Luggage industry Report (Part 1) -2023

Global luggage market trends and development trends

- The global luggage market is forecast to reach US $200 billion by 2025 | CAGR 6.3% (by 2027)

- The US remains the dominant market in terms of size (US$28,730.00m in 2023)

- By 2023, 67% of luggage business will be contributed by non-luxury goods.

- The increasing popularity of suitcases and backpacks and the increasing use of handbags/bags as fashion accessories are among the key factors driving the market growth.

- The sports bag/bag/case market is growing due to increased participation in sports and fitness activities, which has a positive impact on the global luggage and bag industry

Among all luggage categories, handbags account for 36% of the value scale, with fashion and high value, in the entire luggage market

To lead the wind in the field; Followed by ordinary bags and container bags, covering a lot of practical daily necessities, in the $155.8 billion global market, accounting for 26% of the share; Box bags and briefcases as a typical commuter category of practical bags accounted for 25%; Small items such as wallets accounted for 13%.

Spring and summer travel and return to work under the trend of social practicality - the rapid recovery of the luggage industry

Industry performance in 2023

    1.Global luggage market is forecast to reach US $200 billion | CAGR 6.3% (by 2027)

    2.In 2023, China's exports of bags and similar containers totaled 22.77 billion US dollars, an increase of 8.2%(Data source - China Customs Import and Export Data)

Industry trends in the second half

    1.Catering to the resurgent holiday and dress market

• As party parties and travel continue to drive sales, more distinctive special occasion products and home products will become more popular. Use mood-boosting colour schemes and hand-crafted details, as well as prints to suit all key bag types.

• The use of avant-garde innovative fabrics, finish effects, details such as hand-crafted details, Metallics metallic colours, Fringing tassels and more are used to show individuality.

• The return of social events has brought a new focus to the wide range of minibags and clutch bags, while increasing travel has made SoftShopper soft bags a must-have item

Product.

    2.Emerging hot spot

• Environmentally friendly manufacturing: the supply chain system with environmental certification is more valued; Developed buyer markets care about the environmental protection of materials.

• Material design innovation: lightweight new material innovation reduces inclusion mass and effectively brings convenience; Water-soluble PU and other fabrics bring core selling points.

• Core buyers: wholesalers | brand | big brand gift demand

Luggage industry core category and trend hot goods

1.Shopping bags (Tote, jute canvas, non-woven), inquiries increased by +33%

2.Cosmetic bags and cases (PU, PVC, envelope), inquiries increased by +22%

3.Computer backpack (computer, waterproof, USB, anti-theft), inquiries increased by +22%

4.Outdoor backpacks (Soft back, waterproof, anti-theft), inquiries increased by +613%

5.Tactical backpacks (Soft back, waterproof, anti-theft), inquiries increased by +45%

Luggage industry market new dynamics

    1.Content marketing

Eye-catching content will be a key way to win back attention. More than 70% of fashion investors believe that increasing content spending and exploration on new media platforms will be a top theme in the coming year.

In the past year, data from a number of cross-border platforms show that the number of live broadcasts in various markets has soared more than 40 times year-on-year;

It is better to increase the short video conversion of product application scenarios, workmanship details, and factory strength.

    2.ECO

The global fashion industry has a high level of energy consumption, pollution and waste. Despite some modest progress, the fashion industry has not yet taken its environmental responsibilities seriously enough. People in the fashion industry need to take effective action to face up to consumer demand for change.

The supply chain system with environmental protection certification is more valued;

European, American and Southeast Asian market buyers market care about the environmental protection of materials.

    3.Whole set economy

Whether it is a holiday trip or work and study, as long as you can fit, the bag is "everywhere". The different pursuit of practicality and decoration of bags by consumers around the world has also spawned the demand for more scenes.

When consumers buy bags, they can enjoy value-added services of other products to improve customer stickiness.

Small gifts do not take up logistics volume.

Global B2B buyer shopping trends

Paul Miller, founder and CEO of Chicago-based e-commerce consulting firm PMA Digital Solutions:

"At present, we can see a huge shift in the traditional way of purchasing to online purchasing. Online purchasing has taken off because more and more companies of all sizes (B2B buyers) see online purchasing as a better and more efficient way to do business."

According to a survey conducted by B2BecNews19 for B2B buyers, 48.3% of respondents said that they currently make online purchases almost every week, of which 16% of buyers make online purchases several times a week. During the procurement process, close to 50% of B2B buyers go online to find information, solutions and suppliers.

A survey from Avionos in March of this year also showed that nearly 90 percent of buyers surveyed said they are buying online more often now than they did last year. And for almost all customers (97%), B2B online sites are critical, as they are key to buyers' choice of supplier.

According to a study of B2B buyers by Demand Gen Report(DGR), there are four things they look for to confirm a purchase:

• Product ease of use (77%)

• Features/Functions (72%)

• Pain point resolution (72%)

• Price (65%)