Luxury leather goods was severely impacted by the global pandemic in 2020, as stores were forced to close or reduce their opening hours during the state of emergency in April and May. Long-term border closures also made it difficult for the category to experience a solid and sustainable rebound, as the decimation in inbound arrivals severely limited the consumer base for these products.
In order to try and capture consumers’ interest, more luxury players have been offering customisation options. For example, in 2021 Fendi began the made-to-order service Baguette Holiday Edition in its flagship store.
In addition, players have turned to pop culture to attract the younger consumer group. Already over the review period, crossover collaborations with popular characters were used by luxury brands to reach out to young, entry-level affluent consumers to fulfil their demand to stand out on social media.
Luxury leather goods is set to see continued although slowing current value growth momentum over the forecast period, although luxury travel goods will take longer to return to the 2019 level of sales than luxury bags and small leather goods, as tourism will take a while to recover. Also limiting growth is expected to be subscription services, which are growing, and could pose an increased threat to sales of luxury leather goods in the aftermath of the pandemic.
A trend not limited to luxury players, but seen in the overall retail environment, is the shift towards non-leather or faux leather, which is likely to create even more challenging conditions for luxury leather goods in the forecast period. The concept of sustainability became increasingly important in Japan in the review period, and will further accelerate in the forecast period.
With the growth of social media, it has become easier for small D2C brands to reach out to consumers, as well as consumers being able to find new brands. Whilst not limited to luxury, many new brands emerged in the review period, mostly gaining attention through social media.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Japan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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