Market Report, "Bags and Luggage in Hong Kong, China", published

As a trend towards increased consumer sophistication is becoming prevalent, Chinese and Hong Kong consumers are seeing a narrowing gap in their purchase preferences and behaviour as regards bags and luggage, in particular among the young middle class. Consumption of luxury international brands has reported a significant stabilisation trend as consumers become more conscious in allocating their spending. As a result, bags and luggage sales registered modest current value growth of 4% in 2015, with luggage continuing to lead the way.

Competitive Landscape

Louis Vuitton Hong Kong Ltd led bags and luggage in 2014 with a value share of 7%. However, along with those achieved by Gucci Group (Hong Kong) Ltd and Prada Asia Pacific Ltd, in second and third positions, respectively, in 2014, its value growth rate was lacklustre and each of the three companies saw a marginal reduction in value share. The weakened sales performance was largely attributed to the extended negative impact of the Chinese government’s anticorruption campaign, changing consumer preferences and the prodemocracy protests that clogged up the streets during the fourth quarter of 2014.

Full Report Details at
- http://www.fastmr.com/prod/1058081_bags_luggage_hong_kong_china.aspx?afid=301

Industry Prospects

Over the forecast period, bags and luggage sales are expected to increase by a value CAGR of 2% at constant 2015 prices. This is relatively lower than the review period CAGR at constant 2015 prices due to the strong growth in the review period forming a high base. Bags and luggage is also gradually maturing as the largest consumer group, namely mainland Chinese, saw saturation in arrival numbers in 2014, whilst local consumer sentiment will maintain steady growth. Besides, rising emergence of affordable luxury fashion brands and product designs, e-commerce and a multichannel marketing approach will be the key winning aspects in bags and luggage.

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