The market for premium luggage has grown massively over the years. This is attributed to several factors, including a change in consumer preference, increase in disposable incomes, and an overall rise in international travel. Recent market studies indicate that the global premium luggage market is bound to continue with the growth trajectory. The basis of focus shall be on quality, appearance, and functionality.
Key Drivers of Growth:
Increasing Affluence and Disposable Income: More and more consumers are able to make the jump into middle and upper middle classes, meaning that higher end products with enhanced quality and longer lives are on demand.
More people travel: After the pandemic, tourism across the globe is returning to normal, and more frequent travelers now prefer better luggage.
Brand Recognition: People in modern times are very brand conscious and like their luggage to be from popular brands that reflect style and usefulness.
Market Segmentation:
By Product Type: Hard-side and soft side luggage, duffel bags, and others.
By Distribution Channel: Online and offline retail, including department stores, exclusive brand stores, and e-commerce platforms.
This growth is also influenced by advancements in material technology, offering consumers lightweight yet durable options. The focus on sustainability and eco-friendly materials is another trend shaping the market.
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