1.1 Presentation and definition of the market
The luggage market includes all travel items and accessories. A number of criterions can be used to segment the market into several categories, amongst them the following:
- Segmentation by size;
- Segmentation by price;
- Segmentation by type of luggage.
Worldwide, the top five markets in terms of market value continue to show positive developments, with North America as the largest market and Asia Pacific the fastest growing region. The sector remains strongly correlated to purchasing motivations, such as leisure and business trips. In other words, the increase in the tourism industry, along with the rising number of business trips, are much likely to positively impact the growth of this market, which is furthermore characterized by a moderate fragmentation. The sector is composed of a large number of regional and international manufacturers such as Adidas AG, Louis Vuitton, Samsonite, VIP or Nike. New preferences in the demand - and especially high-end luggage- are forcing these actors to adapt their offer every day. In this context, the Indian luggage market has become highly competitive, where consolidated brands like VIP are competing with newcomers such as Da Milano. [Mordor Intelligence]
The consistent growth of the Portuguese economy in the past decade is not only boosting business in the country (attracting more business travelers), it also enhances the overall disposable income, which allows its citizens to travel more. These two factors, together with the tourism boom of the recent years made the annual number of passengers in transit in the 3 main airports of the country grow by more than 46% in the last 10 years. [PORDATA] As a consequence, Portuguese are buying more and more luggage, while visitors are also increasing their spending on “made in Portugal” bags, especially models made out of lather and cork. [Jornal de Negócios]
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