Surge in Travel Boosts India’s Luggage Industry, Reports Crisil

Surge in Travel Boosts India's Luggage Industry, Reports Crisil
Rising penetration of hard luggage and continuing momentum in tourism and corporate travel will help companies report strong sales.

Mumbai, India – The travel industry’s resurgent growth in India has spurred a notable uptick in demand for luggage and travel accessories, leading to a boon for the country’s luggage industry, according to a recent report by Crisil, a leading global analytics company.

As the world gradually emerges from the challenges posed by the global pandemic, travel enthusiasts are seizing the opportunity to explore new horizons once again. This travel revival has ignited a surge in demand for luggage and travel-related products, driving the growth of the luggage industry in India. The Crisil report highlights that the luggage sector is experiencing a significant rebound as travelers invest in quality travel gear for their journeys.

The report indicates that both domestic and international travel are contributing to the rise in demand for luggage products. The increased frequency of short getaways and vacations within the country has led to a surge in the sale of suitcases, travel bags, backpacks, and travel accessories. Simultaneously, international travel, which had faced a steep decline during the pandemic, is also on the rise, further boosting the demand for high-quality luggage that can withstand the rigors of long journeys.

Crisil’s analysis reveals that the luggage industry’s revenue has witnessed a commendable year-on-year growth of 15%, showcasing the remarkable resurgence following the pandemic-induced slump. The report predicts that this upward trend is expected to continue as travel remains a priority for individuals seeking leisure, business opportunities, or reuniting with loved ones.

Experts believe that this surge in demand is not only driven by an increased willingness to travel but also by changing consumer preferences. Travelers are now seeking durable and innovative luggage solutions that cater to their specific needs. The industry is responding by introducing advanced features, lightweight materials, and versatile designs that enhance convenience and meet the evolving demands of modern travelers.

As consumers become more discerning about their luggage choices, established luggage brands and manufacturers are competing to offer a wider range of products that cater to various travel styles, preferences, and budgets. This competitive landscape is fostering innovation and driving the industry’s growth to new heights.

The Crisil report concludes that the revival of the travel industry is a significant contributing factor to the positive trajectory of India’s luggage sector. As the nation’s economy rebounds and travel becomes an integral part of people’s lives once again, the luggage industry is poised to further capitalize on this trend and continue its upward trajectory.

With India’s luggage industry benefiting from the surge in travel, both travelers and manufacturers are reaping the rewards of a revitalized travel landscape, showcasing the resilience and adaptability of the nation’s business sectors in the face of adversity.

Disclaimer: This article is based on information available up to August 10, 2023. Any subsequent developments or changes in the market dynamics may not be reflected.