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 moreMar 2015
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After driving bags and luggage sales over 2009-2012, several luxury conglomerates have seen lower growth rates and have lost market share since. This briefing analyses the factors which will affect bags and luggage sales over 2015-2019. In doing so, it identifies growth markets beyond China, key demographics to target, as well as retail strategies to adopt for future growth.
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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.
Bags and luggage are often seen as non-essential products; beyond their purely functional role, a major consideration is the cosmetic appeal. As such, expenditure on the industry is susceptible to fluctuations in times of recession, when consumers often postpone non-essential purchases.
Arguably, female consumers are the primary, purchase decision makers for these products, therefore targeting this group by age breakdown, is liable to maximise return on marketing investment.
Between 2009 and 2014, China recorded unprecedented growth both in terms of both the economy and in bags and luggage sales. However the era of continuous annual double-digit growth is likely to end between 2015 and 2019, so to maintain growth, developing new markets is essential for luxury and mid-priced brands alike.
Bags and luggage specialist retailers accounted for 40% of global sales in 2014 and are key to establishing a substantial market share in most markets. This may be through operating a self-run retail network (e.g. Louis Vuitton), partnering with local multi-brand retailers or operating a single-brand retail network with local franchisees (e.g. Samsonite).
Samsonite International, VF Corp and Fossil Inc are three of the mid-priced players which are well-positioned to take advantage of the current economic uncertainty. They should expand their retail presence aggressively across leading markets such as China, the US, Japan and South Korea.
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.