GURUGRAM, India, Sept. 3, 2019 /PRNewswire/ -- Key Findings
- The bags and luggage industry in Saudi Arabia is expected to witness the change in the design of bags and luggage. Use of IoT for technology like GPS and in-built mobile chargers may find its way into day to day accessories.
- Improvisation of selling methodology to improve online retailing experience is likely to be the key focus areas for bags and luggage retailers in Saudi Arabia.
- The Avenues is an under construction retail facility extending across 390,000 sq-m and is set to become one of the Middle East's largest shopping malls. It is expected to boost the retails presence of bags and luggage market.
Change in Consumer Behavior: The customer retention of major brands such as LMVH, Michael Kors, Hermes and others have decreased in the country. This resulted reorientation of marketing strategy to gain and retain customers. Companies like Michel Kors have started their customer loyalty program which aims to provide special privileges in order to improve their customer retention.
Omni Channel Strategy: The advent of E-commerce has provided an opportunity for the bag and luggage brands to expand their reach in the market. Offline which is expected remain the largest segment in the future as well may see slower growth as compared to online retail. The fashion retail industry is expected to expand during this period creating demand for bags as accessories. There were a number of marketing initiatives undertaken by various fashion retail companies to enhance their brand equity in the eyes of customers by providing bags as bundled accessory with apparel.
Market Entry of Regional Brands: It is expected that there will be an increase in supply of bags imported from neighboring countries such as Egypt and Turkey due to rising popularity of Egyptian and Turkish fashion designers. Egyptian brand Okhtein is an example, which sells luxury bags. The brand is owned by Egypt based designers Aya and Mounaz Abdelraouf and retails their high-end bags through multi brand retail chain Harvey Nicholas.
Analysts at Ken Research in their latest publication "Saudi Arabia Bags and Luggage Market Outlook to 2023 – By Type (Backpacks, Business Bags, Cross body Bags, Duffel Bags, Handbags, Wallet and Other Bags); By Handbag Price Segment (Luxury, Premium, Economy)" expect that the Bags and Luggage Market will increase due to increasing domestic and outbound tourism. The market is expected to register a positive CAGR of 16.3% in terms of revenue during the forecast period 2018-2023E.
Key Segments Covered
Saudi Arabia Luggage and Bags Market
Market Segmentation of Bags Market
- Types of Bags
- Business Bags
- Cross body Bags
- Duffel Bags
- Other Bags
Type of Handbag
By Retail Format
- Multi Brand Outlets (MBOs)
- Exclusive Brand Outlets (EBOs)
- Local Retailers
By Sales Channel
- Online Channel
- Offline Channel
- Leather (inc faux and Suede leather)
- Non Leather
Market Segmentation of Luggage Market
By Price Segment
- High (SAR 500<)
- Medium (SAR 250- SAR 500)
- Low (SAR 250>)
By Case Type
- Hard Case
- Soft Case
By Sales Channel
By Retail Format
- Local Retailers
Time Period Captured in the Report:
- Historical Period: 2013-2018
- Forecast Period: 2019-2023E
- Louis Vuitton (LVMH)
- Avon Products Inc.
- VF Corporation
- Samsonite international SA
- Adidas AG
- Nike Incorporated
- Herschel Supply Co.
- Marithe et François Girbaud
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Value Chain Analysis
- Market Size,2013-2018
- Market Segmentation
- Trends and Developments
- Issues and Challenges
- Trade Scenario
- Porter's Five Forces Analysis
- Competitive Scenario
- Company Profile of Major Players
- Future Market Size. 2018-2023
- Future Market Segmentation, 2023E
- Analyst Recommendation
For more information on the market research report, please refer to the below link:
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SOURCE Ken Research