PROSPECTS AND OPPORTUNITIES
Brands need to pay close attention to changing conusmer prefernces and lifestyles
The bags and luggage industry in Singapore is experiencing slow growth, prompting brands to reassess their strategies. Relying solely on experiential marketing may no longer be sufficient; instead, it will be essential to have a deeper understanding of changing consumer lifestyles.
Sustainability will be a prominent and desired feature
According to Euromonitor International’s Voice of the Consumer: Lifestyles survey 2024, 14% of Singaporean respondents indicated that sustainable features influence their purchasing decisions when it comes to apparel and personal accessories. This marks a significant shift among consumers, who are increasingly prioritising eco-conscious choices when selecting products.
Hybrid retail strategies will drive engagement
E-commerce continues to thrive in Singapore's bags and luggage market, with lower-priced items often driving online sales. However, the lack of a tactile experience can limit consumer confidence in purchasing luxury items online, where the texture and appearance of materials such as leather are essential in the decision-making process.
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Overview:
Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Bags and Luggage industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Bags and Luggage in Singapore report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Bags and Luggage in Singapore?
- Which are the leading brands in Bags and Luggage in Singapore?
- How significant is tourism in determining sales and demand for Bags and Luggage in Singapore?
- How are COVID-19 and global recession impacting demand for Bags and Luggage in Singapore?
- In the wake of COVID-19, how soon can Bags and Luggage be expected to recover? Where are the opportunities for growth now?
- Where is future growth expected to be most significant?
Bags and Luggage in Singapore - Category analysis
KEY DATA FINDINGS
Slower growth in 2024, as consumers become more cautious in their spending
Local brands make waves, with Charles & Keith leading the way
Luxury handbags witness slower growth
Brands need to pay close attention to changing conusmer prefernces and lifestyles
Sustainability will be a prominent and desired feature
Hybrid retail strategies will drive engagement
Personal Accessories in Singapore - Industry Overview
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
The following categories and subcategories are included:
Bags and Luggage
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- Backpacks
- Business Bags
- Crossbody Bags
- Duffel Bags
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- Non-Luxury Handbags
- Luxury Handbags
- Wallet and Coin Pouches
- Other Small Bags
- Luggage
Bags and Luggage
Bags and Luggage includes bags and cases which serve common everyday purposes or specific functions during travel, sports, or formal occasions. However, all sports equipment bags (e.g. golf, tennis, and bowling), insulated food and beverage bags, and musical instrument cases are excluded.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Bags and Luggage research and analysis database.
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