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.
About Us:
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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