“The Unorganized Sector dominated the Luggage and Bags market in the Philippines as Consumers are price conscious and are willing to compromise on quality to purchase an affordable product.”
The report titled “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” by Ken Research suggested that the luggage and bags market in The Philippines has been growing due to increasing young and working people and also due to the changing perception of people towards bags and luggage from utility to a lifestyle product. The market is expected to register a positive CAGR of 5.3% in terms of revenue during the forecast period 2018-2023E.
Increase in Domestic Tourism: Tourism Industry is extremely vital for the Philippines contributing about 12% to the national coffers every year. Domestic tourism in The Philippines is growing continuously in the country. In 2018 alone, more than 40 million Filipinos visited domestic tourist destinations and will continue to grow in the coming years, thus increasing the sale of bags and luggage in The Philippines.
Growing Retail Presence: The bags and luggage manufacturers are increasing their retail presence in the Philippines with even big players like Louis Vuitton opening their second store in the Philippines. The retailers are also increasing their presence online which is evident from the 32% rise in Internet Retailing during the period 2013 to 2018.
Increase in Distribution Channels: The major players in the Philippines are looking to increase their retail presence both online as well as offline to increase the sale of their products. The brands have been looking to increase their customer reach through malls in the major cities and also through specialist retail stores in smaller cities. The brands are also selling their products through hypermarkets, office and stationery supply stores and footwear and apparel stores especially in smaller cities where there are either no malls or are very few in number.
Rise in Innovation: Innovation plays a major role in the luggage and bags market as there are different brands offering similar products but they can differentiate themselves through innovation, either through innovation in design or through innovation in selling the product. Many companies are using technology for innovation, for instance, Modobag uses motorized technology in the luggage for its customers to ride on and Herschel Supply Co. has come up with luggage that has the in-built charger and a USB port for customers to charge their mobile phones on the go. The labor force in the Philippines has also increased from 40 Million in 2013 to 44 Million in 2018, thereby increasing the demand for bags in the market.
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 specialist’s retailers
Bags and luggage specialist’s retailer
Stationers/office supply stores
Other leisure and personal goods specialist retailers
Department stores
Variety stores
Warehouse clubs
Other non-grocery specialists
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:-
Philippines Cross body Bags Market
Philippines Duffel Bags and Wallet Coin Pouch
Philippines Business Bag Market
Bags and Luggage in the Philippines
Luggage and Bags sale in Philippines
Luggage Retailers Philippines
Luggage Bags Target Consumers Philippines
Luggage bags demand Philippines
Luggage Importers Philippines
Bag Exporters Philippines
Bags and Luggage Sales Davao
Bags and Luggage Sales Visayas
Samsonite Philippines Luggage Market Share
VFC Bags and Luggage Sales Market Philippines
For More Information, Refer To Below Link:-
Related Reports:-
Global Smart Luggage Market 2018 - By Manufacturers, Regions, Type and Application, Forecast To 2023
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
No comments:
Post a Comment