The travel and business bags market will register a CAGR of almost 7% by 2023
NEW YORK, April 11, 2019 /PRNewswire/ --
About this market
Lightweight bags are best suited for travel. This is because of the continuous enforcement of strict weight regulations and the sharply rising fares on luggage by the airline industry. Hence, vendors operating in the market are introducing lightweight travel bags by using high-end technologies and hard-sided materials to address this growing demand. Lightweight and ultra-light travel bags are convenient to carry during travel and save luggage weight charges. They also allow users to carry more luggage and offer them leverage to shop at their travel destinations within their stipulated luggage allowance. Analysts have predicted that the travel and business bags market will register a CAGR of almost 7% by 2023.
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Market Overview
Increased product and brand promotions and marketing campaigns
Vendors of travel and business bags invest heavily in the marketing and promotion of their products. They focus on consumer engagement, reinforcement of brand relevance, increasing brand awareness, and guiding consumers to stores or shopping websites. Vendors use various methods to increase their brand equity and promote their products, such as direct marketing, which includes e-mail, print advertising, catalogs, and brochures; in-store events; and Internet marketing techniques.
Rising labor cost and fluctuating raw material prices
Changing economic conditions also adversely affect the labor cost of other countries from where these companies import supply. Therefore, an increase in the production cost lowers the profit margins of vendors, which is a challenge for the market. Therefore, vendors adopt and invest in new technologies. engage in collaborations and automate their manufacturing processes.
For the detailed list of factors that will drive and challenge the growth of the travel and business bags market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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