Bags and Luggage in China - New Report Available

From: Fast Market Research, Inc.
Published: Tue Oct 13 2015

In March 2015, luxury brand Chanel announced its intention to reduce the prices of its iconic handbag products such as Le Boy and 2.55 in China, while raising selling prices in Europe to harmonise its global pricing. The price adjustment was aimed at helping fight against parallel resale which could hurt the global balance of business, the reputation and character of the brand. This move may encourage other luxury brands to adopt a similar approach over the forecast period, which is expected to stimulate domestic sales given the obvious market slowdown in luxury bags in China.

Competitive Landscape

LVMH Fashion (Shanghai) Trading Co Ltd maintained the leading position in bags and luggage in 2014, despite losing some market value share. Its continued lead is attributed to its very wide product portfolio of luxury brands such as Louis Vuitton and CĂ©line, which are present across various product categories including handbags, crossbody bags, business bags, wallets and coin pouches as well as luggage. In addition, the continuous enhanced brand reputation enabled the company to capture and maintain the interest of many Chinese consumers in its products.

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Industry Prospects

Bags and luggage in China is expected to post a retail value CAGR of 5% at constant 2015 prices over the forecast period. The steady value growth is due to a combination of various factors. Rising disposable income is set to have a positive impact on consumers’ purchasing decision process in bags and luggage, with many consumers likely to purchase more bags and luggage more frequently as well as trade up to more premium brands and expensive products. Meanwhile, more international companies are expected to enter or accelerate their expansion in China, to gain wider presence in the vast market and stimulate value sales over the forecast period.

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