Luxury leather goods experienced a negative impact from the onset of COVID-19 since 2020. The decimation of international tourist arrivals due to the closure of borders in Malaysia negatively affected demand for luxury leather goods.
Price reduction became an especially crucial strategy after the country’s lockdowns eased in both 2020 and 2021. Many luxury leather goods brands engaged in price promotions, especially entry-level luxury brands.
LVMH Moët Hennessy Louis Vuitton remained the clear leader in luxury leather goods in 2021 thanks to its offer of a wide range of brands, which includes Louis Vuitton, Céline, Loewe, Fendi and Rimowa. However, the category as a whole continued to struggle in 2021 and was very slow to recover due to the ongoing closure of the country’s borders to both inbound international and outbound tourists.
After returning to slow but positive growth in current value terms in 2021, this is set to strengthen over the remainder of the forecast period. Women’s luxury bags and small leather goods is expected to be on a quicker recovery path in the forecast period.
Changing consumer purchasing behaviour will lead to more players focusing on e-commerce expansion in the forecast period. Even during COVID-19 in 2020, a large number of luxury leather goods players were already launching official online websites.
An increasing number of luxury leather goods brands will focus on the sustainability trend by developing this as a key selling point. This will include marketing activities that will associate the type of leather used and promote sustainability in the hope of generating more interest from consumers, especially millennials.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Malaysia 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 Malaysia, 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.
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