Traditionally, many affluent Thai consumers have headed overseas when looking to buy luxury leather goods. Shopping in other countries means that consumers have had access to a wider range of luxury leather goods and often at lower prices.
With many Thai people spending a lot more time online during 2020 due to the changes seen in their social lives amidst the COVID-19 pandemic, an increase was noted in the volume of online reviews being posted and read for a wide variety of products. Some of these reviews were for luxury leather goods.
One interesting trend to emerge from the COVID-19 pandemic during 2020 was the shift towards smaller, less expensive items of luxury leather jewellery. With many people facing considerable pressure on their incomes, lower levels of discretionary spending emerged over the course of the year.
One of the key takeaways for luxury leather goods brands from the COVID-19 situation during 2020 was the importance of appealing to consumers on a personal level. This is likely to be taken one step further during the forecast period, with brands seeking to improve their relationships with individual customers as part of their efforts to recover from the sales declines recorded during the COVID-19 pandemic.
The forecast period is expected to see the leading brands in luxury leather goods gear up to cater to the sustainable fashion trend as the importance of sustainable and environmental-friendly marketing concepts continues to rise. One particularly notable example of this is that Bottega Veneta now offers bags made from the recycled natural fibres of cork and fennel.
With social media having become a far more important marketing medium for the leading brands in luxury leather goods during 2020 as the COVID-19 pandemic reduced the impact of outdoor advertising and in-store marketing, the importance of social media for the marketing of luxury leather goods is expected to increase over the forecast period. All of the category’s leading brands can be expected to make greater use of social media to promote their products and brand values, using Facebook and Line to position their products and align them with the lifestyle goals of their target consumer audience.
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Understand the latest market trends and future growth opportunities for the Luxury Leather Goods industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Luxury Leather Goods research and analysis database.
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