Luxury leather goods saw slow current value declines in both 2020 and 2021. Due to the COVID-19 lockdowns and working and socialising from home, consumers saw less need to purchase luxury leather goods.
Luxury leather goods brands have utilised technology in order to innovate the way that they engage consumers in the purchasing experience. For example, Bvlgari launched its first e-commerce shop in Singapore in May 2020.
The competitive landscape of luxury leather goods in Singapore is fairly consolidated, with Gucci Singapore, Hermès Singapore, Chanel and Louis Vuitton Singapore all seeing double-digit value shares prior to the emergence of the pandemic and together made a notable gain in 2020 at the expense of smaller players, included under “others”. Louis Vuitton in particular benefited from the strong use of pop-up stores and collaborations to generate interest in its products before the pandemic, and the rise in demand continued in 2020 despite the lockdown, seeing double digit growth in its value sales.
As Singapore continues to ease out of restrictive measures and physical stores are open for business, affluent consumers are likely to resume their purchases of big-ticket items, including luxury leather goods, from department stores and boutique retailers. Luxury leather goods is expected to see slight growth in 2022 once the economic environment becomes more positive and consumers have higher confidence in spending.
E-commerce is expected to maintain its growth trend in luxury leather goods in the forecast period, as consumers have fewer concerns about ordering these products online than others within luxury goods. This will lead players to continually improve their websites and online marketing.
Due to the pandemic, players are fast-tracking the already ongoing conversations around sustainable luxury practices. At the same time, younger consumer groups such as millennials and gen Z have shown active support for the circular economy, by purchasing second-hand luxury items or selling pre-owned luxury goods online through popular online platforms such as Reebonz, where the likes of Hermès Birkin bags, Chanel and Louis Vuitton have all found a market.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Singapore 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.
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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 DefinitionsThis report originates from Passport, our Luxury Leather Goods research and analysis database.
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