A forecast from March 2020 analyzed the potential impact of the coronavirus (COVID-19) pandemic on revenues of different sectors of the tourism industry in Italy. The outlook considered *** potential scenarios for 2020. In the best-case scenario, the pandemic is supposed to end in May 2020, while in the worst case-scenario it is supposed to last until December 2020. In the first case, hotels in Italy are expected to generate revenues of *** million euros in 2020. By contrast, in the worst-case scenario the estimated revenues will amount to *** million euros in 2020. In both cases, hotel revenues are expected to decrease significantly, considering that this sector generated revenues of **** million euros in 2019.For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

According to a survey among members of the employers association, Dansk Erhverv, several industries in Denmark have experienced losses in April 2020 due to the coronavirus (COVID-19) outbreak. Compared to the previous year, especially the experience industry (including travel, tourism and hospitality services) seem to have suffered from the effects of the virus with 98 percent of the surveyed businesses experiencing a decrease in revenues. Similarly, 82 percent of businesses in the retailing industry stated having the same problem.

The first case of the coronavirus (COVID-19) in Denmark was confirmed on February 27, 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

According to Cognitive Market Research, the global Cosmetic Bags & Cases market size was USD 461.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 184.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 138.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 106.15 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 23.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 9.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
The Travel-sized category is the fastest growing segment of the Cosmetic Bags & Cases industry

Market Dynamics of Cosmetic Bags & Cases Market

Key Drivers for Cosmetic Bags & Cases Market

Rising demand for personalized fashion accessories to Boost Market Growth

The rising demand for personalized fashion accessories is a significant driver of market growth in the fashion industry. Consumers are increasingly seeking unique and customized products that reflect their individual style and identity, leading to a surge in demand for personalized accessories such as customized jewelry, bags, watches, and footwear. This trend is fueled by the growing influence of social media and e-commerce platforms, which allow consumers to showcase their personalized items and influence trends. Additionally, advancements in technology, such as 3D printing and digital customization tools, have made it easier and more cost-effective for brands to offer personalized options, further boosting market growth. The appeal of personalization also extends to gifting, contributing to the expansion of this market segment. As consumer preferences continue to evolve towards uniqueness and individuality, personalized fashion accessories are set to experience substantial growth, driving innovation and investment in the industry.

Increasing e-commerce sales and online shopping

The surge in e-commerce sales and online shopping is driven by growing internet penetration, smartphone adoption, and the convenience of digital platforms. Consumer preference for seamless, 24/7 shopping experiences with personalized recommendations enhances demand. Secure payment gateways and efficient logistics bolster trust and satisfaction. The COVID-19 pandemic accelerated online retail adoption, making e-commerce a primary channel. Furthermore, advancements in AI augmented reality for virtual try-ons and targeted marketing campaigns continue to attract and retain customers, fueling market growth.

Restraint Factor for the Cosmetic Bags & Cases Market

High manufacturing costs limit profit margins

High manufacturing costs dominate as a key restraint, significantly limiting profit margins in industries reliant on advanced materials, complex production processes, or specialized technologies. These expenses include sourcing premium components, maintaining skilled labour, and operating energy-intensive facilities. For emerging markets, the challenge is compounded by limited economies of scale, leading to higher per-unit costs. Companies must balance pricing strategies to remain competitive while absorbing these costs, often hindering investments in research, innovation, and market expansion, further constraining growth potential.

Impact of Covid-19 on the Cosmetic Bags & Cases Market

The COVID-19 pandemic significantly impacted the Cosmetic Bags & Cases Market as travel restrictions and reduced social events led to a decline in demand. With consumers prioritizing essential goods over discretionary items, sales dropped, especially in premium segments. Additionally, supply chain disruptions affected production and delivery timelines. However, the rise in online shopping offered a partial recovery avenue. Post-pandemic, the market has witnessed a rebound driven by resumed travel, ...

According to a survey on the coronavirus' impact on the tourism industry in Denmark, 88 percent of businesses report having experienced a revenue loss as of April 14, 2020. Furthermore, 79 percent of the businesses have experienced a decrease in number of guests and furthermore 14 percent of businesses had to dismiss employees because of the effects of the coronavirus.

The first case of the coronavirus (COVID-19) in Denmark was confirmed on February 27, 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

Given that the novel coronavirus (COVID-19) outbreak intensifies, annual estimates for the aviation industry adjusted. As of April 2021, annual passenger revenue in the Asia Pacific region was forecasted to decline by approximately *** billion U.S. dollars from the previous year. COVID-19 and the global aviation Amid the coronavirus (COVID-19) pandemic, countries and organizations began to implement precautionary measures to contain the spread of COVID-19 for a public purpose. Some of the preventive methods included imposing lockdowns or encouraging no travel unless necessary by governments. Similarly, businesses adopted a multitude of strategies to cope with the challenge, such as avoiding business travels or minimizing them. When aggregated, these measures by the governments and businesses affected the aviation industry adversely. Starting from February 2020, the year-on-year revenue-passenger kilometer (RPK) change on international routes continued to decline, reaching roughly ** percent of decline by April 2020. This decline implies an almost complete cancellation of air travel across the globe. Just like previous months, the enormous negative effect of COVID-19 on passenger aviation continues to persist as of September 2020. Consequently, airlines were desperately urged to request government aid. For instance, Lufthansa Group received over ** billion U.S. dollars and Air France – KLM roughly **** billion U.S. dollars in government bailout package. Despite all, the vulnerability of airlines perseveres as the coronavirus pandemic exposes the globe to the second wave of infections across countries. Financial performance of airlines amid COVID-19 Due to the nature of business activity involved, airline groups usually hold fewer liquidity accounts in their asset portfolios. This tendency is especially the case for traditional airlines, although somewhat less true for low-cost carriers (LCCs). While analyzing the 2019 financial balance sheet data of European airlines, Lufthansa Group held only ** percent of its global revenue in liquid assets, such as cash. Similarly, Air France-KLM around ** percent of its revenue in liquid accounts. On the other hand, Wizz Air and Ryanair demonstrated the best liquidity accounts amongst all European airline groups, with over ** percent of 2019 total revenue as liquid assets. The importance of liquid assets emerges when a business is in unexpected need to finance itself but does not have access to immediate finance capacities. For instance, a company with high illiquid asset portfolio firstly needs to liquidate its illiquid assets and then only be able to meet due business obligations. According to another analysis, Pakistan International and Precision Air have a high risk of collapse as of November 2020.

The forecasted worst-case impact of the novel coronavirus COVID-19 in the Philippines would be a 0.68 percent decline on the tourism revenue as a share of GDP according to a report dated March of 2020. As of October 23, 2020, there approximately 363.9 thousands coronavirus COVID-19 cases in the Philippines.

In Terms of Revenue, Platform-Based Payment Gateway Solutions was the Leading segment with 60.32% Share of total Online Payment Gateway Market in 2021. In Terms of Revenue, Large Enterprise was the Leading segment with 48.34% Share of total Online Payment Gateway Market in 2021. Emerging technologies such as artificial intelligence & the internet of things can carry out specific tasks and also automate the complete transaction process. AI, for instance, can be used for gaining better insights about analytics and feedback at the payment gateways. This can bolster market growth over the forecast period. Additional factors adding to the online payment gateway market share include the rising e-commerce sales, growing internet penetration, use of contactless payments worldwide, evolving customer expectations, advances in mobile payment technology, increasing use of mobile wallets, increase in online transactions, growing inclination of customers towards cardless and cashless payments, penetration of smartphones, the emergence of smaller denomination payments, demand for best online payment gateway & secure online payment gateway, and benefits such as better security and quick payment.

Opportunity

Advances in Billing Methods to Offer Robust Opportunities:

Advancements in billing methods like the emergence of token systems, cashless transactions, and cash pooling is likely to offer robust opportunities to market players in the upcoming years.

Restraint

Security Concerns May Act as a Market Restraint :

Security concerns about online transactions owing to rise in cases of hacking may act as a market restraint over the forecast period. In online payment methods, the customer and the enterprise have to share their card and banking details to online payment companies for proceeding with the transaction. The sharing of these details may cause security-related issues.

COVID-19 Impact on Online Payment Gateway market:

The adverse effects of the COVID-19 outbreak have trickled down to key sectors of the worldwide economy, with hospitality, aviation, retail, auto, and manufacturing sector bearing the maximum brunt of the lockdown. This has impacted the fast-growing online payments that are linked closely to the above-mentioned sectors. Reduction in the discretionary expenditure by consumers on entertainment, movies, and dining out, travel bans, and shut shops had a negative impact on the online payment gateway market demand. There has been a decline in the online payment volume in restaurants, e-commerce (non-essentials), entertainment, hotels, hospitality, tourism, airlines, among others.

Payment gateway is the service that authorises credit card and debit card payments for online and offline businesses. Online payment gateway is online money operating gateway which join customer and the merchant together through digital mode. Online payment is an asset to any business because the online mode ensures secure and smooth payment transactions and help in decreasing company’s financial losses due to late payments. Many companies are seeking payment gateways that provide secure internet transactions and help prevent credit or debit card scams and other fraudulent activities. Reliable payment gateways encrypt sensitive information such as bank account details and debit or credit numbers to ensure that the information is transferred securely from the customer to the issuing bank.

In the first half of 2020, 45 percent of tourism businesses in Kenya estimated a revenue loss above 2.5 million Kenyan shillings, as an effect of the coronavirus (COVID-19) pandemic. Roughly 23 percent indicated loosing from 500 thousand to 1 million KSh, while approximately 15 percent of businesses pointed a loss of revenue above 500 thousand KSh.

As of February 24, 2021, Kenya had over 105 thousand confirmed cases of coronavirus. Measures to contain the outbreak, such as a night curfew and the closing of bars are still in force. However, under tight COVID-19 regulations, the country resumed international flights on August 1, 2020.

As of August 28, 2023, South Korea has confirmed a total of 34,436,586 positive cases of coronavirus (COVID-19), including 35,812 deaths. The first case coronavirus in South Korea was discovered in January 2020. Currently, 25.57 cases per 100,000 people are being confirmed, down from 35.74 cases last month.

Case development trend

In the middle of February 2020, novel coronavirus (COVID-19) began to increase exponentially from patient 31, who was known as a super propagator. With a quick response by the government, the daily new cases once dropped to a single-digit. In May 2020, around three hundreds of new infections were related to cluster infections that occurred in some clubs at Itaewon, an entertainment district in Seoul. Seoul and the metropolitan areas were hit hard by this Itaewon infection. Following the second wave of infections in August, the government announced it was facing the third wave in November with 200 to 300 confirmed cases every day. A fourth wave started in July 2021 from the spread of the delta variant and low vaccination rates. While vaccination rates have risen significantly since then, the highly infectious omicron variant led to a record-breaking rise in cases. This began easing up in March of 2022, though numbers began to rise again around August of 2022. As of October 2022, case numbers are decreasing again.

Economic impact on Korean economy

The Korean economy is interdependent on many countries over the world, so the impact of coronavirus on Korean economy is significant. According to recent OECD forecasts, South Korea's GDP is projected to show positive growth in 2022 and 2023. The first sector the coronavirus impacted was tourism, caused by decreasing numbers of inbound tourists and domestic sales. In the first quarter of 2020, tourism revenue was expected to decrease by 2.9 trillion won. In addition, Korean companies predicted that the damage caused by the losses in sales and exports would be significant. In particular, the South Korean automotive industry was considered to be the most affected industry, as automobile production and parts supply stopped at factories in China.For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

In a survey conducted in the Philippines in February 2020, about 65 percent of respondents expected the national economy to be significantly affected by the COVID-19 pandemic. Nationwide lockdowns imposed by the government have adversely impacted people’s livelihood.

COVID-19 pandemic aftermath in the Philippines

Between March and April 2020, the country’s Luzon Island went into a complete lockdown that restricted population movement with only a few exceptions. This resulted in a drastic decline in employment levels, with projections suggesting a maximum of one million people losing their jobs due to the lockdown. In addition, the imposed community quarantine would, at the very least, cause cumulative losses in gross value added of three billion Philippine pesos in every select key sector in the country.

Major economic sectors facing setbacks

With travel being a major contributing factor to the spread of the virus, the tourism industry worldwide has been brought to a grinding halt. The Philippines relies on tourism to a large extent for revenue generation and calculated a loss of GDP share  from tourism of about 0.68 percent in the worst case. Another sector to be severely hit was international trade, causing a spillover effect from Chinese supply disruptions to the Philippines. Hence, it was estimated that the communication equipment industry would lose 115 million U.S. dollars due to supply disruption.

The average daily rate (ADR) of the United States hotel industry was ****** U.S. dollars in 2022, reflecting an increase over the previous year. The decline in ADR in both 2020 and 2021 can be attributed to the disruptions in travel and stay-at-home restrictions implemented due to the coronavirus (COVID-19) pandemic. What is average daily rate (ADR)? Average daily rate is a key performance indicator of the hospitality industry. It shows the average room rental price per day in either a specific hotel (independent/chain), or in this case the average room rental price per day of many hotels within the U.S. Other useful KPI’s that are used in the lodging industry are the occupancy rate and revenue per available room (RevPAR).