Philippines Luggage and Bags Industry Revenue is expected to Reach over PHP 35 Billion by the year ending 2023: Ken Research

Key Findings
• The bags and luggage industry in Philippines is expected to witness the change in the design of bags and luggage with increased use of technology like GPS and in-built mobile chargers.
• Filipinos are actively moving towards a healthy and an active lifestyle with more than 2.4 million Gym Enrollments as of 2018, thereby driving the demand for Duffel Bags and Cross Fit Bags.
• Online retailing is likely to be the key focus areas for bags and luggage retailers in Philippines.

High Penetration of Bags and Luggage Industry: Philippines Bags and Luggage market is relatively nascent stage and its penetration is high due to low barriers of entry in the market. Increasing demand from urban population is likely to drive future demand for luggage and bags in the country. The companies will focus on innovation by use of technology which would lead greater demand in the long run.
Increase in K 12 Enrollments: K-12 enrollments and residents are expected to increase in the future and will drive the demand for bags, especially backpacks and cross body bags in Philippines. The K12 enrollments are expected to grow from 23 Million in 2018 to 25 Million by the end of 2023 at a CAGR
Increase in Hands Free Luggage’s: The hands free trend has been growing over the years, so the companies have been looking to manufacture handbags and backpacks which offer consumers function and convenience. For Instance Cowarobot-R1 follows the owner with the help of sensors fitted in them. But with Increase in use of technology and innovation in the luggage, the cost of luggage’s is set to increase and thereby reducing the growth.
Increase in Outbound Residents: The number of outbound residents is expected to increase at the rate of 23.8% from 2018 to 2023 thus increasing the sale of luggage for travelling and also business bags if they are travelling for business purpose or jobs.
Increasing Retail Presence: The luggage and bags market is growing due to increase in domestic and international tourism in Philippines. . The companies are trying to increase their sales by increasing their physical as well as online presence.
Analysts at Ken Research in their latest publication “Philippines Luggage and Bags Market Outlook to 2023 - By Bags (Handbags, Backpacks, Cross body Bags, Duffel Bags, Wallet Coin Pouches, Business Bags, Other Small Bags), By Luggage (Hard and Soft Case), By Distribution Channel” believed that the Bags and Luggage Market will increase due to increasing domestic and outbound tourism. The market is expected to register a positive CAGR of 8.9% in terms of revenue during the forecast period 2018-2023E.

Key Segments Covered
By Demand in Region, 2018
• Luzon
• Visayas
• Davao

By Application/Use, 2018
• Leisure
• Business

By Market Structure, 2018
• Unorganized
• Organized

By Bags, 2013-2018
• Backpacks
• Business Bags
• Crossbody Bags
• Duffel Bags
• Handbags (basic, mid, luxury)
• Wallet and coin pouches
• Other small bags

By Luggage Type
• Hard Case
• Soft Case

By Luggage Category
• Wheel
• Non-Wheel

By Distribution Channel, 2013-2018
• Hypermarkets
• Apparel and footwear specialists retailers
• Bags and luggage specialists retailer
• stationers/office supply stores
• Other leisure and personal goods specialist retailers
• Department stores
• Variety stores
• Warehouse clubs
• Other non-grocery specialist
• Direct Selling
• Internet Retailing

Key Target Audience
• Luggage Manufacturers
• Bags Manufacturer
• Distributors

Time Period Captured in the Report:
• Historical Period: 2013-2018
• Forecast Period: 2019-2023

Companies Covered:
• Louis Vuitton (LVMH)
• Avon Products Inc.
• VF Corporation
• Samsonite international SA
• Adidas AG
• Nike Incorporated
• Herschel Supply Co.
• Herme’s
• Marithé et François Girbaud

Key Topics Covered in the Report
• Value Chain Analysis
• Market Size,2013-2018
• Market Segmentation
• Trends and Developments
• Challenges
• Trade Scenario
• Porter’s Five Forces Analysis
• Competitive Scenario
• Company Profile of Major Players
• Future Market Size. 2018-2023E
• Future Market Segmentation. 2023E
• Analyst Recommendation

For more information, refer to below link:
https://www.kenresearch.com/consumer-products-and-retail/luxury-goods/philippines-luggage-and-bags-market/254589-95.html

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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This release was published on openPR.