Like most other parts of luxury goods, luxury leather goods was severely impacted by the closure of non-essential retail outlets between March and May. This immediately cut anticipated value for the year, but even the reopening of these has yet to return the category to a better footing.
The shutdown of physical stores and consumer reluctance to return meant that the value share generated by e-commerce is set to rise sharply in 2020, although sales value in the channel has actually dipped slightly over the year. Reduced access to retail is a key part of this, but the fact that luxury leather goods are dominated by large international brand operators who already have well-developed online strategies.
Government attempts to manage the virus have also affected sales of luxury leather goods in less direct ways. The assorted travel bans imposed over 2020, both by Switzerland and potential destination countries, has reduced demand for luxury travel goods, which are set to see the steepest drop in value sales in 2020.
Value sales of luxury leather goods are set to see double digit growth in 2021, although the category will struggle to recover its pre-pandemic levels of consumption. However, the Swiss market is well positioned for recovery, and strong underlying demand for luxury leather goods means there is still opportunity for growth over the forecast period.
New consumers of these products will be brought to purchase by luxury leather brands with high levels of consumer awareness. The Swiss consumer base is conservative, and more likely to purchase products with strong brand equity than shop for newer, more fashion forward brands.
Over the forecast period, average unit prices of luxury leather goods are set to see growth in real terms. This is a reflection of higher demand for brands with relatively limited supply and strong branding.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Switzerland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Leather Goods research and analysis database.
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