How Is The Bags And Luggage Market
Positioned In Saudi Arabia? What Are The Major Market Trends Driving The
Industry?
The retail sector in Saudi Arabia has
been growing at a CAGR higher than ~% in the last few years. It was estimated
at value around USD ~billion in 2018. The brick-and-mortar retailers are
expected to gradually adopt the omni-channel business model to establish and
maintain constant touch with its customers by adapting to changes in consumer
buying pattern. However, the customers in Saudi Arabia prefer to buy the bags
and luggage through offline channel rather than an online channel. The Saudi
Arabia bags and luggage market consist of luxury bags, non luxury bags
and luggage sold in Saudi Arabia through the online as well as the offline
channel. Most of the bags and luggage sold in Saudi Arabia are imported from
European and Asian countries. There are some manufacturers of luxury bags in
Egypt and Turkey but they represent a very small share of the overall market.
The numbers of brands operating in the market has grown over as the years. Many
fashion brands foresee Saudi Arabia as one of the most lucrative market in the
world due to very high purchasing power of the customers.
Most of the bags manufacturers operate in
Saudi Arabia through franchise model as it help them to reduce their financial
and operational risk substantially. Some of the major retailers in the market
are Splash, Lifestyle, Rubaiyat, Harvey Nicholas and others. The share of
population belonging to 25-54 years of age is ~% of the total population. This
age group is the target customers for most of the bags and luggage products. High
per capita income which leads to high buying power is another major factor for
high potential market. The favorable socioeconomic condition of Saudi Arabia
leads to the growth of bags and luggage market. There has been an increase in
supply of bags imported from neighboring countries such as Egypt and Turkey.
The increase supply can be linked to growth of Egyptian and Turkish fashion
designers. Egyptian brand Okhtein is an example, which sells luxury bags in
Saudi Arabian market.
What
Are The Major Types Of Bags Selling In The Saudi Market?
Handbags dominated the Saudi Arabian bags
market generating nearly two third of the revenue in 2018. Bags have an
extensive product reach which include backpacks, cross body bags, handbags,
wallets and coin pouches and most of these bag types are used on a daily basis
and are considered a necessity and hence have a comparable share in the overall
market.
The demand for bag packs has grown in the
last few years especially due to rising number of laptop users and current
trend. Major Brands have been continuously innovating their product to match
the fast changing need of the customers. It has been observed that the number
of people engaging in sports activities have been increasing in last few years.
Gym bags are also getting very popular among young generation who loves to own
specific accessories for specific purpose. The rise of athleisure trend has
created an entirely new range of consumers.
What
Are The Major Types Of Handbags Trending In The Market?
The Saudi Arabia handbag market is
divided into three categories luxury, premium and economy. Premium category leads
the market and is followed by luxury and economy category. Business bags have become
a necessity for the people of Saudi Arabia, it has been observed that many
customers have started to foresee business bags as a lifestyle statement which
has prompted them to spend more. This shift in consumer behavior has resulted
in increase demand for luxury business bags in the country. Cross body bags are
not currently in fashion there is demand for these types of bags in the last
five years. Some of the luxury brands have traditionally focused their
marketing communication on ladies. However, a trend was noticed where some of
the brands are targeting men especially through media advertising. Luxury
segment is expected to register the fastest growth rate of ~% from 2018 to
2023. The economy segment will grow at the slowest rate of ~% in the above
mentioned period.
Key Segments Covered
Market Segmentation of Bags Market
Types of Bags
Backpacks
Business
Bags
Cross body
Bags
Duffel Bags
Handbags
Wallet
Other Bags
Type of Handbag
Luxury
Premium
Economy
By Distribution Channel
Multi Brand
Outlets (MBOs)
Exclusive
Brand Outlets (EBOs)
Local
Retailers
Online Sales
By Material
Leather (inc
faux and Suede leather)
Non Leather
By Region
Central
West
South
East
North
Market Segmentation of Luggage Market
By Price Segment
High (SAR
500<)
Medium (SAR
250- SAR 500)
Low (SAR
250>)
By Case Type
Hard Case
Soft Case
By Region
Central
West
South
East
North
By Sales Channel
Online
MBOs
EBOs
Local
Retailers
Time Period Captured in the Report:
Historical Period:
2013-2018
Forecast Period: 2019-2023E
Companies Covered:
Louis Vuitton (LVMH)
Avon Products Inc.
VF Corporation
Samsonite
international SA
Adidas AG
Nike Incorporated
Herschel Supply Co.
Hermes’s
Marithé et François Girbaud
Key Topics Covered in the Report
Value Chain Analysis
Market
Size,2013-2018
Market Segmentation
Trends and Developments
Issues and Challenges
Trade Scenario
Porter’s Five Forces Analysis
Competitive Scenario
Company Profile of Major Players
Future Market Size. 2018-2023
Future Market Segmentation, 2023E
Analyst Recommendation
Wallet Industry Saudi Arabia
Backpack Market Saudi Arabia
Business Bag Sales Saudi
Arabia
Luggage Turnover KSA
Hard Case Luggage Sales KSA
Imported Bag Sales Saudi
Arabia
Luxury Handbag Market KSA
Saudi Arabia Bags and
Luggage Market
Saudi Arabia Bags and
Luggage Industry
Bags and Luggage Businesses
Saudi Arabia
Saudi Arabia Bags and
Luggage Market Revenue
Major Companies Bags Saudi
Arabia
Major Companies Luggage
Saudi Arabia
Saudi Arabia Bags Sales
Saudi Arabia Luggage Revenue
Handbag Market KSA
Bags Luggage Distribution
Channels Saudi Arabia
Bags Sales in Riyadh
Luggage Market in Saudi
Arabia
Bags Market Trends KSA
Luggage and Bags Future
Saudi Arabia
Luggage and Bags Recent
Developments
Samsonite Saudi Arabia
Market
Avon Saudi Arabia Market
Louis Vuitton Saudi Arabia
Market
Adidas Saudi Arabia Market
Nike Saudi Arabia Inc.
Market
Capri Holding Company Bags
Luggage and Bags Target
Consumers Saudi Arabia
Bags demand Saudi Arabia
Luggage retailers Saudi
Arabia
Online Bags sales Saudi
Arabia
Bags importers Saudi Arabia
For More Information on the
research report, refer to below link:
Related reports
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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