In response to the COVID-19 pandemic, luxury leather goods will see slowed growth as current value growth rates drop notably. Although the Taiwanese government was able to gain control of the virus rapidly and the country entered its post pandemic phase from April onwards, the destructions being seen in other countries has been impacting sales of luxury leather goods.
In Spite of the pandemic, top-tier brands such as Hermès and Chanel have continued to see double-digit growth in 2020. The main reason for this is because the consumer base of luxury leather goods in Taiwan is mainly affluent consumers with larger disposable incomes.
The internet is slowly changing the distribution landscape for luxury leather goods in Taiwan, especially among convenience seeking millennials, who are usually more price-sensitive and used to accessing information about products and making purchases online. As a result, the distribution share of online channels has continued to rise in 2020, especially in wake of the COVID-19 pandemic.
Starting from 2021, luxury leather goods is anticipated to recover and then will grow in a stable manner over the duration of the forecast period. The worst hit product area, luxury travel goods, will also rebound at the beginning of the forecast period and this will be beneficial for the performance of luxury leather goods overall.
Over the forecast period, the fast-growing affordable segments and strong demand due to the impact of social media will be some of the main drivers of growth. Luxury handbags and small-sized bags such as Gucci, FENDI and Marc Jacobs are set to remain popular among younger people due to their relatively affordable prices and functionality.
As a result of the pandemic, the fashion industry has been suffering in 2020 and will likely continue to do so over the forecast period. As the main fashion weeks continue to be impacted with shows being cancelled, designers will continue to postpone releasing their latest collections in order to avoid them underperforming.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Taiwan 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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