The COVID-19 outbreak and economic slowdown during 2020 led to a significant value decline for bags and luggage, resulting in a decline in value sales of 9% for that year. Even though Sweden adopted different measures to fight the virus without completely locking down the country, customers were still prohibited from travelling abroad due to the strict policies of other countries, and this decrease in travel resulted in a sharp decline in travel-related consumer goods, primarily luggage and backpacks.
Sweden can be considered as one of the most sustainable countries in Europe, putting a lot of efforts into promoting environmental awareness and contributing to the necessary changes. Swedish activists are vocal in their criticism of the fashion industry, which, they claim, encourages consumerism, rapid changes in collections and a huge waste of resources.
Samsonite, one of the biggest travel luggage companies, remained the leading player in bags and luggage in 2020. However, Samsonite's value sales share has been declining across the review period, with factors such as strong competition from new players or brands, making a challenging environment for the player to continue increasing its share.
With restrictions on movements, including tourism and international travel, still in place at the start of 2021, a slow recovery is expected for the year, with predicted value sales of 4%. During 2022 and beyond, recovery is expected to continue as travel and social occasions gradually resume with the rollout of the COVID-19 vaccinations allowing consumers to feel more confident travelling.
Luxury bags are expected to show growth over the forecast period, with value sales peaking in 2022, fuelled by the return of indulgence consumption. Growing consumer interest in buying luxury goods as a form of investment will also drive sales, especially given the rise of a vibrant second-hand market.
Sweden’s consumer goods industries are being significantly affected by the sustainability trend, and this is set to remain the case across the forecast period, with bags and luggage no exception to this. There are many examples of companies engaging in CSR activities, cutting back on packaging, including eco-friendly materials or implementing sustainability initiatives in production, all of which help to attract positive publicity.
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This report originates from Passport, our Bags and Luggage research and analysis database.
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