Branded bags and quality luggage has arrived! Now is the time when every little detail- from a dainty hairpin to the right bag is vital to look modern. With the growing influence of fashion consciousness and rising expendable incomes, bags have become a status symbol.
The global luggage and leather goods industry is expected to grow at a CAGR of 4.5% during 2014-2019. The total retail sales value of the Indian luggage market alone is forecast to be about 1.87 billion U.S. dollars in 2015.
This shows just how much evolution the modern consumer has gone through, in terms of international travel, economic growth and industrial innovation. At IntelligenceNODE, we have the privilege of following popular trends, leading us to comprehend popular consumer behavior. And as a retailer, we think that these insights will be very useful to you.
We generally come across 4 main types of “bag people…”
The Show Stopper-
This is the shopper who essentially, has no qualms in owning a closet packed with bags of various types, materials and colors, to go with different looks or at various occasions.
A fashion staple for the celebrities and the fashionistas alike, these statement bags grab eyeballs. Sometimes they have labels like Prada and Chanel. Sometimes just the logo; and other times, they add a splash or color and elegance to an outfit. They can be large; or just an embedded clutch. But they scream style.
To draw attention to how iconic the bag can get, think ‘Bagwati,’ from the Bollywood film Zindagi Na Milegi Dobara, with scarf and sunglasses. A bag that was christened, and touted along everywhere in the movie! And since has given rise to communities of those ardent collectors who love to buy and show off their new bags!
These are the people who love traveling. All the time. Living like nomads. And their luggage is that one huge backpack. A necessity for the road trip. Or the weekender. That comes out every Friday. No, they don’t go clubbing per se. They just go somewhere. Away. That requires them to pack a few clothes and necessities.
The hikers, the farmhouse owners, the photographers, and generally people who love to take to the road- happen to have these bags.
This one is about those people who want their hands to be free. If they are wearing pants, or anything with pockets, they don’t carry a bag at all. And when they do carry bags, they use slings. Which are ‘In’ by the way.
They look good. And you have many sizes to choose from. And the best part, your hands are free. These are great for the people on the go. At some point or another everyone needs these bags.
This is where all the new trends begin. The latest and hottest ideas that have taken the runways by storm; the imagination of a designer; the idea that no one discovered, yet! Innovation in technology, material manufacture, and design methods all culminate in the futuristic furor.
I just wore things I thought looked nice.
-Barbara Taylor Bradford (Novelist/Owner of a LOT of bags)
These people take the onus of creating trends and therefore popular culture. But as precise as our segregation seems, it does not define the map of a consumer’s mind. Not all micro trends will solve the purpose of utility. And not all utilitarian bags will please the fashion police.
The best way to positive and perfect decision making today is Merchandising Analytics. This will answer all your demand and promotion related questions. The greatest question every retailer faces, when talking shoes and bags, is – what direction demand will take?
Besides, with so much instantaneous information available, consumers don’t just want the right message about a product. They want to know how it fits into the big picture.
Retailers tend to be left with many questions:
Should you sell online? What if you are not a well known name like Baggit, Lavie, Caprese, Espelho, Hidesign, etc? How to make sure that your consumers step out of their preconceived comfort zones to buy that bag? How to make sure that your leather and other luggage offerings are seen as a style statement and not an extravagance? How well can you judge demand and accordingly decide your supply channels?
All your data, gathered from various data points, can be connected to become a pattern; a picture that answers your questions about sales, demand, supply, logistics, etc. With accurate demand forecasting and promotional planning, you can decide which elements to stress on in the marketing mix.
At IntelligenceNODE. We know of the many hats you, the retailer, has to wear. And it is our goal to innovate with intelligence, keeping in mind your requirements.