Luxury brands are gradually moving towards offering more ethical products that substitute animal-derived materials in favour of man-made alternatives. Ethical initiatives by luxury brands are not only driven by the industry but also by consumers looking to limit their impact on the environment and overall society.
Flagship stores continued to be opened and renewed during the pandemic, despite COVID-19 restrictions and snap lockdowns across the country. For luxury leather goods, the sensory experience remains crucial for customers, with brand owners and retailers continuing to invest in the physical experience.
Amidst lockdowns to curb the spread of COVID-19, consumers embraced internet-connected devices to maintain a semblance of their daily routines while stuck at home. While many consumers were no longer forced to stay at home in 2021, many chose to do so more often than they had before the pandemic, and this is expected to continue into 2022.
Although a good number of luxury consumers are expected to return to purchasing in-store because of the unique experience, those who are worried about safety or those who dislike safety measures such as mandatory masks indoors are expected to turn to e-commerce for purchases. Many consumers will also use e-commerce for the convenience of shopping through this channel, being able to browse complete collections and compare features and prices, as well as find out about increasingly popular personalisation options before making a purchasing decision.
Recent changes in lifestyle and economic uncertainty caused by the pandemic made consumers think more about the long-term value of a fashion item and view luxury goods spending as a form of investment. Similar to the demand for luxury jewellery, consumers in Australia are looking for longer-lasting items, but also those that are unique, or limited editions, and therefore have good resale value.
Global players in luxury leather goods will need to engage more with local consumers via products and experiences that are aligned with local, cultural and societal values. According to Euromonitor International’s Lifestyles Survey, just over a third of affluent and wealthy respondents in 2020 agreed they purchase from brands that are aligned with their own values, but in 2021 this figure saw a nine percentage point increase.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Leather Goods industry in Australia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Leather Goods
This is the aggregation of luxury bags and small leather goods and luxury travel goods.See All of Our Definitions
This report originates from Passport, our Luxury Leather Goods research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!