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According to Hand Luggage and Leather Goods, a new Market Report from market intelligence provider Key Note, the UK market has faced a few turbulent years in terms of sales, as the recession has had a significant impact on consumer spending. This is believed to have led to a drop in retail sales for the industry over recent years as consumers have reduced their spending on luxury and non-essential items. In addition, a decline in travelling among UK residents has also reduced potential sales for the luggage industry. Overall, these factors have resulted in a drop in value occurring in the market since 2009, with year-on-year drops of 1.4%, 1.5% and 0.8%. The market is currently valued at £1.08bn, representing a drop of 2.4% in value since 2007.
There have been a number of factors, however, that have helped the market remain at a relatively stable value in comparison to other markets in the UK, primarily the growing emphasis on the importance of accessories among the fashion conscious, particularly items such as handbags. In addition, the proliferation of celebrity culture is helping to boost sales of specific luxury brands. Associations to well-known public figures are often successful for companies as consumers link the brand to the current styles and fashions of the icons they aim to emulate.
These trends, coupled with a strong export market of British-made items -- synonymous with luxury around the world -- are predicted to help ensure continued growth of the market over the coming years. Between 2012 and 2016 Key Note estimates that the hand luggage and leather goods market will grow by 4.4% to reach a value of £1.46bn in the latter year.
Press enquiries: Jack Sykes at Key Note at firstname.lastname@example.org or 0845 504 0452. Press/review copies of the report are available on request.