A client wanted to develop a high-end backpack for suits intended for professional workers and suitable with a more formal dress code. To see if there is enough market for their product, they asked us to do market research of the high-end backpacks industry.
We constructed the market research for the high-end backpacks industry into three main sections:
Industry and market overview:
We started by analyzing the current situation in the industry, including the newest trends in the luxury backpacks market.
We analyzed the current competition in the market and consequently divided the competitors into two categories.
Direct competitors who sell high-end backpacks at higher prices. And indirect competitors that sell backpacks for professional use but with lower prices and the lack of luxury tag.
In the last section of the research, we focused on defining the ideal customer for the product. As the client’s product is complementary with suits, we searched for industries that practice more formal dress code and the job positions that usually wear suits. We also investigated their average annual salaries.
After all the analysis, we were able to give insights into how prominent is the market for our client’s product. As well as helping them determine the perfect customer for their product.
Testimonial: “This was a very interesting project and I was provided with a very extensive research that gave me an idea about the market that I about to enter. I am very happy with the research and its quality. It is extensive and thoughtful, covered all major points and provided some additional insights.”