Luggage And Leather Goods Market, By Type ((Leather Goods (Footwear, Clothing and Apparel, Clutches and Wallets, Upholstery (Furniture and Automotive), Leather Accessories, and Others), Luggage (Rolling Luggage, Duffle Bags, Suitcases and Briefcases, Backpacks, Totes and Hand-luggage, and Others)), By Sales Channel (General Retailers, Single Brand Stores, Specialty and Multi-brand stores, Unorganized small stores, Online, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ in 495.5 Bn 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 5.1% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
In August 2022, luxury brand Aman Essentials launched the first collection of leather products in its extensive range. In addition to passport cases, handbags, wallets, and more, the brand's new leather collection includes 19 items. By using authentic leathers that are sourced from artisanal calf, lamb, and goat skins, each of the leather items in the new collection was handcrafted in Italy and France by using a process that is inspired by traditional artisanal processes.
Global Luggage and leather goods Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding the transportation of drugs from one place to another.
The international lockdowns and tour regulations disrupted deliver chains, thereby main to shortages of uncooked substances and completed items. For the leather-based items industry, this has blanketed get admission to to high-satisfactory leather-based and different substances utilized in manufacturing
The pandemic accelerated the shift towards e-commerce as consumers turned to online shopping for goods. Brands with a strong online presence or those that quickly adapted to online sales platforms may have been better positioned to weather the downturn.
Factories producing luggage and leather items faced shutdowns or operated with limited capacity due to social distancing measures, thus impacting their ability to produce and meet any existing demand.
With fashion events cancelled or moved online, the exposure and promotion of new leather goods through these channels were limited, thereby affecting the trend-driven part of the leather goods market.
Link: https://www.coherentmarketinsights.com/market-insight/luggage-and-leather-goods-market-3707
Global Luggage and leather goods Market– Key Developments
In October 2022, LVMH expanded its presence in Italy with the opening of new Fendi and Bulgari production facilities. Even though costs went up, LVMH kept putting a lot of money into its Italian production line.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Global Luggage and leather goods Market, By Type ((Leather Goods (Footwear, Clothing and Apparel, Clutches and Wallets, Upholstery (Furniture and Automotive), Leather Accessories, and Others), Luggage (Rolling Luggage, Duffle Bags, Suitcases and Briefcases, Backpacks, Totes and Hand-luggage, and Others) ), By Sales Channel (General Retailers, Single Brand Stores, Specialty and Multi-brand stores, Unorganized small stores, Online, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Luggage and leather goods Market:
- Global luggage and leather goods market is expected to exhibit a CAGR 5.1% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global luggage and leather goods market.
- Among region, Europe is expected to be dominant in the global huggage and leather goods market, owing to the presence of major players such as Samsonite International S.A., VIP Industries Ltd., LVMH Moët Hennessy Louis Vuitton SE and other key market player contributing to the growth in this region.
- Major players operating in the global luggage and leather goods market include Knoll, American Leather, Aero Leather Clothing Ltd., Samsonite International S.A., VIP Industries Ltd., LVMH Moët Hennessy Louis Vuitton SE, Timberland, Johnston & Murphy, Woodland, and Hermes International SA.
