Bags and luggage responded negatively to the COVID-19 pandemic in 2020 as both current value and volume sales declined drastically. The main reason for this was due to the ongoing travel restrictions that put significant pressure on sales in 2020.
Domestic players continued to outperform international brands in 2020. Turkey’s leading domestic companies maintained their strong positions in the product area, thanks to high levels of consumer awareness of their brands and their deep understanding of the expectations of local consumers.
Prior to the COVID-19 pandemic, Turkey was undergoing severe financial uncertainty and in a bid to improve the situation, the leading government bank, Ziraat Bank prepared a special loan for the footwear segment in 2020. The loan will cover manufacturing, trading, and sales and according to the new loan package, manufacturing companies will be given a loan of up to TRY50,000 per current employee and up to TRY150,000 if there are additional employee commitments.
Over the forecast period, all product areas will return to seeing current value and volume growth, although the lower-priced items such as non-luxury handbags and cross-body bags will perform the strongest as the financial repercussions of the COVID-19 pandemic continue for some time. Despite their significantly higher prices, women will also take advantage of steep price declines on luxury handbags, preparing themselves for increasing social occasions as the virus begins to subside.
Turkish consumers will remain highly fashion conscious and sensitive to product design trends over the forecast period. Several apparel brands will increase the variety of bags in their retail outlets to attract consumers with their bag collections designed to match and complement their apparel collections.
Over the forecast period, millennials will be the key consumers driving sales of bags. The main reason for this is due to social media and the large influence it has on fashion trends and purchasing habits.
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Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in Turkey 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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