India Luggage and Bags Market revenue has grown close to INR 20 Th Crores in 2019- Which factors will make the industry more lucrative in future? : Ken Research
Organized players have increased innovations and continue to launch new variants. They offer lifetime warranties on several products, says a report by Ken Research
1. How GST has changed the landscape of Luggage Manufacturers in India?
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Implementation of GST has boosted organized sales of major players. The impact of GST was majorly seen towards the mass / economy segment where Safari Industries has a major presence. The government was responsive by abolishing three quarters of the items and as of today, luggage and bags are subjected to 18% GST rate under consumer durables category. Volatile sales pattern was observed in the initial months, followed by approximately 30-40% increase in terms of sales revenue post GST implementation. GST has also brought changes in the logistics, billing and need for a centralized warehouse for bulk storage of stock therefore, reducing overhead costs for corporate in the long run.
Impact of GST on various Luxury Goods in India
2. India Luggage Market Segmentation by type of wheel and non-wheel-based luggage, 2019.
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It has been observed that luggage bags with wheels contributed a massive share of 81.6% in the luggage market of India during 2019 as compared to non-wheeled luggage which accounted for 18.4% share. This has been largely due to rise in preference for luggage with wheels which enable easy movement of bags from one place to another. Wheeled luggage bags are preferred by multiple travelers because of its high durability, flexibility, convenience, and functionality. On the other hand, the contribution of non-wheel luggage bags has declined over the years.
3. Gauging the impact of travel and tourism in India on luggage and bags industry
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It was observed that total number of tourists who visited domestically in all states/UTs of India was evaluated at 1,000 Mn during the year 2013 which expanded to 1,800 Mn in 2018 and is expected to increase in the near future which will tend to enhance the demand for luggage bags among the masses, therefore leading to the overall growth of the luggage market in the country.
Surge in the total number of events and global business meetings have been driving corporate tourism in the country therefore, encouraging Corporate to continuously explore around and spend big over business travel. In addition to that, massive change in the visa policies and increasing availability of direct flights are bridging the gap between countries. Apart from that, the country’s outbound MICE tourism has been growing and is further expected to reach USD 9 Bn by 2025.
