Together with luxury jewellery and designer apparel and footwear, luxury leather goods experienced a turnaround during 2020. From the worst projections in the first half of the year to robust growth posted in the later months, luxury leather goods reached a positive year.
Beyond self-indulgence, buying luxury bags is gradually more connected to the prospect of a good investment with the possibility of the items gaining appreciation with time. The growing number of second-hand e-commerce platforms give support to such a movement and help to make these transactions more popular.
Prada and Michael Kors announced the launch of their local e-commerce platforms in 2020 and 2021, respectively, to better serve Brazilian consumers of luxury goods. Michael Kors chose Brazil as its first Latin American country in which to operate locally in the digital channel.
The increasing concern shown towards animal welfare has been playing a strong role in capturing attention and positive interest from consumers, especially the younger generations. Activism leveraged by institutions such as Fashion Revolution raises questions regarding the supply chain of leather in luxury categories.
Projecting the resumption of routines that are more similar to those regularly experienced during the period before the COVID-19 pandemic, commuting in the cities will tend to become one of activities with the greatest repressed demand among residents of large cities. Smaller bags with functionalities for carrying smartphones are expected to be the most popular items due to the recovery of more dynamic circulation driving consumers’ needs.
The luxury market commonly shows resilience with positive results even during periods of crisis. Not only do affluent consumers demonstrate lower sensibility to prices but these consumers are also very concerned with quality and confidence regarding the origin of their purchases.
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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.
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