According to the research report titled ‘Global Luxury Leather Goods Market Size study, by Product (Footwear, Bags, Accessories and Others), Distribution Channel (Offline Retail and Online Retail) and Regional Forecasts 2021-2027’, available with Market Study Report, global luxury leather goods market was worth USD 52.92 billion in 2020 and is expected to register 5% CAGR over 2021-2027 to reach a valuation of USD 74.46 billion by the forecast period end.
 

As per the report findings, factors such as increasing product adoption, rising levels of discretionary income, availability of premium quality products as well as growing inclination towards premium wallets, trendy bags, and classy shoes are catalyzing the growth of global luxury leather goods market.
 

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Additionally, prevalence of brand loyalty, rapid urbanization, changing consumer lifestyles, heavy influence of social media, and surging development of sustainable and personalized products are also propelling the industry development.
 

For the unversed, luxury leather goods are prepared from the skin and hides of animals, like sheep, pigs, and cattle, through a procedure known as tanning.
 

Elaborating on the bottlenecks, rising demand for second hand branded items, flourishing first copy branded goods vertical, and high cost of luxury items are likely to hamper the industry growth over the forecast period.
 

In terms of product, worldwide luxury leather goods market is classified into accessories, footwear, bags, and others, whereas based on distribution channel, the industry space is bifurcated into online retail and offline retail.
 

From a regional point of view, North America, Europe, Latin America, and Asia pacific are major contributors to industry remuneration. Among these, Europe currently holds a major market share, owing to availability of prominent luxury brands and their manufacturing units, coupled with large consumer base for high end products.
 

Parallelly, Asia Pacific industry is slated to register a considerable growth rate over the projected period, creditable to rising product penetration, and growing brand awareness among consumers.
 

Leading companies in global luxury leather goods market include PVH Corp., 3.1 Phillip Lim, Guccio Gucci S.p.A, Prada S.p.A, Valentino S.p.A., Coach IP Holdings LLC, Giorgio Armani S.p.A., Dolce & Gabbana S.R.L, Kate Spade New York (Tapestry Inc.), and Burberry Group plc among others.