USD 16.12 billion
Luxury Leather Goods Market Size, Share, Growth Analysis, By Product(Handbags, wallets, belts, footwear), By Distribution channel(Offline retail stores and online platforms), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25K2094 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Luxury Leather Goods Market Insights
Luxury Leather Goods Market size was valued at USD 16.12 billion in 2021 and is poised to grow from USD 18.49 billion in 2023 to USD 29.91 billion by 2030, at a CAGR of 7.11% during the forecast period (2023-2030).
The global luxury leather goods market experienced steady growth, driven by rising disposable incomes, changing consumer preferences, and a strong desire for premium and exclusive products.
Key insights include a growing demand for luxury handbags, wallets, and accessories from emerging economies, as well as a shift towards sustainable and ethically sourced materials.
Luxury brands also focused on digitalization, online retail, and personalized experiences to cater to tech-savvy consumers.
Luxury leather goods are often associated with renowned fashion and lifestyle brands that have established a strong reputation for quality, craftsmanship, and exclusivity. Consumers are willing to pay a premium for products from these brands to showcase their status and align themselves with the brand's image.
Economic growth and increasing disposable income levels in various regions have led to a larger consumer base with the means to afford luxury goods. As more individuals achieve higher levels of affluence, the demand for premium and luxury products, including leather goods, continues to rise.
US Luxury Leather Goods Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline retail stores
Fastest Growth
Offline retail stores
Growth Rate
7.11% CAGR
Global Luxury leather goods market by region
Country Share for North America(%)
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Luxury Leather Goods Market Segmental Analysis
The global luxury leather goods market can be segmented based on product type, distribution channel, and region. Product types include handbags, wallets, belts, footwear, and accessories. Distribution channels encompass offline retail stores and online platforms. Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and MEA.
Luxury Leather Goods Market Analysis by Product
The largest segment in the global luxury leather goods market is likely to be leather handbags. Handbags have always been a symbol of fashion and status, and they tend to have a broader appeal among consumers compared to other luxury leather products. The demand for high-quality, well-crafted leather handbags remains strong among both men and women worldwide, contributing significantly to the overall revenue of the luxury leather goods market.
The fastest-growing segment in the global luxury leather goods market can vary based on consumer trends, regional preferences, and economic conditions. However, one potential candidate for the fastest-growing segment is leather accessories. Smaller leather goods, such as wallets, belts, and cardholders, are more affordable entry-level luxury items, making them accessible to a broader consumer base.
Luxury Leather Goods Market Analysis by Distribution Channel
The retail stores, particularly brand-owned flagship stores and exclusive boutiques, were among the largest distribution channels for luxury leather goods. These physical stores provided an immersive brand experience and allowed customers to touch and feel the products, which is particularly important for high-end items like luxury leather goods.
Online retail, especially e-commerce platforms operated by luxury brands themselves, has been one of the fastest-growing distribution channels for luxury leather goods. The COVID-19 pandemic further accelerated the growth of online sales, as consumers turned to digital channels for shopping. Luxury brands have invested in creating robust online platforms that offer a seamless shopping experience, making it easier for customers to purchase luxury leather goods from the comfort of their homes.
Global Luxury leather goods market by distribution channel
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Luxury Leather Goods Market Regional Insights
The largest market for luxury leather goods has been North America and Europe. These regions have a well-established luxury market, with a long history of craftsmanship and strong brand presence. The high-income levels, fashion-conscious consumers, and a preference for premium-quality products have contributed to the dominance of these regions in the luxury leather goods market.
However, the fastest-growing market for luxury leather goods has been the Asia-Pacific region. The rising middle class, rapid urbanization, and increasing disposable incomes in countries like China and India have fueled the demand for luxury products, including leather goods. Additionally, the shift in consumer preferences towards luxury and premium brands has significantly contributed to the growth of this market in the region.
Global Luxury leather goods market by geography
- Largest
- Fastest
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Luxury Leather Goods Market Dynamics
Luxury Leather Goods Market Drivers
Rising Disposable Income and Affluence
- The global luxury leather goods market is driven by increasing disposable incomes and a growing aspirational middle class, which fuels demand for premium products. Additionally, evolving fashion trends and the perception of leather goods as status symbols contribute to market growth.
- Consumers are becoming more fashion-conscious and view luxury leather goods as a means of self-expression and style. Unique designs, craftsmanship, and the ability to stand out from the crowd contribute to the appeal of luxury leather products.
- The expansion of luxury brands into emerging markets and the growing aspirational middle class in these regions have significantly contributed to the growth of the luxury leather goods market. Countries in Asia, the Middle East, and Latin America are becoming important markets for luxury brands.
Luxury Leather Goods Market Restraints
Ethical Concerns to Hinder Market
- The luxury leather goods market faces challenges due to rising concerns over ethical sourcing and environmental sustainability. Consumers' growing preference for cruelty-free and eco-friendly alternatives hampers the growth of traditional leather products. Additionally, economic uncertainties and fluctuations in raw material prices also act as restraints for the market.
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Luxury Leather Goods Market Competitive Landscape
The global luxury leather goods market is characterized by intense competition among prominent players vying for market share. Established luxury brands such as Louis Vuitton, Gucci, and Hermès continue to dominate the high-end segment, offering exquisite craftsmanship and iconic designs. Additionally, emerging brands like Bottega Veneta and Fendi are gaining traction with their innovative offerings. Online luxury retailers like Farfetch and Net-a-Porter are also becoming influential, leveraging digital platforms to reach a wider audience. The competition is fueled by consumers' demand for exclusivity, superior quality, and brand prestige, driving companies to continuously innovate and diversify their product portfolios.
Luxury Leather Goods Market Top Player’s Company Profiles
- Louis Vuitton - France
- Gucci - Italy
- Hermès - France
- Prada - Italy
- Chanel - France
- Burberry - United Kingdom
- Coach - United States
- Ferragamo - Italy
- Versace - Italy
- Bottega Veneta - Italy
- Givenchy - France
- Fendi - Italy
- Tod's - Italy
- Balenciaga - Spain
- Saint Laurent - France
- Celine - France
- Mulberry - United Kingdom
- Jimmy Choo - United Kingdom
- Longchamp - France
- Bally - Switzerland
Luxury Leather Goods Market Recent Developments
- In September 2021, Roots Corporation announced the launch of its new collection, One. As mentioned by the company’s CEO and President Meghan Roach, One is the series of changes made in the company, such as an online channel to focus on a gender-free shopping experience and One leather products, all of which are handcrafted in Canada from premium Italian leather.
Luxury Leather Goods Key Market Trends
- The global luxury leather goods market witnessed several key developments. Prominent luxury brands continued to innovate and expand their product offerings, focusing on sustainable and ethically sourced materials to meet consumer demands for eco-conscious products. Digitalization played a significant role as brands embraced e-commerce and digital marketing strategies to reach a wider audience. Furthermore, collaborations between luxury brands and influential designers or artists became a prevalent trend, creating unique and limited-edition collections. The market also saw a surge in demand from emerging economies, reflecting the growing affluence and appreciation for luxury goods in those regions.
Luxury Leather Goods Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global luxury leather goods market is poised for promising growth, driven by rising disposable incomes, evolving fashion preferences, and increasing brand awareness. As consumers seek high-quality, timeless products, luxury leather goods continue to hold allure. The market's expansion is also fueled by a growing preference for sustainable and ethically produced items. E-commerce and digital marketing strategies are likely to play pivotal roles in reaching new customers. Innovations in design, craftsmanship, and material sourcing will further enhance the sector's prospects. Overall, the luxury leather goods market is expected to thrive, offering exciting opportunities for established and emerging players alike.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 16.12 billion |
| Market size value in 2031 | USD 29.91 billion |
| Growth Rate | 7.11% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Luxury Leather Goods Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Luxury Leather Goods Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Luxury Leather Goods Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Luxury Leather Goods Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Luxury Leather Goods Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Luxury Leather Goods Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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