LUGGAGE AND LEATHER GOODS MARKET ANALYSIS

Luggage And Leather Goods MarketSize and Trends

The luggage and leather goods Market size was valued at US$ 495.5 Bn in 2023 and is expected to reach US$ 740.2 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

Figure 1.  Luggage and leather goods Market Share (%), By Region, 2024

Global Luggage and leather goods Market Trends

Personalization and customization: Global luggage and leather goods market has witnessed  a significant rise in demand for personalized and customized products in recent years. Consumers want luggage, bags, wallets and other accessories that reflect their unique style and personality. They are willing to pay more for products that allow for personal touches and individual expressions. Brands have responded by introducing new technologies and design options that give customers control over small details like colors, monograms, pockets and materials. For example, Tumi launched a customizable collection in 2022 that lets shoppers pick colors and add personal touches like initials or names to backpacks, duffels, and more. Coach also rolled out a "design your own" program for wallets and leather goods, thus allowing for mixes of materials, hardware and engravings.

This shift towards personalization has been driven by trends of self-expression and individualism. Younger consumers especially want products that are extensions of their identity. Customization allows brands to offer virtually limitless combinations, keeping designs fresh and thereby engaging the customers’ attention. For instance, Bespoke Post, an online men's customization club, launched their own line of personalized leather dopp kits and travel accessories, in 2021. Members can completely design their own kits with different pockets, materials and monograms through an online configurator. According to their website, over 85% of kits they sold in 2022 were fully customized designs.

Omnichannel retail strategies: With the rise of omnichannel retailing, the luggage and leather goods industry has undergone significant changes in recent years. Brands are adopting integrated multi and cross-channel strategies to provide seamless shopping experiences to customers. They are establishing robust online presences through company owned websites and marketplaces while optimizing physical stores. This allows customers to research products online, check availability across channels, and complete purchases wherever is most convenient. For instance, American Tourister introduced an "Order Online, Pickup in Store" option in 2020, thereby allowing buyers to select from over 5000 styles on their website and collect from the nearest retail outlet.

Brands are also offering personalized services across all touchpoints. Customers can get one-on-one assistance from sales associates via video chat on websites and apps. Stores are serving as showrooms where people can touch and feel products before ordering customized variants online. For example, Tumi launched virtual store tours led by retail experts on their Facebook page, in 2021, to facilitate remote browsing and assistance during the pandemic. Features like 'Store Inventory View' on the Samsonite website allows buyers to check real-time availability of specific items in nearby locations. This improves buy-online-pickup-in-store rates.