The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreFeb 2013
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Economic uncertainty has led to a poor performance by the global bags and luggage industry. This report examines the impact of the economic situation on the industry globally and regionally. Euromonitor International also take a look at business opportunities that have arisen due to changes in consumer habits, preferences, usage of technology and tourism.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Everyday bags is the major category that stands out in terms of value and volume contribution, driven by the fashion orientation and functionality of these frequently used bags compared to the other categories.
The European debt crisis is having different effects on Western and Eastern European consumers. While Western Europeans are wary of the economic uncertainty, Eastern Europeans are readily purchasing bags according to fashion and the different seasons.
Rapidly growing sales of smartphones and tablets are having an influence on consumers’ purchasing decisions in bags. Consumers are opting for “hands-free” products that allow them to be in contact with their IT gadgets when on the move.
There is a trend for consumers to purchase bags that are made of better quality materials and are well designed, as they are perceived to last longer. This is evident in higher value sales growth than volume growth.
Those consumers who cannot afford luxury handbags are frequently opting for luxury wallets, coin pouches and smalls bags, which offer a relatively affordable way for them to enter the luxury world.
The evolution of internet retailing has created opportunities for consumers and retailers. Savvy consumers are now able to get limited edition chic bags at more easily, while retailers are able to reach a wider group of consumers across borders.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.