The global luggage market has steadily increased, reaching $150 billion in 2018, and the Asia-Pacific region has steadily occupied the largest market. Luggage is a product of carrying goods. With the growth of the number of global tourists, the expansion of the travel market has provided a huge boost to the growth of the global luggage market. In the future, global luggage sales are expected to maintain a steady growth rate of about 4%.
The global market has reached US$150 billion, and the Asia-Pacific region is enjoying an impressive rise.
Luggage as a daily necessities, whether daily life or travel will produce the demand for luggage. In recent years, the global luggage market as a whole has maintained stable development. According to Euromonitor statistics, in addition to the impact of the financial crisis in 2009 and the decline in the size of the global luggage market, the other years have maintained stable growth. In 2018, affected by the global economic growth, the global luggage sales reached 150 billion US dollars, up 6.2% year on year, and the growth rate increased by 0.8 percentage points compared with 2017.
From the regional point of view, the Asia-Pacific region has a large population, and China, India and other emerging economies have developed well. Japan and South Korea, as more developed countries, have a larger demand for bags and occupy a larger proportion in the global market. According to Euromonitor data, the Asia-Pacific region (East Asia, Southeast Asia and Australia) accounted for 45% in 2018, of which China's market size was about 194.2 billion yuan, equivalent to US$29.347 billion, accounting for nearly 20%, North America 23% and Europe 20%.
From the regional growth point of view, the Asia-Pacific region has benefited from the steady economic development and huge population scale of China and India in recent years. The demand for luggage has been constantly rising. The growth of luggage market in the whole region is more obvious. According to Euromonitor data, the combined annual growth rate of luggage sales in Asia-Pacific region reached 7% in 2008-2018, and 5% in North America in the same period. Influenced by economic crisis, debt crisis of sovereign countries, refugee tide and other factors, the annual compound growth rate of the luggage market in Europe is -1%.
The steady growth of global tourist population has led to the expansion of luggage Market
With the slow recovery of the global economy after the economic crisis, the number of international tourists arriving in the world has maintained a steady growth. According to the data of the United Nations World Tourism Organization (UNWTO), the number of international tourists in the world broke through the 1 billion mark for the first time in 2012, reaching 1.035 billion, an increase of about 4% over the same period of last year, and reached 1.133 billion in 2014. By 2018, the number of international tourists had reached a new high of 1.4 billion, up 5.82% year on year, higher than the previous growth forecast of 4% - 5%.
Studies have shown that there is a significant correlation between the number of international tourists and the growth rate of luggage sales (the correlation coefficient is more than 0.70). UNWTO said that due to the uncertainties of Britain's decoupling from Europe, the global economic slowdown, geopolitical and trade tensions and other factors, the growth rate of global tourism will further slow down, but it will still maintain a historical growth trend of 3-4%, which will drive the expansion of luggage demand, thus further boosting the luggage market. Expansion of field scale. It is forecasted that with the economic recovery and the end of trade tension, the number of global tourists will further increase and the growth rate will be improved, which will lead to the expansion of the luggage market, and the size of the global luggage market is expected to exceed $190 billion by 2024.
