2021 was a favourable year for luxury bags and small leather goods in Russia. A key factor in this were the various restrictions that limited opportunities to spend on other products, as well as foreign travel.
Producers of luxury leather goods refocused their efforts on the digital landscape after the outbreak of COVID-19, with this trend seeing further development in 2021. Prior to the outbreak of COVID-19 there was limited interest in shopping for luxury leather goods online, with many consumers seeing the in-store experience as being an important part of the sale.
Louis Vuitton Vostok OOO maintained its lead in luxury leather goods in 2020, although it saw a dip in its share. The player benefits from a strong distribution network, high brand recognition, significant investment in marketing activities and regular new product launches.
Luxury leather goods fared significantly better than had been anticipated following the outbreak of COVID-19 with the limitations on travel ensuring consumers spent money at home, including on luxury bags and small leather goods. However, as outbound tourism starts to pick up again it is likely that luxury bags and small leather goods will see more stable growth.
All players are set to focus on strengthening their online presence and developing their e-commerce presence over the forecast period. The trend for online shopping was already starting to take off pre-COVID-19, but it has flourished since then due to the various measures introduced to control the pandemic.
While luxury leather goods is projected to see stable growth over the forecast period, the prevailing economic uncertainty in the country could pose a significant threat to some brands. Women’s designer handbags play a crucial role in overall category sales, with sales driven by practicality but more so desirability, with consumers keen to acquire the latest fashions and the most desirable and on-trend brands and product lines.
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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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