One interesting trend to emerge from the COVID-19 pandemic was a shift towards smaller, less expensive items of luxury leather goods. With many people facing considerable pressure on their incomes, lower levels of discretionary spending emerged over the course of the year.
With many Thai people spending a lot more time online since the pandemic due to severe restrictions around their social lives, 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.
Sales of luxury leather goods are often compromised by the consumer preference to purchase luxury leather goods from duty-free stores, while value sales were also undermined by the general preference for the recently opened luxury goods off-price discount outlets such as Central Village and Siam Premium Outlet. However, more importantly there has been a notable spike in the demand for second-hand luxury leather goods.
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.
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 environmentally-friendly marketing concepts will continue to rise. One particularly notable example of this is Bottega Veneta’s bags which are now made from the recycled natural fibres of cork and fennel.
Over the forecast period, there is likely to be an emergence of other relevant products and services that will support the luxury leather goods market. This is likely to include businesses that offer these products for rent, either on a daily or a monthly basis.
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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.
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Luxury Leather Goods
This is the aggregation of luxury bags and small leather goods and luxury travel goods.See All of Our Definitions
This report originates from Passport, our Luxury Leather Goods research and analysis database.
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