China General Merchandise Fair: Market development status of China's luggage industry in 2024

　　China Daily Merchandise Fair mastered that the luggage industry refers to the collection of a series of luggage products committed to the production, sales and provision of related services。This industry covers the entire industry chain from design, research and development, manufacturing to sales and after-sales service。

Luggage products include but are not limited to handbags, backpacks, briefcases, suitcases, purses, cosmetic bags, computer bags, etc. They are usually made of leather, artificial leather, synthetic leather, plastic, textile and other materials。While ensuring People's Daily life and travel, the luggage industry also highlights the pursuit of fashion, taste and personalization。

According to the National Economic Industry Classification and Code formulated by the National Bureau of Statistics, the luggage manufacturing industry in China is classified as leather, fur, feathers and their products and footwear industry (National Bureau of Statistics code C19) in the leather goods manufacturing (C192), its statistical level 4 code is C1922。In addition, the luggage industry can also be classified according to many aspects of product materials, use occasions and consumer groups, fully reflecting the diversity of its products and the breadth of the market。

Market development status of luggage industry

China Daily Merchandise Fair has grasped that the data predicts that the global luggage market revenue will reach 187.6 billion US dollars in 2024, and it is estimated that the compound annual growth rate of the luggage market will be maintained at 3.93%左右。In 2023, the global luggage and briefcase market sales reached 161.$300 million and is projected to grow to 303 by 2030.$800 million with a compound annual growth rate (CAGR) of 9.6%(2024-2030)。

In 2022, China's total retail sales of luggage consumer goods reached 2,318.900 million yuan, reflecting the huge scale of China's luggage market。Forecast analysis, in 2025, the global luggage market will reach about 211.2 billion US dollars, while China's luggage market will reach 337.9 billion yuan, showing China's important position in the global luggage market。

Consumers' demand for bags is gradually changing from practicality to quality and personalization, and the demand for high-end and luxury bags is increasing。With the improvement of environmental awareness, consumers' demand for environmentally friendly bags is also growing, and they are more concerned about whether the material and production process of bags are environmentally friendly and sustainable。

China's luggage manufacturing industry has a high degree of marketization, a completely competitive market, and the level of production quality is uneven。The export volume of China's luggage is much larger than the import volume, and the export amount of China's luggage in 2022 is 2392.5.1 billion yuan, showing the competitiveness of China's luggage in the global market。

By subcategory, the luggage market can be divided into handbags, bags and containers, suitcases and briefcases, purses and small bags market, in which handbags occupy the largest market share。In terms of sales, luggage sales are still dominated by offline physical stores, but with the prevalence of e-commerce, the proportion of online sales is gradually increasing。

The above is the luggage industry related information brought by the small edition of China Daily Merchandise Fair. If you are interested, you can come to the exhibition site to learn more about the industry information。

　　Source: China Research Network