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Overview of the luggage market(2017-2021)
- Source: admin
- Date: 2018-01-24
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According to the market research analysts at Technavio, the global luggage market is anticipated to witness steady growth and will post a moderate CAGR of more than 6% over the forecast period. The increasing preference for a high standard of living is one of the significant factors driving this market’s growth.
Many developing countries have seen a sharp rise in the middle-class population and a considerable increase in their income levels owing to an increase in the number of working women. The growing number of working women across the world has also made consumers to spend more on their recreational activities. An improving economy, backed by rising individual household income, directly results in the population being able to spend much more of what they earn on non-essential items like expensive travel and luggage products.
Developing countries like India and China have been seeing major changes in customer buying behavior. With the increase in the standard of living in developing countries will boost the sales of luxury, branded luggage in the coming years.
In terms of geographical regions, APAC was the highest revenue contributing region in the global market during 2016 and will continue to lead the market during the predicted period. The region has two of the world’s most populated countries, India and China, which is one of the major factors contributing to this market’s growth.
With the relative stability in economic fundamentals and growth in domestic and international tourism, the luggage market is anticipated to have a positive outlook in the APAC region until the end of 2021.
