CLEVELAND, Dec. 7, 2021 /PRNewswire/ -- US demand for luggage, handbags, and accessories in nominal terms is expected to see annual growth of 7.5% through 2025 from a depressed 2020 base, according to Luggage, Handbags, & Accessories: United States, a report recently released by Freedonia Focus Reports. Suppliers will benefit from increases in consumer disposable incomes and travel and tourism spending. In addition, demand in value terms is projected to grow due to product developments, marketing initiatives, and price increases. US shipments are projected to rise 4.4% annually to 2025 from a low 2020 base. While imports of less expensive leather products and non-leather allied products will continue to compete for sales with US produced goods, US manufacturers stand to benefit from rising demand for high-quality products, though not necessarily high-end luxury items, in both domestic and export markets.
US demand is expected to advance 32% in 2021 as the economy recovers from the impact of the COVID-19 pandemic. Specifically, recovery in travel and tourism, growth in disposable personal income, and delaying of purchases in 2020 will fuel this growth. Despite expected increases to 2025, disposable personal income is expected to see a correctional decline in 2022, as government stimulus wanes and gains from delayed purchases dissipate. Leather women's handbags will see the largest gains in 2021.
These and other key insights are featured in Luggage, Handbags, & Accessories: United States. This report forecasts to 2021 and 2025 US luggage, handbag, and accessory demand and shipments in nominal US dollars at the manufacturer level. Total demand is segmented by product in terms of:
- non-leather luggage
- leather luggage
- non-leather women's handbags
- leather women's handbags
- non-leather personal goods
- leather personal goods
- other products such as animal collars, belts, and gloves
Total shipments are segmented by product as follows:
- women's handbags
- personal goods
- other products
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2010 to 2020.
Where applicable, leather segments include only products made from leather, patent leather, or composition leather (leather made from recycled off-cuts). Faux leather, faux fur, and similar products are included in the respective non-leather segments. Hides, skins, and other intermediary leather products are outside the scope of this report. Footwear and athletic gloves (e.g., boxing, baseball, and golfing gloves) are excluded from the scope of this report. Re-exports of luggage, handbags, and accessories are excluded from demand and trade figures.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group