Personal accessory retailer
A personal accessory retailer is a
The increase in the demand for baggage is directly proportional to the rapid growth of
The increase in demand for handbags has been the result of a rising women workforce, particularly in developing countries, and increased brand awareness, particularly in developed countries.[5] Europe makes up about 35% of the global market,[6] but China, India, South Korea and Indonesia are key growth markets.[5]
History
The COVID-19 pandemic led to a sharp decline in sales of luggage and personal accessories, due to travel restrictions, social distancing rules and reduced disposable income.[2] The value of the global luggage market dropped from $22 billion in 2019 to $16 billion in 2020.[4]
The sector only recorded modest growth in many countries in 2021.[2]
However, the sector is expected to recover. The global luggage market is expected to average 8.6% annual growth between 2021 and 2025.[4] The global handbag market is expected to average 6.7% annual growth, from US$49.63 billion in 2021 to US$78.46 billion in 2028.[7]
See also
- Clothing retailer
- Eyewear retailer
References
- ^ "1292.0 - Australian and New Zealand Standard Industrial Classification (ANZSIC), 2006 (Revision 2.0)". abs.gov.au. Australian Bureau of Statistics.
- ^ a b c "Personal Accessory Retailing in Australia - Market Research Report". ibisworld.com. IBIS World.
- ^ "Personal Accessories". euromonitor.com. Euro Monitor International.
- ^ a b c d "Luggage Market". mordorintelligence.com. Mordor Intelligence.
- ^ a b "Handbag Market Size, Share & Trends Analysis Report". grandviewresearch.com. Grand View Research.
- ^ "Luxury Handbag Market by Type". alliedmarketresearch.com. Allied Market Research.
- ^ "Handbag Market". fortunebusinessinsights.com. Fortune Business Insights.