Having plunged by almost a third during 2020, there was no more than a modest rebound in retail volume sales of luxury leather goods during 2021. While consumers socialised more during the latter year, as COVID-19 restrictions were eased, events such as weddings, baptisms, first communions and birthday parties still tended to be much smaller than before the pandemic.
Inbound international tourism is a major driver of retail current value sales of luxury leather goods in Spain, but this source of demand also remained very weak during 2021 – even if visitor numbers recovered somewhat during the second half of the year. Asian and Latin American countries, in addition to Russia, are particularly important sources of demand in this regard.
E-commerce surged in importance as a distribution channel for luxury leather goods during 2020, as non-essential retail outlets were forced to close for an extended period and some local consumers remained reluctant to shop in person due to the risk of contagion even after they re-opened. While retail value sales through this channel continued to expand during 2021, this growth was marginal.
The pace of recovery in demand for luxury leather goods will accelerate during 2022 but, in constant terms, retail value sales will not exceed their pre-pandemic (2019) peak until the very end of the forecast period. An increase in inbound international tourism will be the main driver of recovery, but this is vulnerable to a resurgence in COVID-19 infections – particularly during the early part of the forecast period.
Domestic demand for luxury leather goods is set to recover at an even slower pace than demand from international visitors to Spain. The economic scars of the pandemic (most notably an elevated rate of unemployment and accelerating inflation) will continue to weigh on the confidence of local consumers well into the forecast period.
In a difficult economic environment, demand for second-hand luxury leather goods is set to grow. Moreover, it is now easier than ever to buy and sell luxury leather goods online through such specialist websites as Vestaire Collective and Farfetch.
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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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