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8 Mar, 2016

Factors Driving Growth in Global Luggage Market

Dublin, Ireland, 03 March 2016, (Business Wire)- Changing lifestyles, increasing urbanization, and growing interest of people in tourism are the key drivers of the global luggage market. The increasing travel and tours, growing business activities, and increasing numbers of educational courses are further propelling the demand for luggage. The fluctuating recreation patterns and increasing disposable income of the global population are the major causes for the growth of the travel and tourism industry.

These are among the findings of the “Global Luggage Market Size, Share, Development, Growth and Demand Forecast to 2020” report released by Research and Markets.

The luggage market in Asia-Pacific is growing at a rapid pace, and id mainly driven by the growing markets such as China and India. Unstable raw material prices are one of the key factors hindering the global luggage market growth. Some of the materials used in luggage include plastic, aluminum, fabric, and iron. Unstable prices of these raw materials adversely affect the income margins of luggage manufacturers. The largest market for travel bags in 2014 was Asia-Pacific. Increasing leisure and travel activities are boosting the growth of the travel bags segment, in the global luggage market.

Due to growing disposable income and increasing urbanization, the lifestyle of people has changed, and the demand of purpose-based luggage has up-surged. The African and Asian countries are anticipated to experience highest urban growth in the forecast period. According to the China Development Research Foundation, China’s urban population is expected to increase from 52.6% in 2012 to 70% by 2030.

Specialist retailers comprise independent retailers that solely sell luggage and related products. Asia-Pacific leads luggage sales from specialist retailers with 50.1% share in 2014. In 2012, bags, wallets, and purses were the most preferred products in the Japanese luggage market. Luggage is sold through several types of distribution channels such as factory outlets, specialist retailers, hypermarkets, supermarkets, and internet sales. Due to the boom in online commerce, the internet sales of luggage have been growing at a considerable pace.

For more information visit http://www.researchandmarkets.com/research/rvnf5s/global_luggage