COVID-19 had a beneficial impact on the luxury segment of personal accessories in Russia in 2020 as people who usually travelled abroad to purchase luxury items before the pandemic were forced to spend at home in Russia. As a result, luxury bags recorded double-digit value growth in 2020 and this trend is set to continue in 2021 as travel restrictions are likely to remain in many European countries.
Luggage is expected to record the highest value growth in personal accessories in Russia in 2021. The gradual restoration of travelling and partial withdrawal of the COVID-19 travel restrictions for some destinations, such as Turkey, will result in the revival of luggage sales, which registered the sharpest value decline in 2020.
Bags and luggage overall remained very fragmented in Russia in 2020. While luxury players including Louis Vuitton Vostok and Mercury Group led in luxury handbags and wallet and coin pouches, companies aligned more with apparel, footwear, sportswear and leisure were the leaders in non-luxury categories.
Bags and luggage is expected to record moderate growth over the forecast period due to low consumer disposable incomes as there are no prerequisites for the quick recovery of the Russian economy, plus with more Russians working remotely, consumers will have fewer occasions to wear personal accessories. The possible devaluation of the national currency is also a threat to future growth.
E-commerce is expected to continue its growth trend over the forecast period, but its pace will be much slower. The development of internet platforms, including Wildberries, Lamoda and Ozon, will drive e-commerce over the forecast period.
The fragmented nature of bags and luggage is unlikely to change in Russia over the forecast period due to the high number of small players and unbranded products. Manufacturers in Asian countries will continue to supply low-quality bags and luggage, while ongoing low disposable incomes will prompt many consumers to prioritise multifunctionality and value for money over luxury and style.
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Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in Russia 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 Russia, 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.
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