As the political situation in Europe improves, after terrible years of terror attacks resulting in a decline in tourist numbers, the number of tourists coming from the US, Russia and Asian countries is on the rise in Spain, and helped drive growth in luxury leather goods in the country in 2018, which recorded a better performance than in the previous year. Over the forecast period the number of tourists from countries with rising disposable incomes is set to keep growing, especially Asian countries.
As is happening in other categories, the performance of luxury leather goods in Spain is being shaped by Spaniards showing more interest in experiencing more, and acquiring fewer things. After a difficult review period, with most Spanish consumers being affected by the deep economic crisis, and their expenditure behaviour being influenced by declining average wages, the recovery of the Spanish economy is resulting in Spaniards allocating a higher amount of their disposable income to having experiences rather than accumulating things – this is supporting the extraordinary performance of experience packs as gifts, and the growing number of people travelling abroad.
Over the forecast period, luxury leather goods is set to be influenced by the performance of luxury travel goods. Spaniards are increasingly looking to visit more cities and spreading their holidays through the year, enjoying more but shorter city breaks.
In line with the previous year, Louis Vuitton led luxury leather goods in Spain in value terms in 2017. However, the company lost ground, as it sold its Donna Karan brand.
Following LVMH Iberica, Loewe and Gucci España were the strongest companies in luxury leather goods in Spain in value terms in 2017. It is true that Spanish consumers are not showing an extraordinary interest in luxury brands, mainly as a result of their still tight disposable incomes.
As is happening in other neighbouring countries, the top brands for overall leather goods are dominated by well-established traditional luxury brands, such as Louis Vuitton, Burberry, Prada and the Kering-owned Gucci brand. However, amongst them are also those in the affordable luxury bracket, such as Michael Kors and Donna Karan.
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