Bags and luggage was negatively impacted by the COVID-19 pandemic in 2020 as current value and volume sales plummeted. Although in 2021, bags and luggage will return to growth, a full recovery is not expected, and current value and volume sales will be nowhere near what they were prior to the pandemic.
Luggage has been hit hard by the global COVID-19 pandemic, with lockdown imposed in March 2020. As the Ukrainian economy started recovering after the 2014 and 2015 economic crisis, some consumers started travelling internationally, with Turkey and Egypt being popular, and buying a larger assortment of bags in different sizes, colours, and design to fit different occasions and looks.
Bags and luggage is one of the most fragmented product area in personal accessories due to a strong presence of bags imported from China as either no-name products, unknown brands or as brand imitations. Branded bags and luggage are also offered by many different types of brands, including bags and luggage multinationals such as Samsonite, fast fashion brands such as Zara and Reserved and luxury brands such as Louis Vuitton and Chanel, among others.
Over the forecast period, sales of bags and luggage will gradually recover in both volume and current value sales, and per capita will also restore as the economy begins to recover. Demand is likely to be driven by lower-priced product offers rather than high quality and more expensive bags and luggage.
In 2022 and beyond, consumers will continually opt for bags that are more convenient which will be a positive factor for backpacks, other small bags, and crossbody bags. However, trendiness and what is considered fashionable will also continue to play an important role in purchases which will benefit handbags and lead this product area to also perform well.
Over the forecast period, international brands are expected to enhance their positions as the competitive landscape recovers from the COVID-19 pandemic. They will do so by attracting consumers with quality, interesting designs, and expanding their distribution networks throughout the country, Likewise, e-commerce will play a huge role in the success of a company over the forecast period given the sudden interest in the channel amidst the pandemic.
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Bags and Luggage
Bags and Luggage includes bags and cases which serve common everyday purposes or specific functions during travel, sports, or formal occasions. However, all sports equipment bags (e.g. golf, tennis, and bowling), insulated food and beverage bags, and musical instrument cases are excluded.See All of Our Definitions
This report originates from Passport, our Bags and Luggage research and analysis database.
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