The global luxury leather goods market size is expected to reach USD 140.55 billion by 2030, expanding at a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Rising demand for luxury products among consumers to showcase their status, increasing disposable income and purchasing power of consumers, and rise in the number of brand obsessed people are driving the market.
Rising fashion consciousness among men, along with women, is attracting various brands to expand their product portfolio in the men’s segment. Apart from the traditional luxury brand, recent affordable luxury brands are also gaining importance in the market. Various startups have come up with customized lavish products as per the demand of consumers. For instance, 1Atelier allows customers to customize the color and hardware of their leather hand bags. The strong brand recognition, along with high unit price, is driving the sales of these products in the market.
Gather more insights about the market drivers, restrains and growth of the Luxury Leather Goods Market
Asia Pacific has been witnessing rapid growth over the past few years on account of increasing buying pattern of lavish goods. India, China, and Japan are some of the leading markets in Asia Pacific, responsible for triggering the market growth in this region. China is one of the biggest markets for luxury leather products. As per the survey, a lot of Chinese people who travel to overseas countries save on food and hotels but spend on purchasing lavish products. Moreover, the luxury consumers of China are younger than the world average, thereby making it one of the largest markets for luxury leather products in the world.
Based on product, the market is divided into footwear, bags, accessories, and others. The leather shoes are popular among both the genders for its status symbol and demand in formal outfit. It is not only used in casual dresses but also for formal attire. Luxury footwear are more of a fashion statement and footwear shoppers spend more and buy more frequently as compared to other leather products, thereby driving the segment.
Luxury Leather Goods Market Report Highlights
By product, small leather accessories is anticipated to grow at a CAGR of 5.8% over the forecast periodThe handbags & purses dominated the market and accounted for a share of 33.3% in 2023U.S., Germany, U.K., China, Japan, and Turkey are the major countries with the largest market in their respective regions.Browse more reports published by Grand View Research.
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Louis Vuitton Malletier SASGuccio Gucci S.p.A.HermèsPrada S.p.A.Chanel S.A.Burberry Group plcTapestry, Inc.Michael Kors Holdings LimitedSalvatore Ferragamo S.p.A.Fendi S.r.l.About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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