The Chinese luggage and leather goods market holds huge growth potential in the forecast period. The market is positively influenced by increasing household disposable income, a rising affluent middle class, rapid urbanization, a rising demand for luxury in lower tier cities, and a surge in the number of those travelling. Most luggage and leather goods retailers have a very strong footprint on tier I and tier II cities in China, but very soon tier III and IV cities will join hands with larger cities to drive the market.
Scope
• The luggage and leather goods retail sector is expected to generate CNY243.3 billion of sales in 2020, representing a CAGR of 14.43% over the forecast period
• A rising middle class with increased disposable income and altering lifestyles are driving retail demand and retailer’s expansion plans in tier lll and tier lV cities will drive further growth
• Per capita spending on luggage and leather goods will continue to soar, with a CAGR of 13.8% over the next five years.
• The growing interest for the online purchase of luggage and leather goods will drive online spending, at a rate of 25.4% over the next five years
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