Industry News
Growth Rate of Global Bags Market
Posted: 03/15/2016 03:17:44 Hits: 78
From 2016 to 2020, compound annual growth rate of global bags market has rised by 6%. Lifestyle changes, urbanization development and tourism wave rise to promote the development of luggage markets around the world. Increase comes after the rising number of travelling and studying abroad, as well as the frequent business travelling, which further promote people's demand for bags.
It is known that because of the rising of disposable income across the globe, the tourism market has developed rapidly, and the increasing number of people traveling and low fares stimulate the development of the tourism industry. In addition, the tourism industry can contribute to GDP, so countries are supporting the development of tourism. Therefore, in the tourist season, the demand for trolley bags increased significantly.
Bag market is growing very quickly in the Asia-pacific region, mainly pushed by the Chinese and Indian markets. Raw material price instability is one of the main factors hindering the development of the global luggage market. Bags are made of fabrics of raw materials including plastic, aluminum, and iron. The price of raw materials is not stable, which brings an adverse effect on the profit of luggage manufacturers products. The Asia-pacific region is the biggest bag market in 2014. Leisure activities and travel stimulate the growth of bag market.
Along with disposable income growth and urbanization development, people's lifestyle changes and demand for functional bags rises. In the near future, Cities in African and Asian countries will enjoy highest growth rate. According to the China development research foundation, China's urban population will increase from 52.6% in 2012 to 70% in 2030.
Professional market retailers include independent retailers. In 2014, bag retailers in the asia-pacific region have contribute 50.1% to the market. In 2012, Japan's most popular products are backpacks, wallets and handbags. They sell bags through factory stores, specialty retailers, department stores, supermarkets and E- business. Because of E- business developed rapidly, luggage online sales enjoys rapid growth rate.
Global bag suppliers has given more and more attention to research and development in the aspects such as raw materials, design and develop innovative products so as to enhance the brand value and increase product line.
It is known that because of the rising of disposable income across the globe, the tourism market has developed rapidly, and the increasing number of people traveling and low fares stimulate the development of the tourism industry. In addition, the tourism industry can contribute to GDP, so countries are supporting the development of tourism. Therefore, in the tourist season, the demand for trolley bags increased significantly.
Bag market is growing very quickly in the Asia-pacific region, mainly pushed by the Chinese and Indian markets. Raw material price instability is one of the main factors hindering the development of the global luggage market. Bags are made of fabrics of raw materials including plastic, aluminum, and iron. The price of raw materials is not stable, which brings an adverse effect on the profit of luggage manufacturers products. The Asia-pacific region is the biggest bag market in 2014. Leisure activities and travel stimulate the growth of bag market.
Along with disposable income growth and urbanization development, people's lifestyle changes and demand for functional bags rises. In the near future, Cities in African and Asian countries will enjoy highest growth rate. According to the China development research foundation, China's urban population will increase from 52.6% in 2012 to 70% in 2030.
Professional market retailers include independent retailers. In 2014, bag retailers in the asia-pacific region have contribute 50.1% to the market. In 2012, Japan's most popular products are backpacks, wallets and handbags. They sell bags through factory stores, specialty retailers, department stores, supermarkets and E- business. Because of E- business developed rapidly, luggage online sales enjoys rapid growth rate.
Global bag suppliers has given more and more attention to research and development in the aspects such as raw materials, design and develop innovative products so as to enhance the brand value and increase product line.
