Luggage & Bags - Worldwide

Worldwide

In 2024, the revenue in the Luggage & Bags market worldwide is estimated to be US$187.60bn.
It is projected to experience an annual growth rate of 4.32% (CAGR 2024-2029).
Among all countries, in the United States generates the highest revenue, reaching US$29,570m in 2024.
When considering the population size, the per person revenue in 2024 amounts to US$24.21.
Additionally, by 2024, 61% of the sales in the Luggage & Bags market will be attributed to Non-Luxury.
Despite the global economic downturn, the demand for luxury luggage and bags in countries like France and Italy remains strong due to their reputation for high-quality craftsmanship and fashion-forward designs.

Key regions: France, Spain, Worldwide, Hong Kong, Germany

Market

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Region comparison

Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on consumer spending on accessories that comprise of Watches & Jewelry and Luggage & Bags that are produced for private end customers for both offline retail and online retail.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from independent databases and third-party sources, historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Accessories market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).