Backpacking in a literal sense:

…is a form of low-cost, independent international travel. It includes the use of a backpack that is easily carried for long distances or long periods of time; the use of public transport; inexpensive lodging such as youth hostels; often a longer duration of the trip when compared with conventional vacations; and often an interest in meeting locals as well as seeing sights. (source)

It is one of the best ways to travel since you’ll only be carrying essentials – that could hopefully fit in one backpack. This way, you won’t have to worry about extra suitcases of luggage.