Retail current value sales of luxury leather goods plunged by more than a quarter during 2020 and recovered only marginally in 2021. Apart from non-essential retail outlets being forced to close between March and May, the pandemic had a significant negative effect on consumer confidence, leading many Italians to postpone non-essential purchases – particularly big-ticket ones.
COVID-19 also led to the virtual collapse of international tourism in 2020. International travellers have traditionally accounted for a large share of sales of luxury leather goods in Italy.
During 2020, the retail value share of e-commerce more than doubled in luxury leather goods, and it continued to grow in 2021. With physical stores forced to close for an extended period during spring 2020 and (in some parts of the country) during late 2020 and early 2021, luxury leather goods brands scrambled to boost their online visibility and make their products more easily available to local consumers.
Following a successful vaccination campaign, the pace of recovery in retail current value sales of luxury leather goods will accelerate significantly during 2022, buoyed by a revival in international tourism and the normalisation of daily life, which will lead to a revival in socialising and boost consumer confidence. However, in constant 2021 prices, retail value sales will not regain their 2019 peak even at the end of the forecast period.
Growth in the female labour force participation rate in Italy will help to support demand for luxury leather goods in Italy during the forecast period. The rate of female labour force participation in Italy remains quite low by EU standards, particularly in the south of the country, so there is significant room for growth in this regard.
Having been a laggard in 2020 and 2021, luxury travel goods will be the top performer in luxury leather goods in terms of its rate of retail current value sales growth during the forecast period. As more people are vaccinated against the pandemic and the fear of contagion is reduced, travel will resume, boosting demand for luxury travel goods.
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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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