LONDON--(BUSINESS WIRE)--The leather goods market size is expected to post a CAGR over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing spend on personal goods due to growing fashion-consciousness is one of the major reasons for the growth of this market. Fashion-conscious consumers seek unique designs, styles, and colors that can provide an aesthetic and modern look to leather goods. In addition, the rise in customer spending power, evolving lifestyles, and rising penetration of smartphones are also contributing to the growth of the market. Increasing awareness through online channels is encouraging consumers to purchase the latest and unique designs of leather goods. Furthermore, the growing number of working women across the world is also resulting in an increased interest in personal goods, such as handbags and footwear, which is contributing to market growth.
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As per Technavio, the rising demand for luxury handbags made of eco-friendly materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Leather Goods Market: Increase in Demand for Luxury Handbags Made of Eco-Friendly Materials
The growing demand for leather goods has increased the use of tanning agents for leather, and the improper disposal of these agents has resulted in ecological imbalance. Thus, governments have devised stringent laws on the proper treatment of these tanning agents and related solutions before disposal. Thus, the increasing use of organic leather is expected to raise the demand for leather goods during the forecast period.
“Apart from the increase in demand for luxury handbags made of eco-friendly materials, other factors such as the introduction of different leather varieties, and the increase in demand from retail stores at airports will have a significant impact on the leather goods market growth during the forecast period,” says a senior analyst at Technavio.
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Leather Goods Market: Segmentation Analysis
This market research report segments the global leather goods market by distribution channel (offline and online), product (footwear; luggage, bags, wallets, and purses; and others) and by region (North America, Europe, APAC, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The growth of the leather goods market share in APAC can be attributed to several factors such as economic growth, expansion of the middle-class population, and the high number of vendors that operate in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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