Global Luxury Leather Goods Market is expected to foresee significant growth. Europe to lead the growth!
- Vikas Kumar
- April 14, 2022
- CONSUMER GOODS, NEWS
- Luxury Leather Goods Market growth, Luxury Leather Goods Market news, Luxury Leather Goods Market share, Luxury Leather Goods Market Size, Luxury Leather Goods Market trend
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Global Luxury leather goods are expected to grow at a CAGR of around 5% during the forecast period (2021-2027). The luxury leather goods market is growing at an influential rate in past years and is expected to follow the same growth trend in the forecasted period as well. It is mainly owing to the rising consumer demand for the luxury product owing to the surging disposable income, the standard of living, and rise in the number of brand obsessed people are driving the market.
Major factors that are expected to boost the growth of the luxury leather goods market in the forecast period are the rise in the demand for purses, wallets, jackets, footwear, belts, and increasing alternative fashion accessories among men and women. Moreover, consumers are more inclined toward aesthetic factors, and the demand for premium range goods as a fashion statement has increased. Europe-based companies, such as Gucci, Gianni Versace, and Louis Vuitton, are the key players involved in manufacturing leather-based accessories.
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Leather fashion accessories are items made of leather generally worn with or are supplementary to other clothing items. They typically have a functional and aesthetic value. Leather accessories also typically have a longer life cycle than garments and non-leather fashion accessories, especially when it comes to high-end products that gain value over time. Luxury leather merchandise embraces styles of luggage, suitcases, wallets, apparel, footwear, and alternative accessories. Shopping for high-priced luxury animal skin merchandise has currently become an emblem of standing.
Moreover, the rise in the trend to produce personalized and customized services to the high-end and premium customers, for attracting them which is further estimated to cushion the growth of the luxury leather goods market. On the other hand, increasing non-profit organizations that are working to protect against animal cruelty and killing is further projected to impede the growth of the luxury leather goods market.
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Based on grade type, the luxury leather goods market is bifurcated into high-grade, mid-grade, low-grade. The high-grade segment holds a considerable market share in the luxury leather goods market. High-grade leather is considered the top layer of the hide, including the full thickness of the skin, and is not sanded or buffed to remove natural marks or imperfections. All the grain remains in full-grain leather, which allows fiber strength, durability, and breathability.
Based on the distribution channel, the luxury leather goods market is segmented into the offline retail store and online retail store. The offline retail store’s segment caters significant market share in the luxury leather goods market. It is mainly owing to the factors such as globalization and urbanization coupled with increasing disposable income of the consumer that are positively influencing the demand for luxury leather goods from online retail stores.
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For a better understanding of the market adoption of luxury leather goods, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), and Rest of World. Europe holds an extensive market share owing to the strong presence of local and international players, product and technological innovations, rise in online retailing, and the use of social media platforms are some of the major factors driving the growth of the European market.
Some of the major players operating in the market are Prada Group, CHANEL, Burberry, Hugo Boss, Natuzzi, Michael Kors, Dior, Hermes, Tory Burch, Kate Spade. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Luxury leather goods Market Segmentation
Market Insight, by Product
Market Insight, by Grade-Type
Market Insight, by Distribution Channel
• Offline Retail Store
• Online Retail Store
Market Insight, by Application
Market Insight, by Region
- North America Luxury Leather Goods Market
- United States
- Rest of North America
- Europe Luxury Leather Goods Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Luxury Leather Goods Market
- Rest of Asia-Pacific
- Rest of World Luxury Leather Goods Market
Top Company Profiles
• Prada Group
• Hugo Boss
• Michael Kors
• Tory Burch
• Kate Spade