A personal accessory retailer is a retail businesses that predominantly sells personal accessories. A luggage retailer or bag store may sell

handbag A handbag, commonly known as a purse in North American English, is a handled medium-to-large bag used to carry personal items. It has also been called a pocketbook in parts of the U.S. Terminology The term "purse" originally referred to a smal ...

wallet A wallet is a flat case or pouch, often used to carry small personal items such as physical currency, debit cards, and credit cards; identification documents such as driving licence, identification card, club card; photographs, transit pass, b ...

briefcase A briefcase or an attaché case (/əˈtæʃeɪ/) is a narrow hard-sided box-shaped bag or case used mainly for carrying papers and equipped with a handle. Lawyers commonly use briefcases to carry briefs to present to a court, hence the name. Bu ...

s, sports bags, travel baggage, and travel-related products. Other retailers may specialise in

wig A wig is a head covering made from human or animal hair, or a synthetic imitation thereof. The word is short for "periwig". Wigs may be worn to disguise baldness, to alter the wearer's appearance, or as part of certain professional uniforms. H ...

umbrella An umbrella or parasol is a folding canopy supported by wooden or metal ribs that is mounted on a wooden, metal, or plastic pole. It is usually designed to protect a person against rain. The term ''umbrella'' is traditionally used when protec ...

sunglasses Sunglasses or sun glasses (informally called shades or sunnies; more names Sunglasses#Other names, below) are a form of Eye protection, protective eyewear designed primarily to prevent bright sunlight and high-energy visible light from damagin ...

jewellery Jewellery (or jewelry in American English) consists of decorative items worn for personal adornment such as brooches, ring (jewellery), rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery may be attached to the body or the ...

, and

leather goods Leather is a strong, flexible and durable material obtained from the tanning, or chemical treatment, of animal skins and hides to prevent decay. The most common leathers come from cattle, sheep, goats, equine animals, buffalo, pigs and hogs, ...

. The increase in the demand for baggage is directly proportional to the rapid growth of

tourism Tourism is travel for pleasure, and the Commerce, commercial activity of providing and supporting such travel. World Tourism Organization, UN Tourism defines tourism more generally, in terms which go "beyond the common perception of tourism as ...

, particularly by the growing international

middle class The middle class refers to a class of people in the middle of a social hierarchy, often defined by occupation, income, education, or social status. The term has historically been associated with modernity, capitalism and political debate. C ...

and

baby boomer Baby boomers, often shortened to boomers, are the demographic cohort preceded by the Silent Generation and followed by Generation X. The generation is often defined as people born from 1946 to 1964 during the mid-20th century baby boom that ...

population.

China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...

, the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

, the

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

, and the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

all have large markets of outbound tourists. While the North American region has the largest luggage sector, the Asia-Pacific region has the fastest-growing sector and some Asian countries, like India, have particularly competitive luggage markets. The increase in demand for handbags has been the result of a rising women workforce, particularly in developing countries, and increased brand awareness, particularly in developed countries. Europe makes up about 35% of the global market, but

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

and

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

are key growth markets.

History

The

COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...

led to a sharp decline in sales of luggage and personal accessories, due to travel restrictions, social distancing rules and reduced disposable income. The value of the global luggage market dropped from $22 billion in 2019 to $16 billion in 2020. The sector only recorded modest growth in many countries in 2021. However, the sector is expected to recover. The global luggage market is expected to average 8.6% annual growth between 2021 and 2025. The global handbag market is expected to average 6.7% annual growth, from US$49.63 billion in 2021 to US$78.46 billion in 2028.

References

{{Retail

History

See also

References