Bags and luggage is set to see slow retail volume growth throughout the forecast period, with luggage expected to continue to perform better than bags in volume terms as travel continues to soar. Meanwhile, higher growth rates are expected in bags and luggage in current value terms, with bags set to see the better performance by this measure, due to the popularity of luxury handbags.
Millennials and Gen Z in South Korea lead “meaning-out” consumption, whereby consumers express their personal values when choosing brands. While their “digging consumption” leads to a willingness to invest in luxury bags, their “meaning-out” attitude makes them smart consumers, as they identify value for money brands which offer good quality and moderate prices.
Department stores is set to remain the most popular distribution channel for bags and luggage in South Korea in value terms in 2023, and indeed throughout the forecast period, although it is expected to lose share to retail e-commerce. Sales through department stores rebounded in 2022 due to a combination of revived economic activity and the reopening of local society, while the release of pent-up demand also drove demand.
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Understand the latest market trends and future growth opportunities for the Bags and Luggage industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Bags and Luggage
Bags and Luggage includes bags and cases which serve common everyday purposes or specific functions during travel, sports, or formal occasions. However, all sports equipment bags (e.g. golf, tennis, and bowling), insulated food and beverage bags, and musical instrument cases are excluded.
See All of Our DefinitionsThis report originates from Passport, our Bags and Luggage research and analysis database.
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