TechNavio recognizes the following companies as the key players in Global Luggage Market: ACE Co. Ltd., Samsonite International SA, Tumi Inc., and VF Corp.
Commenting on the report, an analyst from TechNavio’s team said: “The increase in the number of marketing and promotional initiatives by vendors is playing an important role in luggage product sales. Advertising is the key marketing tool used by vendors to increase brand penetration and spread awareness about their products to consumers. Some of the common promotional strategies practiced by vendors include offering discounts, seasonal offers, and lucky draws. The availability of a large number of advertising channels/modes and the growing penetration of the internet enable vendors to effectively increase their reach and gain customer loyalty. Thus, the focus on increasing promotional and marketing strategies by vendors is expected to propel the growth of the market during the forecast period.”
According to the report, one of the main drivers in this market is the increasing consumer income levels in many developing countries of the world. The rapid economic growth in many countries and improving macroeconomic conditions has increased the disposable income of consumers. This growing disposable income is triggering consumer spending on luggage, thereby driving the growth of the market.
Further, the report states that the increasing competition from local brands and counterfeit products is one of the main challenges hindering the growth of the market. This competition has led to market fragmentation, which has, in turn, resulted in several issues such as lack of price standardization, an uneven competitive scenario, and market share erosion.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-luggage-market-2014-2018
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/healthcare-chemicals-food-retail
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TechNavio Announces the Publication of its Research Report – Global Luggage Market 2014-2018
