After having plummeted in 2020 due to the initial fallout of COVID-19, demand for luxury leather goods improved significantly in 2021 as the rollout of vaccines and easing of lockdown measures strengthened growth in the Turkish economy and enabled consumers to begin spending more time outside the home. The turnaround was also supported by a steady recovery in inbound tourism, with favourable exchange rates encouraging many foreign visitors to purchase these products.
Luxury travel goods was the most dynamic performer in volume and current value growth terms in 2021. Having been particularly hard hit by lockdown measures in 2020, the category saw demand rebound steadily as the easing of restrictions, access to COVID-19 vaccines and a more favourable macroeconomic climate encouraged Turks to start regularly travelling again.
Locally owned and produced brands such as Misela, Mehry Mu, Fonfique, Bago, Duende and Tullaa performed well in luxury leather goods in 2021. Strong demand was partly attributable to heightened budget-consciousness among Turks, as domestic brands tend to be more affordable than their global competitors, and their price advantage was strengthened by the collapse of the lira.
Luxury leather goods should see total volume sales return to positive territory in 2022, with modest but steady growth projected thereafter. As is the case with most personal luxury categories, however, recovery will be hampered by high inflation and ongoing economic and societal disruption caused by COVID-19 for some time.
Turkish consumers – especially younger generations – are increasingly concerned about sustainability. These concerns have recently become more pronounced as a direct result of COVID-19, with the pandemic leading many people to give greater thought to the environmental impact of their lifestyle habits.
The growing tendency of younger Turks to spend more of their disposable incomes on experiences rather than material possessions poses a challenge for luxury leather goods. Over the forecast period, manufacturers will seek to mitigate this threat by stepping up efforts to target millennials and members of Generation Z.
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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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