Bags and Luggage in Singapore: New research report available at Fast Market Research

Bags and luggage recorded similar current value growth in 2015 to 2014. The more essential nature of bags and luggage supported its performance, especially with these being key fashion items for female consumers. Consumers’ rising image and brand consciousness sustained their willingness to spend on luxury bags and luggage, especially handbags, during 2015, which boosted the category’s current value growth.

Competitive Landscape

Louis Vuitton Singapore Pte Ltd retained its leadership in bags and luggage in 2015, with a 12% value share. The company has a comprehensive brand portfolio, including Louis Vuitton, Céline and Loewe, which sustained its leadership over the review period. Louis Vuitton remained the largest brand, with a 9% value share, making a gain from 2014. The brand has moved away from monogram-loaded designs and towards a classier and more sophisticated look, in response to consumers’ shift towards less conspicuous brands.

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Industry Prospects

Bags and luggage is expected to grow positively in constant value over the forecast period. Consumers continue to be keen to trade up to luxury bags and luggage, as they appreciate these brands for the heritage, exclusivity, product quality and designs. The expected improvement in economic conditions globally and in Singapore will further boost consumers’ disposable incomes and thus their ability to trade up to luxury bags and luggage.

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