With increasing globalization, rising consumer spending, and changing consumer lifestyles, inclination toward luxurious living is increasing across the globe. Leather goods are a primary accessory in the category of luxurious fashion goods. Leather as a material originated from the stone ages where humankind used to wrap themselves in dried animal skin. Initially, there were issues of stiffening and rotting of these animal skin. However, people developed ways of preserving and tanning animal skin for further use. Women are increasingly demanding leather goods in the form of bags, footwear, and other accessories due to its richness and high quality assurance along with sophisticated design features.
The leather handbags market is expanding to represent a single to double digit growth rate each year. Over the last decade, the leather fashion goods industry has grown manifold owing to increasing number of brands, transformed business approach, and improving luxury lifestyle. Owing to this boom in the leather goods business, high quality leather material supply has reached a point where manufacturers are pressurized to increase prices. This indirectly results in less supply or supply to the high end consumers rather than masses.
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The leather handbags market is mainly driven by the yearly luxury consumer spending across the developed and developing economies. Another success factor behind the steady growth of the leather handbags market is the increasing number of young and working women population across the globe. Appetite for diverse wardrobe collection is another key driving factor as these handbags once bought are long lasting. However, this industry is challenged by low-quality materials and brands that produce second grade exact replica of top branded collections of luxury handbags. Additionally, industry saturation in the top producing regions are also creating huge competition among the top players in this industry. The leather handbags market is expected to attract new customers from developing economies such as India, Egypt, Thailand, Hong Kong, UAE, Saudi Arabia, etc. due to improved economies.
The key trends pertaining to the leather handbags market are highly discussed topics during each fashion season. Fashion researchers keep a keen eye on fashion initiators to understand which specific designs and colors are trending during a particular year. The most trending factor driving the sales of leather handbags are different designs and styles of handbags rather than few limited designs as seen in the previous decade. Many colors are trending in the leather handbags market, as previously only hue colors such as black, brown, tan, and grey dominated the leather handbags collections in retail stores. These days, leather handbags with prints and pastel colors are becoming popular. Further, retro and classic designs are always in the trending collections, irrespective of summer or spring seasons.
Players are expected to gain business from customized and made to order designs in the leather handbags market. The global leather handbags market is segmented on the basis of type, product, size, and price range. The type segment is further bifurcated as formal and casual. Furthermore, the product segment studies the global leather handbags market in terms of handheld bags, satchel bags, shoulder bags, sling bags, tote bags, and others. The available sizes in the leather handbags market are small, regular, and oversized. There are three main price levels of leather handbags. These include low, mid, and high.
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The leather handbags market is a highly fragmented one with many top branded manufacturers as well as many local suppliers. The top manufacturers in the leather handbags market across the globe are Chanel International B.V., LVMH Group, Hermès International S.A., Kering S.A., Michael Kors, and Alexander MCQueen Trading Ltd amongst others.