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Luggage & Accessory Stores

Luggage & Accessory Stores

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Executive summary

The Handbag, Luggage and Accessory Stores industry includes specialty retail stores that primarily sell fashion accessories, such as handbags, costume jewelry, hats and small leather accessories. The industry also includes stores that primarily sell suitcases, backpacks and other kinds of luggage. Over the five years to 2022, this industry has fared well, particularly as per capita disposable income increased, granting higher purchasing power to key downstream markets. Additionally, the number of trips, both foreign and domestic, taken by US residents exhibited strong growth in the first half of the period, driving demand for luggage items. However, sharp declines in spending and travel amid the COVID-19 (coronavirus) pandemic have pressured key markets. To the industry's benefit, demand is expected to bounce back in 2021 and 2022 due to the mass immunization efforts. Consequently, IBISWorld expects industry revenue to increase at an annualized rate of 4.7% to $21.0 billion over the five years to 2022, benefiting from an anticipated 16.9% increase in 2022 alone as the industry recovers from the pandemic and easing regulations.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

EMPLOYMENT
The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners, managers and executives within the industry.

Colloquial Terminology

ASPIRATIONAL SHOPPER
Shoppers who aspire to purchase high-end luxury goods, but limit their budget to about an estimated $300.00, thereby purchasing small-ticket items like such as purses and accessories.

BABY BOOMERS
The generation born in the post-World War II era.

GENERATION X
The generation following the baby-boomer generation.

GENERATION Y
Individuals who were born to baby boomers and follow Generation X.

LIPSTICK EFFECT
A theory proposed by Leonard Lauder, of Estée Lauder, which states that consumers will purchase lower-cost luxuries rather than higher-priced luxuries in times of economic uncertainty.

OUTSOURCING
Subcontracting process where manufacturing is conducted by a third-party company, either locally or internationally.

Details

Despite growth, industry revenue has been pressured by heightened levels of competition. The industry competes with a host of external operators, including discount retailers, outlet stores, department stores and internet retailers.
In particular, online retailers have represented a mounting threat to the industry's growth, especially as consumers become more comfortable conducting high-value transactions online. Additionally, online retailers generally offer lower prices than brick-and-mortar retailers because they incur lower overhead costs. Nevertheless, consolidation in the industry has lowered operating costs, bolstering industry profit despite pandemic-related declines in 2020.

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