Luggage industry struggles with raw material costs

Luggage companies faced a tough first half due to high raw material prices and slower travel demand.

“Major listed luggage companies had a tough period following the rise in raw material prices.”

Festive and wedding seasons expected to boost sales

The October-December quarter, which accounts for 30% of annual sales, is expected to benefit from holiday travel, wedding shopping, and corporate gifting.

Raw material prices surge after US-Iran war

Raw material prices rose 40% year-on-year immediately after the outbreak of the US-Iran war.

Crisil forecasts 2-3% industry growth this fiscal year

Crisil estimates luggage volumes will grow only 2-3% this fiscal year, suggesting a stronger second half may not fully offset earlier weakness.

Safari Industries profit declines due to material costs

Safari Industries reported a 5.4% decline in Q1 FY27 consolidated net profit to ₹ 47.8 crore due to a 32.9% y-o-y increase in material costs.

VIP Industries revenue drops from demand headwinds

VIP Industries reported a 11.7% decline in Q4 FY26 consolidated revenue from operations to ₹ 436.23 crore due to demand headwinds in key retail channels.

Industry projected to grow at 12% CAGR by 2028

The Indian luggage industry is projected to grow at a 12% compound annual growth rate to reach ₹ 267 billion by 2028, up from ₹ 170 billion in 2024.

Raw material prices cool but remain 20% higher

Companies report raw material prices have cooled from recent highs but are still 20% higher than the same time last year.

Swiss Military sees revenge consumption in travel

Swiss Military reports travel is recovering with revenge consumption happening as consumers return to pre-pandemic spending habits.

“Travel is recovering, and like after covid we saw revenge travel happen. We're actually seeing revenge consumption happen.”

Corporate gifting drives premium luggage sales

Destination weddings are estimated to lift premium luggage sales by 10, 15% annually, according to Motilal Oswal.