Innovation Will Become The Driving Force Of Luggage And Leather Products Growth

Lucintel, the world's top market research and management consulting firm, analyzed the world's luggage and leather products industry and finally got a comprehensive report.

The report analyzes market trends, competitive environment, cost structure, new trends and main drivers of industrial growth.

Analysis shows that from 2014 to 2019, the global luggage and leather products industry is expected to grow at an average speed of 4.5%.

The growth engine comes mainly from the per capita.

The increase of consumer wealth, tourism development and product innovation.

The changing trend and awareness of luxury goods, improved design and global economic growth will probably promote the development of luggage and leather products industry.

The consulting firm predicts that over the next 5 years,

and

The industry is expected to grow moderately, and the leather goods market will continue to play a leading role in value and growth rates.

New technology and design innovation will become the main driving force for the development of the industry.

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Russian Ministry of industry officials said Russia may ban EU and American clothing and textile imports for retaliation in response to further sanctions imposed by the United States and the European Union.

According to an official spokesman of Russia's Ministry of industry and trade, the Russian government is planning to provide domestic textile producers free of charge for cheap bank loans, with interest rates not higher than 5%.

In addition, there are plans to provide more tax incentives to manufacturers.

He added that Russia may also provide direct subsidies to some of the major textile producers in the country, including well-known companies such as KamyshinTextile, Parchovya Ryad and so on.

According to the data of Russian Federation National Bureau of statistics, the proportion of textiles and garments imported from Russia and the United States accounts for about 10% of Russia's goods.

Traditionally, such imports are the most expensive and high margin products.

According to a preliminary estimate by Ross's industry and trade analyst, the ban will cause western garment and textile manufacturers to lose about 7 billion 700 million euros a year.

According to Viktor Evtuhov, Deputy Minister of industry and trade of Russia, sanctions against textiles and light industrial products in the West will significantly increase Russian domestic production, and Russian domestic demand is growing steadily.

In August 18th (2014) August 18th, Evtuhov said at a meeting of the Ministry of industry that the additional demand was not only due to the new market created by the recent annexation of Crimea, but also the reason for the 2014 Winter Olympic Games to detonate demand.

Russia has said that the government procurement contract will not allow imports of garments and textiles from the EU, and prohibit the importation of such garments and textile products.

The Russian government issued a decree in August 11th this year. Since September of this year, 1 public utilities have stopped importing textiles, knitwear, non-woven fabrics and certain ready-made garments.

The ban on textiles, clothing and related inputs applies to the government of Russian Federation and the municipalities directly under the central government, but does not include the two other countries of the two Russian dominated European and Asian customs union, such as Belarus and Kazakh.

The Russian procurement ban includes cloth, finished products, ropes, strings, nets, non-woven materials and products except knitted garments, knitted fabrics, socks, jumper sweaters, cardigans, trouser suits, jackets, underwear and fur products.