行囊 is more literary / evocative than 行李 (luggage). It conjures a single bag carried on a personal journey - pilgrimage, trek, life metamorphosis. 行李 is what you check on a plane; 行囊 is what a poet or traveler shoulders.
memory
行 (travel) + 囊 (sack / pouch) = literally "travel sack." 囊 shows a tied-up bundle - the character itself looks like something cinched at the top with stuff inside.
