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Hand Luggage & Leather Goods Market Report 2007
Key Note Publications Ltd, Jan 2007, Pages: 110
This Market Report on hand luggage and leather goods considers the manufacture and retail of a wide range of products, including handbags, suitcases, overnight bags and holdalls, business cases and a broad array of small leather goods such as purses, wallets and credit-card holders. Their combined total retail value, worth an estimated £1.09bn in 2006, has seen little year-on-year growth, as the industry has been characterised by high levels of discounting and cheap imports at the lower end of the market, detracting from the premium end's potential to increase value sales.
Factors that have affected the EU textiles, clothing and footwear sector — of which leather is a part — in recent years have included increased productivity through modernisation and restructuring of the industry (which has resulted in a loss of approximately a third of the workforce), EU enlargement, increased competition (particularly from developing countries), and the abolition of import quotas. However, although imports have grown following the end of the quota system in January 2005, their overall increases (both volume and value) have not been as threatening as might have been feared. Nevertheless, the value of UK manufacturers' sales of luggage and leather goods has plummeted in recent years and the manufacturing industry suffers from low profit margins and unreliable supplies of raw materials (particularly good-quality local hides), at the same time needing to invest heavily in compliance with strict environmental standards. As is the case in so many British manufacturing industries, competition from cheap overseas operators means that it must concentrate on handmade, quality products with the appeal of fashion and style, and the British leather industry justifiably has a longstanding reputation for quality, consistency and reliability.
Positive factors contributing to future growth in retail sales values include a growing population and an increased incidence of travel. While budget airlines have made short breaks easy and affordable, more people are also travelling further afield to more exotic destinations. Security measures introduced in summer 2006, regarding the maximum size of luggage permitted in an aircraft's cabin, have led manufacturers to design practical pieces that comply with these regulations and which are attractive to people wanting to avoid checking in any luggage and minimise the risk of damaged or lost luggage.
On a less encouraging note, there were two rises in interest rates between August and November 2006, with a further rise expected by February 2007, adding to pressure of rising utility bills and council taxes on households. According to a survey conducted by the London Chamber of Commerce among company directors in 2006, business confidence is not high. Added to this waning confidence on the part of consumers and businesses are various predictions of a `bloodbath' in the high street, as concerned retailers discount more heavily than usual. It is not expected that sales of luggage and leather goods will be exempt from this predicted poor growth in retail sales, and Key Note anticipates only minimal growth in retail sales of hand luggage and leather goods in 2007.
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Snapshots Italy Luggage & Leather Goods 2008
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