-ticket orders via e-commerce is set to shift.
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This report originates from Passport, our Bags and Luggage research and analysis database.
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