In 2023, Italy led the European market with a value of 1.36 billion Euros for wages and salaries in the luggage, handbags, saddlery, and harness industry, followed by France at 1.07 billion Euros and Spain significantly trailing at 0.1693 billion Euros. The United Kingdom and Romania showed moderate values, while Germany, despite being a major economic power, posted lower values at 0.0792 billion Euros. Notably, Germany faced a 4.99% decline in wages and salaries, contrasting with significant growth observed in Romania, Denmark, Bosnia and Herzegovina, and Finland.
Future trends to watch include the impact of digitalization on the industry, potential growth in Eastern European countries due to lower labor costs, and increasing demand for sustainable and eco-friendly products that could reshape wage structures. Monitoring economic policies affecting manufacturing and labor in key markets will be crucial for anticipating shifts in industry wages. Additionally, Italy and France may continue to dominate, yet growth opportunities may arise in countries currently experiencing rapid wage increases.
Top countries in Luggage, Handbags, Saddlery, Harness Wages and Salaries by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Italy | 1,360 | 2023 | +9.72% | +5.14% | View data |
| 2 | 2 France | 1,070 | 2023 | +4.37% | +5.73% | View data |
| 3 | 3 Spain | 169.3 | 2023 | +6.61% | +4.96% | View data |
| 4 | 4 United Kingdom | 146.2 | 2023 | +3.76% | +2.69% | View data |
| 5 | 5 Romania | 101.2 | 2023 | +14.61% | +8.21% | View data |
| 6 | 6 Germany | 79.2 | 2023 | -1.98% | -4.99% | View data |
| 7 | 7 Hungary | 63 | 2023 | +6.96% | +0.52% | View data |
| 8 | 8 Poland | 41.1 | 2023 | +1.99% | +1.96% | View data |
| 9 | 9 Portugal | 31.1 | 2023 | +1.97% | +5.32% | View data |
| 10 | 10 Slovakia | 17.8 | 2023 | +7.23% | 0% | View data |
