The global luxury leather goods market size is expected to reach USD 66.6 billion by 2025, expanding at a CAGR of 4.8%, 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.
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. Footwear accounted for the largest share of 34.8% in the year 2018. 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.
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Further key findings from the report suggest:
By product, bags is projected to ascend at a CAGR of 5.1% over the forecast period
The footwear product segment accounted for a revenue share of 34.8% in 2018
U.S., Germany, U.K., China, Japan, and Turkey are the major countries with the largest market in their respective regions.
Grand View Research has segmented the global luxury leather goods market on the basis of product, distribution channel, and region:
Luxury Leather Goods Product Outlook (Revenue, USD Billion, 2015 - 2025)
Luxury Leather Goods Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Luxury Leather Goods Regional Outlook (Revenue, USD Billion, 2015 - 2025)
Central & South America
Middle East & Africa
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