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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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/luxury-leather-goods-market
https://www.grandviewresearch.com/industry-analysis/luxury-leather-goods-market
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)
·
Footwear
·
Bags
·
Accessories
·
Others
Luxury Leather Goods Distribution Channel
Outlook (Revenue, USD Billion, 2015 - 2025)
·
Offline Retail
·
Online Retail
Luxury Leather Goods Regional Outlook
(Revenue, USD Billion, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
