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While consumers’ increasing penchant for travel and other out-of-home experiences, as well as luxury brands’ prioritisation of handbags, wallets and other leather accessories in their marketing materials and in-store displays, lifted luxury leather goods to strong growth over 2010-2019 prior to the onset of the COVID-19 pandemic, the category recorded the sharpest sales decline among any personal luxury categories in 2020, as domestic and international travel restrictions, lockdowns and other efforts to curtail the spread of the virus diminished demand for travel and other luxury leather goods among consumers. International travel bans and self-quarantine requirements for domestic travellers all but eliminated the need for consumers to purchase new luxury travel goods, which recorded the sharpest sales decline within luxury leather goods in 2020 as business and leisure travel stood at a standstill throughout much of the year.
With the vast majority of luxury leather goods sales having occurred through store-based retail channels including bags and luggage specialist retailers, classified as non-grocery specialists, and department stores, classified as mixed retailers, prior to the pandemic, the closure of these non-essential retail stores from mid-March until May or June amid lockdowns in many states further limited sales in 2020. Being the only available sales channel for luxury leather goods products during this time as a result, e-commerce experienced a dramatic boost in its percentage value share of total sales in 2020, despite still registering a slight decline in actual value sales as demand remained depressed by consumers’ increased time spent at home.
Despite having strong presences across e-commerce and digital marketing platforms, enabling them to advertise and sell to domestic consumers while in-store shopping is restricted, leading luxury leather goods players including Louis Vuitton, Michael Kors, Coach and Gucci, the top four players in the US, respectively, saw sales in 2020 especially impacted by the reduction in foreign expenditure brought about by travel restrictions. While international retail expenditure typically represents over 44% of total luxury leather goods sales in the US, this fell to just over 28% of a much lower total in 2020 as international and domestic travel restrictions alike, as well as limitations to the in-store shopping experience, prevented wealthy international students and travellers, key drivers of luxury leather goods sales, from visiting large cities and other tourist destinations across the US.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Leather Goods industry in USA with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.