India is among the top 5 markets for the luggage industry. The main reasons for this are the ever-growing population of India and the improvement in the standard of living in past few years. Luggage industry is one of those profit-making industries which have been ignored by the big names.
According to the industry estimates, Indian domestic branded luggage market is growing at the rate of 9 to 12 percent per annum. The domestic branded market is of net worth Rs 6,000 crores whereas the non-branded is of Rs 15,000 crore.
Indians had a perception about luggage that it is only a utility, not a stylish accessory but brands like VIP, Fast Track, Samsonite and American Tourister have changed this thinking and the market has become very competitive. Also, the increase in interest of people towards travelling has made a huge impact on the sales in the luggage industry, especially the branded ones, as consumers now see luggage as a status symbol. Gifting branded luggage has now become part of the wedding trousseau and this gives a boost to the sales of bags and suitcases during the wedding season. The growth of the Indian airline industry could be another important factor.
Indian luggage industry is growing at 18 percent compound annual growth rate (CAGR) which is a very good number when we compare it with other industries. Brands are now focussing on youth-related items because youngsters are more keen to travel and experience adventure. Online Marketplaces have also contributed to growth as now companies have a wider reach and are selling products to the people who didn’t even knew the names of these brands a few years ago.
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