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.
For full research report on Luxury
Leather Goods Market visit here: 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.
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/luxury-leather-goods-market/request/rs1
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
- U.S.
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- Central & South
America
- Colombia
- Middle East &
Africa
- Turkey
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.
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