{"id":629272,"date":"2022-12-07T18:56:01","date_gmt":"2022-12-07T18:56:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=629272"},"modified":"2022-12-07T18:56:01","modified_gmt":"2022-12-07T18:56:01","slug":"luggage-industry-is-projected-to-touch-736-billion-value-by-end-of-this-decade","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/luggage-industry-is-projected-to-touch-736-billion-value-by-end-of-this-decade_629272.html","title":{"rendered":"Luggage Industry is Projected to Touch $73.6 Billion Value by End of This Decade"},"content":{"rendered":"
\"Luggage<\/a><\/div>\n
Asia-Pacific luggage market is expected to see the highest CAGR, of more than 9%, over the forecast period, owing to the rising living standards, increasing expenditures, and rising demand for high-quality baggage.<\/div>\n

According to P&S Intelligence<\/strong>, the luggage market<\/a><\/strong> was valued at around $39 billion in the past, and it is projected to reach $73.6 billion by 2030, at a growth rate of over 7% in the years to come. The industry growth is because of the increasing tourism activities, altering consumer routines, and snowballing income in emerging economies.<\/p>\n

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Travel Luggage Dominated Industry<\/strong><\/p>\n

Travel luggage holds a significant share, chiefly credited to the increasing acceptance of adventure and outdoor sports in developing countries. Moreover, the increasing income of middle-class households would drive the demand for high-end and fashionable travel gear. Further, customers would spend on expensive and luxurious accessories for adapting to the continually evolving trends.<\/p>\n

Request for sample pages of this report: https:\/\/www.psmarketresearch.com\/market-analysis\/luggage-market\/report-sample<\/a> <\/strong><\/p>\n

Supermarkets & Hypermarkets Sell Most Products<\/strong><\/p>\n

Supermarkets & hypermarkets lead the distribution channel segment with an over 40% share. The increasing count of hypermarket chains, along with their growing emphasis on marketing and promotional activities, such as enticing discounts on products, will drive product sales via these places in the future.<\/p>\n

Online Sales To Have Fastest Growth<\/strong><\/p>\n

Online stores will witness the highest growth rate in the future. The comfort associated with online purchasing has led to a momentous shift in the preference of customers for buying bags through e-commerce platforms. Additionally, the increasing standards of living, together with the growing disposable income of the population, will drive the growth of the category.<\/p>\n

Growing Tourism Industry Is Propelling Demand for Bags<\/strong><\/p>\n

The growing travel & tourism sector is a strong driver for the increase in the requirement for baggage. The tourism industry is one of the most- dynamic businesses in the U.S., the U.K., China, Germany, India, Brazil, South Korea, and the Netherlands.<\/p>\n