The global leather goods market has the potential to grow by USD 72.36 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of over 5%.
The growing demand for luxury handbags made of eco-friendly materials and the increased spending on personal goods are some of the major factors driving market growth. The US, China, and Japan are currently significant markets for leather goods.
Leather Goods Market Report - Key Insights
Scope of this Report
The report provides a detailed analysis of the market by distribution channel, product, and geography. Also, the report analyzes the market’s competitive landscape and offers information on several market vendors.
Browse TOC and LoE with selected illustrations and example pages from leather goods market report
Market Segmentation
Leather Goods Market by Distribution channel
- Offline
- Online
Leather Goods Market by Product
- Footwear
- Luggage, bags, wallets, and purses
- Others
Leather Goods Market by Region
- APAC
- Europe
- North America
- South America
- MEA
Market Competitive Analysis
The leather goods market is fragmented, and the degree of fragmentation will increase during the forecast period. To enhance their customer base, vendors are adopting various marketing strategies, including celebrity endorsements. Moreover, vendors are also focusing on providing a personalizes shopping experience to customers and are adopting AI and AR technologies. Adidas AG, Capri Holdings Ltd., and Compagnie Financière Richemont SA are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the fluctuating operational costs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report provides information on the production, sustainability, and prospects of several companies, including:
- adidas AG
- Capri Holdings Ltd.
- Compagnie Financière Richemont SA
- Hermès
- Kering SA
- LVMH Moët Hennessy - Louis Vuitton
- Nike Inc.
- PRADA Spa
- Tapestry Inc.
- VF Corp.
Leather Goods Market: Key Drivers and Trends
With the growing fashion consciousness, there is an increasing customer spending on personal goods. The evolving lifestyle and the penetration of smartphones have increased customer awareness about the availability of unique leather goods designs. The growing number of working women and their increasing spending power are driving the demand for personal goods like footwear and handbags, especially in the luxury segment.
As a result, vendors in the personal goods industry are focusing on offering a wide assortment of products in different styles, designs, and colors. Fashion designers are also concentrating on introducing trending designs, particularly in the luxury goods segments. Such factors, coupled with the popularity of online shopping platforms, will increase the demand for leather goods over the next few years.
- Leather goods market trends, such as the increase in demand for luxury handbags made of eco-friendly materials, will also influence market growth.
- There is a growing importance of using eco-friendly materials for luxury handbags, especially in countries such as China, US, and Japan.
- To cater to the growing demand, companies are phasing out harmful PVC from their products to raise the demand and supply of organic leather goods.
- For instance, one of the critical companies Kering SA has already started using eco-friendly and organic leather for its finished products.
- Such factors will drive leather goods market growth at a CAGR of over 5% during 2019-2023.
Leather Goods Market: Segmentation by Region
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APAC is one of the significant markets for leather goods. The rising fashion awareness among consumers and the increasing demand for unique designs in luxury handbags are driving market growth in the region. The increase in spending by millennials on personal luxury leather goods and the economic growth in the region will also fuel the growth of the market.
During the forecast period, over 39% of the overall market growth will originate from APAC, and market growth in this region will be faster than the growth of the market in other regions.
Leather Goods Market: Segmentation by Distribution Channel
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The offline segment includes specialty stores such as exclusive brand stores; apparel stores; and -personal goods stores, hypermarkets and supermarkets, and department stores, witnessing a decline in sales because of the popularity of online shopping. To increase their sales in the offline channels, vendors are focusing on expanding their stores in the regional and local markets.
Market growth in this segment will be slower than the growth of the market in the online segment. This report provides an accurate prediction of the contribution of various segments to the growth of the leather goods market size.
Leather Goods Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the market during the next five years
- Precise estimation of the global leather goods market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the leather goods industry across the APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of leather goods market companies
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