The European leather goods market is expected to register a CAGR of 3.26% during the forecast period (2022-2027).
The leather goods market has witnessed a sharp decline in demand due to the COVID-19 outbreak, spending power limitations, shut stores/outlets of premium apparel, and widespread lockdown globally. Customers followed the stay-at-home trend due to the pandemic and did not count leather products as necessary goods for the time being because of no social gatherings, which impacted overall sales of the leather goods market in the region. Due to the pandemic, the export of leather goods products in Italy decreased by 13%, from 12.4 million in 2019 to 9.6 million in 2020. However, the market has been slowly recovering since the lockdown opened in Europe.
Innovations in design and the use of exotic leather to manufacture products have enabled manufacturers to cater to the demand from high-end and premium customers. Additionally, key market players are focused on designing personalized and customized leather goods to attract consumers to spend more on exclusive products.
The adoption of omnichannel retailing will be a significant factor expected to drive the leather goods industry growth. Product improvement, use of social media platforms to increase consumer engagement and awareness about product launches, and adopting appropriate distribution channels are some of the strategies that leather handbag manufacturers adopt to promote their products.
With the trend of personalization and customization, market players have started designing customized leather goods to increase their customer base and sales. Key players are using customer interaction platforms to get customers' feedback regularly. Specializing in customization and personalization, major players have developed working relationships with individual and corporate customers across the region. All leather goods are made-to-order, tailored based on customers' choice of preferences, and can be personalized with their name, corporate logo, and monogram. Itlay is the largest market for customized shoes. Key market players are focused on designing personalized and customized leather goods to attract consumers to consume and spend more on exclusive products by using traditional vegetable-tanned, environment-friendly leather, further driving the demand for personalized leather goods.
The increased number of working professionals and young millennials is majorly driving the leather footwear market in the European region. Majorly driven by the fashion industry, the European countries, such as the United Kingdom, France, and Italy, are witnessing an extensive dependency on leather goods, from production to trading in the footwear industry. In addition, To the rise in customer spending power, evolving lifestyles contribute to the market's growth. Also, European Commission published a study stating that the leather footwear segment accounts for the major production share in the leather industry. As the demand for flexible and lightweight products is growing rapidly, numerous innovations and technological advancements help surge the product demand in the United Kingdom. Leather footwear has high durability and stands strong even in heavy-duty work, along with casual, designer shoes. It can be used for indoor and outdoor applications, making it more popular among United Kingdom's consumers.
The leather goods market is highly competitive as in the organized sector. Few key players hold a major market share. The companies like Kering SA, LVMH, Chanel SA, and Hermès International SA are the most active among all the key players in the market. Samsonite International SA, Prada, and Bata Corporation are other active companies increasing their product line and expanding their presence in the European region. Expansion is the strategy preferred by companies to strengthen their leather goods market dominance. Major players are constantly trying to expand their production facilities or retail outlets to accommodate the growing demand and strengthen their strategies for market development.
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The leather goods market has witnessed a sharp decline in demand due to the COVID-19 outbreak, spending power limitations, shut stores/outlets of premium apparel, and widespread lockdown globally. Customers followed the stay-at-home trend due to the pandemic and did not count leather products as necessary goods for the time being because of no social gatherings, which impacted overall sales of the leather goods market in the region. Due to the pandemic, the export of leather goods products in Italy decreased by 13%, from 12.4 million in 2019 to 9.6 million in 2020. However, the market has been slowly recovering since the lockdown opened in Europe.
Innovations in design and the use of exotic leather to manufacture products have enabled manufacturers to cater to the demand from high-end and premium customers. Additionally, key market players are focused on designing personalized and customized leather goods to attract consumers to spend more on exclusive products.
The adoption of omnichannel retailing will be a significant factor expected to drive the leather goods industry growth. Product improvement, use of social media platforms to increase consumer engagement and awareness about product launches, and adopting appropriate distribution channels are some of the strategies that leather handbag manufacturers adopt to promote their products.
Key Market Trends
Demand for Personalized Leather Goods Increasing Consumption
With the trend of personalization and customization, market players have started designing customized leather goods to increase their customer base and sales. Key players are using customer interaction platforms to get customers' feedback regularly. Specializing in customization and personalization, major players have developed working relationships with individual and corporate customers across the region. All leather goods are made-to-order, tailored based on customers' choice of preferences, and can be personalized with their name, corporate logo, and monogram. Itlay is the largest market for customized shoes. Key market players are focused on designing personalized and customized leather goods to attract consumers to consume and spend more on exclusive products by using traditional vegetable-tanned, environment-friendly leather, further driving the demand for personalized leather goods.
The United Kingdom is Leading the European Leather Goods Market
The increased number of working professionals and young millennials is majorly driving the leather footwear market in the European region. Majorly driven by the fashion industry, the European countries, such as the United Kingdom, France, and Italy, are witnessing an extensive dependency on leather goods, from production to trading in the footwear industry. In addition, To the rise in customer spending power, evolving lifestyles contribute to the market's growth. Also, European Commission published a study stating that the leather footwear segment accounts for the major production share in the leather industry. As the demand for flexible and lightweight products is growing rapidly, numerous innovations and technological advancements help surge the product demand in the United Kingdom. Leather footwear has high durability and stands strong even in heavy-duty work, along with casual, designer shoes. It can be used for indoor and outdoor applications, making it more popular among United Kingdom's consumers.
Competitive Landscape
The leather goods market is highly competitive as in the organized sector. Few key players hold a major market share. The companies like Kering SA, LVMH, Chanel SA, and Hermès International SA are the most active among all the key players in the market. Samsonite International SA, Prada, and Bata Corporation are other active companies increasing their product line and expanding their presence in the European region. Expansion is the strategy preferred by companies to strengthen their leather goods market dominance. Major players are constantly trying to expand their production facilities or retail outlets to accommodate the growing demand and strengthen their strategies for market development.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- LVMH
- Kering SA
- Hermes International SA
- Prada SpA
- Chanel SA
- Ralph Lauren Corporation
- Michael Kors Holdings Ltd
- Samsonite International SA
- Capri Holdings Limited
- Bata Corporation
Methodology
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