Top 3 Trends Fuelling Growth of the Luggage and Leather Market Globally

Hindustan Unilever, a major consumer goods company has recently launched a range of personal care Ayurvedic products. Moreover, range of handbags, luggage and other accessories are likely to be launched by Celine Dior as a fashion statement, and will partner with Buggati Group in the coming years. In addition, Harrys based in London launched leather group capsules and AW17 collection with its luggage. Due to such factors, the luggage and leather goods market will witness a significant growth over the coming years.

The global luggage and leather goods market is expected to witness a growth of 5.0% CAGR over the forecast period, 2016-2024. Leather goods among other products will witness a growth of 5.1% CAGR in the coming years. Leather accessories among others will witness a growth of 5.3% CAGR over the coming years. Leather goods and innovatively designed bags will account for relatively more demand in the market globally in the coming years.

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Various trends propelling growth of the global luggage and leather market include,

  1. Surge in Product Launches:

With various companies operating in the global luggage and leather market, there are various product launches witnessed in the coming year. Moreover, Celine Dior will partner with Buggati Group launch a range of products such as handbags, luggage and other accessories. In addition, Hindustan Unilever, which is a major consumer goods company has launched a range of Ayurvedic products for personal care. Due to such factors, demand for luggage and leather goods are likely to rev up in the coming years.

Leather accessories among others will witness a growth of 5.3% CAGR over the coming years. Leather goods will further account for US$ 300 Bn in the span of next seven years. Footwear among other products will account for over US$ 120 Bn over the coming years. Moreover, footwear and leather accessories are likely to represent the top-selling leather products among others in the global market for leather and luggage goods over the coming years.

  1. Multiple Application:

Growing demand for organic leather, lightweight bags and affordable leather goods in various domains have led to upsurge in demand over the coming years. Single brand stores, specialty and multi brand stores along with the general retail outlets will collectively represent the largest channel for sales of leather and luggage goods in the coming years. While online sales accounted for 4.5% revenue share, over 2,000 million units of leather goods were sold through general retailers.

Leather accessories and footwear among other products will represent a top-selling leather product in the global market in the coming years. Moreover, increasing preference for vegetable-tanned leather will further impact the consumption of leather luggage globally. Furthermore, tourism industry is further boosting sales globally of luggage and leather goods, with favors pouring in from international and domestic tourism over the coming years.

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  1. Regional Analysis:

Europe and North America among other regions will dominate the luggage and leather goods that were sold through general retailers. Moreover, the regions accounted for a revenue share of 4.5% in the coming years. Furthermore, the regions will witness a growth of below 5% CAGR over the coming years. However, the luggage and leather goods in Latin America will witness a growth of 5.3% CAGR in the coming years. Additionally, Asia-Pacific among other regions will witness relatively fast revenue growth at a CAGR of 5.8% over the coming years.

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