Travel and Business Bags Market in Russia 2015-2019
About Travel and Business Bags Market in Russia
The travel and business bags market in Russia is expected to grow consistently during 2015-2019, owing to an increase in travel and tourism activities and the rising number of business travelers in the country. The surge in travel traffic has increased the sales of the travel and business bags. Rapid urbanization has also contributed to improved standard of living, resulting in consumers increasingly opting for stylish, and large bags for their travels. The changing political, economic, and social environment, and the rising e-commerce sector will propel growth in Russia, making it a recognized market globally.
The travel and business bags market in the US has five segments: Duffle bags, trolley bags and suitcases, backpacks, and business bags. Trolley bags and suitcases segment dominated the market with 46.10% and 39.42%, in terms of revenue and volume, respectively.
Technavio analysts forecast the travel and business bags market in Russia to grow at a CAGR of 4.27% and 3.69%, in terms of revenue and volume, respectively, during 2014-2019.
Covered in this Report
The Technavio report, namely Travel and Business Bags Market in Russia 2015-2019, is based on an in-depth market analysis, with inputs from industry experts. It also covers the market landscape in Russia and its growth prospects in the coming years. The report includes the key vendors operating in the market.
Technavio Announces the Publication of its Research Report – Travel and Business Bags Market in Russia 2015-2019
Technavio recognizes the following companies as the key players in the Travel and Business Bags Market in Russia: Antler, BRIC's, Delsey, Rimowa, Samsonite, Tumi and VF Corp
Other Prominent Vendors in the market are: Adidas, Anyvention, Amazonlife, Alfred Dunhill, Boconi, C & J Clark International, Caribee, Changshu Maydiang, Group, Donna Karan International (DKNY), Ferrari, Fossil, Gianni Sgai, it luggage, Jany Luggage, Peers C. International, Pierre Cardin, Puma, Quanzhou Rodger Leather &Plastic, Real Deal, USB International and Wenger
Commenting on the report, an analyst from Technavio’s team said: “The Per Household Consumption (PHC) of travel and business bags is gradually rising because of the rise in travel and the working population coupled with increased buying frequency. The demand for travel and business bags among consumers in Russia is gaining momentum with an increase in the middle-class population and their income. The growing number of retail outlets exclusively for travel and business bags, coupled with lucrative offers and discounts, will also drive the per capita consumption over the forecast period.”
According to the report, Russia is considered to be the fastest growing outbound market in terms of expenditure. The rising middle class is the major driving factor for outbound travel. Russia is one of the major drivers of European outbound travel, with a double-digit growth rate. However, in 2014, outbound travel reported a decline during the first eight months because of the Ukrainian crisis, the most visited tourist destination in 2013. However, excluding outbound trips to Ukraine, the Russian market grew for the same period. With the rise in the outbound travel level, demand for travel bags is likely to increase and fuel the sales of the same.
Further, the report states that increase in competition from local brands and counterfeit products is impacting the profit margins of genuine manufacturers.
Antler, BRIC's, Delsey, Rimowa, Samsonite, Tumi, VF Corp, Adidas, Anyvention, Amazonlife, Alfred Dunhill, Boconi, C & J Clark International, Caribee, Changshu Maydiang, Group, Donna Karan International (DKNY), Ferrari, Fossil, Gianni Sgai, it luggage, Jany Luggage, Peers C. International, Pierre Cardin, Puma, Quanzhou Rodger Leather &Plastic, Real Deal, USB International, Wenger
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