Green’s Dictionary of Slang

1. the male genitals [pun on bag n.¹ (1a)].

1890–1904

Farmer & Henley Sl. and Its Analogues.

2. (US) a hip-flask.

1926

Judge (NY) 91 July-Dec. 31: Luggage - Something on the hip.

3. (US teen) bags under the eyes [pun on SE bags].

1953		‘Curt Cannon’ ‘Die Hard’ in I Like ’Em Tough (1958) 9: His eyes were carrying luggage, heavy luggage.
1982–2004		G. Sculatti Catalog of Cool 🌐 luggage (noun): Bags under the eyes.
1997		Beauty Buzz.com 🌐 I had brought my Clarins Firming Eye Cream – but loss of sleep, flying and change in climate gave me luggage under my eyes.