Spurred by price competiveness and higher unit sales, the global luggage market is expected to reach a staggering US$48.4 billion by the year 2015 — thanks in large part to business and leisure travelers.
“The popularity for outdoor sports, tourism, and adventure travel, increased the demand for specialty luggage products. Luggage is increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures and clean contoured lines becoming the norm,” says Global Industry Analysts Inc.
Lately, security conscious tourists are opting for lightweight, avant-garde, cabin-size luggage with highly safe-lock systems to travel overseas.
The economic slowdown in 2008 and 2009 had an adverse affect on the overall luggage industry, since the number of travelers considerably dwindled, leading to a repressed demand for suitcases and other travel and luggage accessories.
The US is the single largest global market. Europe and Japan follow as the other significant markets for luggage, the three accounting for a consolidated lion’s share of the global market.
By David Wilkening
