The outbreak of COVID-19 in 2020 worsened the already poor economic situation in Spain, as millions of consumers lost their jobs, increasing the already high levels of unemployment in the country. Consumer attitudes towards spending have therefore drastically changed, and many focused on purchasing essential goods only.
Moving into 2021, outbreaks of the COVID-19 virus have led to ongoing restrictions throughout Spain, as the country aims to keep the spread of the pandemic under control. This will be aided by the rollout of the COVID-19 vaccine.
Throughout 2021, consumers have continued to work from home, which has impacted the new purchases they have made. With restrictions continuing in Spain throughout 2021, the importance of working from home grew strongly.
Across the early forecast period, accelerated unemployment as a result of the pandemic will reinforce consumers’ “essentials only” attitude towards spending, which will extend the widespread postponement of purchases of bags and luggage, as well as frequent down-trading. This will limit the potential value sales performance of bags and luggage over the rest of 2021 and into 2022, despite the easing of travel restrictions.
Tourist are set to gradually return to Spain across the forecast period, and this will support sales, as will the successful roll out of the vaccine in the country. The return of tourists will be especially important for luxury ranges, with sales often depending on tourist’s shopping habits.
In addition to the lifting of worldwide travel bans encouraging growth across the forecast period, bags and luggage in Spain will record solid volume and value sales from 2022, benefiting from ongoing trends. Comfort is set to be a crucial consideration, along with fashion trends, shaping sales in the years to come.
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Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in Spain with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Bags and Luggage research and analysis database.
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