PROSPECTS AND OPPORTUNITIES
Versatile, functional, and small bags will drive growth in the forecast period
Bags and luggage in the US saw an improvement in its retail current value growth rate in 2024, and moderate growth is expected over the forecast period as demand normalises. In contrast to the review period (2019-2024), when the value CAGR of luggage outperformed that of bags, luggage is set to see a slightly slower current value CAGR than bags over 2024-2029.
Some bags categories will see challenges to growth in the forecast period, due to changing consumer preferences
Changing consumer preferences are expected to pose a challenge to certain bags and luggage categories in the US in the forecast period, such as wallet and coin pouches, or business bags, which have been struggling in recent years. For business bags, a continued strong retail current value decline is expected in the forecast period, as more hybrid work schedules diminish use cases, and consumer preference moves towards more versatile options, such as backpacks or handbags.
Growing interest in sustainable behaviours and purchasing will present both challenges and opportunities
In 2024, 12% of US consumers reported being influenced by sustainably produced features in apparel and personal accessories, up from 9% the previous year, driven by Millennials and Gen Z (Euromonitor International’s Voice of the Consumer: Lifestyles Survey, fielded January to February 2024). As environmental concerns grow, particularly in fashion, which has made headlines for its negative impact on the environment, players will be presented with both challenges and opportunities to incorporate or expand sustainable initiatives.
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Overview:
Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in USA 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 USA, 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 USA 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 USA?
- Which are the leading brands in Bags and Luggage in USA?
- How significant is tourism in determining sales and demand for Bags and Luggage in USA?
- How are COVID-19 and global recession impacting demand for Bags and Luggage in USA?
- 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 the US - Category analysis
KEY DATA FINDINGS
Consumers exhibit a high desire for travel in 2024, although the high costs of living influence demand for luggage
Luxury brands see a mixed performance, with consumption more polarised between high-end and entry-level brands
Challenges in department stores prompt players to explore other distribution options
Versatile, functional, and small bags will drive growth in the forecast period
Some bags categories will see challenges to growth in the forecast period, due to changing consumer preferences
Growing interest in sustainable behaviours and purchasing will present both challenges and opportunities
Personal Accessories in the US - 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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