Bags and luggage recorded a severe contraction in 2020 due to the loss of tourist spending, cessation of travel and working-from-home arrangements. It is set to recover, though at a limited pace, in 2021, as social restrictions start to ease and consumers start to largely resume working in offices.
E-commerce recorded dynamic growth in 2020, as brands and retailers ramped up their presence via social media and e-commerce channels. This growth is expected to stay in 2021; despite being slower, digital engagement is very likely to stay and become part of the customer experiences driving omnichannel for future retailers.
As consumers become more sustainability-driven in daily purchases and affordability is also increasingly important during and after the impact of COVID-19, second-hand platforms for bags have been gaining traction in the Hong Kong market, such as, Vestiaire Collective, Hula, and Carousel. Consumers have become more and more conscious of the wider impact of purchases, and at the same time, remain cautious with discretionary spending in general.
Niche designer handbags have shown increasing significance in the local handbags market, especially those digital native direct-to-consumer Instagram shops originally from overseas markets. Firstly, as many brands were already starting to penetrate the Hong Kong market prior to COVID-19, they have actively engaged with consumers via ad placements and KOL collaborations on social media.
Smart technology being used in bags and luggage is not new. Samsonite has already launched a highly smart collection in 2019 called Evoa Tech, that promotes a hassle-free life with the aid of smart technology.
The pandemic has prompted consumers to opt for sustainable and eco-driven lifestyles in Hong Kong. Following the undisrupted expansion of green or zero-waste stores, such as, Slowood and Green Common, this growing consumer mindset has been pushing bags and luggage brands to move towards sustainability.
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Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in Hong Kong, China 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.
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This report originates from Passport, our Bags and Luggage research and analysis database.
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