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The old bags reformer changes a bag from USD200.00. What is the current situation and prospects of the luggage & bags industry market?

According to reports, the conversion of an old package reformer to a package starts at USD200.00, because environmental protection has spawned a new career. When Shanghai implemented garbage sorting two years ago, Pei Mana saw the need to transform luxury bags and became an old bag reformer: changing at most one a day, giving 500 bags a second life in two years; even though the unit price is USD200.00 to USD937.50, but the customers are still full. Pei Mana said: "The old bags is transformed into a lower-carbon and environmentally friendly handbags, and the order for the online store is up to the end of the year."

What is the current situation and prospects of the luggage & bags industry market?

The distribution of the domestic luggage industry chain is reflected in the severe polarization in the market. First, the pattern of domestic luggage & bags is generally low-end, weak brand, low markup rate, and the unit price is generally below USD100.00. The second is that overseas brands occupy high-end product lines, with unit prices ranging from thousands to tens of thousands of RMB, and the price increase rate is high. The discontinuation of the brand has become a good opportunity for the development of domestic high-cost luggage brands such as Aihuashi and 90 points. The sales of suitcases priced at USD50.00- USD200.00 are hot selling .

According to changes in consumer tastes, the materials of luggage are more diversified. Leather, PU, polyester, canvas, cotton and linen luggage lead the fashion trend. At the same time, in the era of increasing individuality, various styles such as simplicity, retro, cartoon, etc. also cater to the needs of fashionable people to express their individuality from different aspects. The styles of luggage are also expanded from traditional business bags, school bags, travel bags, wallets, and small sachets.

The luggage industry has a significant brand effect. China-made luggage & bags products are concentrated in the low-end market, with weak brand influence and low product unit prices. In the context of consumption upgrades, consumers are paying more attention to the product quality and brand awareness of luggage, and the personalized and intelligent mid-to-high-end luggage market has great development potential.

The luggage & bags industry is a vigorous and fast-consuming industry with promising market development prospects. From 2009 to 2019, the overall market size of the global luggage industry showed an upward trend. In 2019, global luggage sales reached 156 billion U.S. dollars, of which China and the United States accounted for 24% of the market share. In recent years, my country's luggage industry has grown rapidly. In 2019, the market size reached about USD40 billion US dollars, with an average annual compound growth rate of nearly 10%. From the perspective of the growth rate of the market scale, the growth rate of the market scale of China's luggage industry is ahead of the world. From the perspective of the development trend of the global luggage industry, the expansion of the Chinese luggage market will lead the global industry to continue to rise; on the other hand, the recovery of the tourism market after the epidemic will further promote the development of the industry, and the global market is expected to reach approximately US$211.2 billion by 2025 .

In recent years, with the rapid development of the China's economy, people’s lives have become increasingly prosperous, and official travel and outings have become more frequent. Travel luggage & bags has become an indispensable consumer product in people’s daily lives. China's luggage & bags production has accounted for more than 70% of the world's share, and has occupied a major consumer market position in the world. With the rapid development of the luggage & bags industry, the number of Chinese luggage & bags companies is also increasing. At present, they are mainly concentrated in the coastal provinces of Guangdong, Fujian, Zhejiang, Shandong, Shanghai, Jiangsu, and the inland Hebei and Hunan provinces. The degree of concentration has increased. Drive the sales scale of China's luggage & bags industry.

Compared with the deeper brand precipitation in the international luggage & bags industry, China’s luggage & bags industry started late, but with economic globalization and China’s growing economic level, the brand awareness of the domestic luggage & bags industry has awakened. Changes and upgrades, reshaping brand value, ushered in new development opportunities in the post-epidemic era. Nowadays, China's luggage & bags industry is not only the global manufacturing center, but also the world's largest consumer market. China has thousands of luggage & bags manufacturers and produces nearly one-third of the world's luggage. The recovery of the tourism market after the epidemic will further promote the development of the industry. By 2025, the global market is expected to reach approximately US$211.2 billion. It can be seen that China's luggage & bags market is huge and has been in a period of accelerated growth in recent years.

At the same time, under the current background of consumption upgrades, consumers are paying more attention to the product quality and brand awareness of luggage & bags, and the personalized and intelligent mid-to-high-end luggage & bags market has great potential for development.

The development of leather goods and luggage&bags industry has entered the "fast lane"

In the workshop of Guangzhou Inclusive World Leather Co., Ltd. in Huadu District Guangzhou Leather Bags Technology Industrial Park, workers are rushing to make orders. At present, the company's sales in the first quarter have reached more than USD5 million US dollars, and it is expected that the output value will exceed USD12.5 million US Dollars this year, showing a good trend of both production and sales. In recent years, Huadu Guangzhou has taken the initiative to connect with the Guangdong-Hong Kong-Macao Greater Bay Area, undertake the transfer of the leather goods and luggage&bags industry, introduce more than 80 leather goods and luggage&bags companies, and attract more than 40,000 leather goods and luggage industrial workers who work abroad to return to their hometowns to start their own businesses. "China's Innovation Capital of Leather Goods and Bags".


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