From March 2020, Spain entered eight weeks of national lockdown, with further social distancing restrictions lasting for over three months in total. The strict national lockdown period led to significant losses as consumers were unable to visit retail outlets to make purchases during this period.
Luxury leather goods in Spain relies heavily on international tourism for its success with tourists from wealthy countries make up a large portion of their usual custom. This is particularly true of consumers from a number of wealthy countries such as Asian countries, the USA, and Russia, which faced strict travel bans during the COVID-19 crisis.
As consumers in Spain became aware of the longevity of the COVID-19 pandemic, with no end to restrictions in sight, consumers began to prioritise their spending. As it became clear that the COVID-19 crisis would be a lengthy one, lasting over a year and bringing with it considerable uncertainty as to consumers’ health and the state of the economy in the future, consumers chose to limit their spending in order to prepare for an uncertain future.
The Spanish economy is expected to suffer more deeply from the economic crisis provoked by COVID-19 than other European countries. This will become clear over the course of the forecast period and will considerably restrict sales in luxury leather goods in the coming years.
Non-European tourists are central to the success of luxury leather goods in Spain. In particular Asian and North American tourists are usually responsible for almost half of all tourist expenditure in luxury leather goods in Spain.
The health and economic crises that Spain faces means that consumers are less likely to see designer or luxury goods, such as many products in luxury leather goods, as status symbols in the coming years. As the country faces more serious concerns, consumers will be less inclined to focus their spending on acquiring luxury leather goods which used to be considered a status symbol for Spanish women especially.
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This report originates from Passport, our Luxury Leather Goods research and analysis database.
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