Sales of luxury bags and small leather goods continued to grow in 2020, in spite of the pandemic. Although the category’s performance was considerably weaker than in 2019, growth nonetheless remained in positive territory.
Luxury handbags tend to be planned purchases, and are not impulse buys by nature, so consumers buying such products prefer to visit a department store when making a purchasing decision. Department stores in South Korea normally have an established place for luxury offerings, usually on the ground or second floor.
Louis Vuitton Korea and Gucci Korea have been gaining share in recent years. Gucci was one of the leading brands in luxury leather goods over the review period.
Unlike some other luxury goods categories, the shift to e-commerce is slow in luxury leather goods. Online sales of luxury leather goods under high-tier brands such as Hermès and Chanel are unlikely to be seen to any great extent any time soon.
The trend of spending money on luxury bags instead of on honeymoons and overseas trips continues to be seen in 2021. In line with this trend, major department stores such as Lotte, Hyundai and Shinsegae are holding “Overseas Fashion Shows” with discounts of up to 80%.
Luxury leather goods are widely considered aspirational products, and are often more affordable than alternative luxury goods such as jewellery. The appeal to a growing consumer demographic will be further enhanced by the continued development of online marketing activities.
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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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