Simplify B2B Networking
The global luggage market has maintained steady growth over the past few decades and continues to be facilitated by changing consumer lifestyles and the booming tourism industry worldwide. Luggage products are increasingly moving away from having only utilitarian value to functioning as fashion accessories, making travel bags, suitcases and other luggage products some of the most popular personal essentials among almost all consumers around the world. With the continuous expansion of the global travel industry as well as the rising human migration coupled with globalization, the global luggage market is expected to witness a stronger performance in terms of luggage manufacturing and luggage sales in the future. Italy, as one of the world’s top luggage manufacturers and luggage exporters, is also forecasted to thrive further in the luggage sourcing market.
The steady growth in the global luggage market is mainly attributed to the growth of the travel and tourism industry. According to the latest market report from P&S Market Research, the global luggage market is expected to reach US$ 43.4 billion in 2020, leaping at an impressive CAGR of 5.5% from US$31 billion in 2014. The rising demand of luggage from the global market is mainly driven by the changing lifestyles and increasing urbanization, which is further increasing the amount of domestic and international travels and creating opportunities for luggage sales among worldwide consumers. Growing interest of people in tourism is an important driver boosting the global luggage market demand. one of the major drivers for this market is consumer shifts toward a high standard of living. Many developing countries have seen a considerable rise in the middle-class population and a strong, visible increase in their income levels.
Geographically, North America is the current largest luggage market in terms of sale values. In 2017, the revenue of the US luggage market recorded at US$23.3 billion, ranking as the largest luggage retailing market in the world. The Asia Pacific region is the largest luggage market by sale volumes, and it is witnessing some highest growth rates in its luggage market size. The region has two of the world’s most populated countries, India and China, which is one of the major factors contributing to luggage sales in this region. According to China’s Development Research Foundation, China’s urban population is expected to increase from 52.6% in 2012 to 70% by 2030, which is expected to significantly increase its luggage market size in the near future.
Many of the world’s leading luggage manufacturers, such as Samsonite International S.A. Inc., Tumi Holdings Inc., VIP Industries Ltd., VF Corporation, Briggs & Riley Travelware, Rimowa GmbH, MCM Worldwide, and Louis Vuitton Malletier S.A. are also shaping the market with constantly launching new and innovative products. Innovation is becoming highly emphasized in design, color, shape, and weight of the luggage products in recent decades. Leather and microfibers are being used to manufacture lightweight luggage products. Specialty luggage products are being introduced promising enhanced comfort, convenience, and utility. The concept of smart luggage would also gain in prominence in the near future.
Italy has long been one of the world’s leading luggage producers and luggage exporters. Many major Italian made luggage products include suitcases, travel bags, leather goods backpacks are some of the best-selling luggage products in the global market. According to recent data from Statista, the total revenue of the luggage market in Italy, including luggage and bags, is set to reach US$2.3 billion in 2018. Despite the low purchasing power in its domestic market, Italy still remains as one of the most popular luggage and bag shopping destinations among international tourists. Sales of those top Italian branded bags and luggage are notably fuelled by Chinese and Japanese tourists visiting and shopping in Rome, Milan, and Florence.
Italy’s luggage exports are also growing steadily in recent years. In 2016, Italy exported over US$6.5 billion worth of luggage products to the global market, representing around 11% of the world’s total luggage products exports in that year, making Italy the world’s second largest luggage suppliers behind China. Other major luggage selling markets such as Switzerland, France, China, the USA, Japan and the UK were some of the largest importers of Italy’s luggage products in 2016.
The prominence of the luggage industry in Italy has attracted a significant number of buyers and traders from all over the world to source suitcase, travel bags, handbags and backpacks in Italy. To help your business stays at the top of the industry, BizVibe provides the best solutions to source the products and make the best business deals with the top luggage suppliers in Italy. Don’t miss your chance to connect with the best industry suppliers, manufacturers, and exporters on BizVibe.
Whether you’re conducting competitive research or looking for new and reliable suppliers, quality producers or top wholesalers, BizVibe makes it easy to grow your business. No matter what your professional goals, BizVibe will help you reach them by introducing you to key industry players and decision-makers across the globe.
Italy’s top luggage suppliers on BizVibe: