As people continue to opt for creating style statement as they travel all over the globe, luggage and leather goods promise a phenomenal growth by the year 2024. A recent report published by Persistence Market Research estimates that during the 2016-2024 period, the global market for luggage & leather goods has reached US$ 361,326.1 million. The report further states that the market, which is currently valued a little over US$ 244,000 million, would rise gradually at a CAGR of 5%.
There are in fact, various reasons that contribute to the meteoric rise of the leather industry. The primary reason could be the growing craze for vegetable tanned leather products. The manufacturers are branding their products accordingly. A boom in the tourism industry has also been a major factor behind people’s craze for luggage and leather goods. Although the ever incrementing trend among the people to go for cheaper and glossier options like polyester and nylon, the demand for good quality leather goods would never diminish. This is because people are nowadays even more conscious as they want to use light weight luggage bags.
The report also reveals that the specialty & multi brand stores, single brand stores, and general retail outlets would serve as largest sales channels for luggage & leather goods. In 2016, over 2,000 million units of luggage & leather goods were sold through general retailers, while online sales accounted for a little over 4.5% revenue share. It is expected that North America and Europe will dominate the global market for luggage & leather goods. Latin America’s luggage & leather goods market is projected to soar at 5.3% CAGR while the Asia-Pacific region would witness fastest revenue growth at 5.8% CAGR.