Evolving Fashion Trends to Augment Growth of the Luggage and Leather Goods Market
Luggage and leather goods are made of leather which is made of animal skin. Leather goods include leather accessories, upholstery (automotive and furniture), clothing, wallets and clutches, footwear, etc. These products are highly durable and add offer an aesthetic look to the products. Luggage leather includes totes and hand-luggage, briefcases and suitcases, duffle bags, backpacks, rolling luggage, etc. Moreover, leather adds quality to the style as these products can be carried anywhere. Luggage and leather goods are highly popular among consumers as they have inherent qualities such as crack-proof, fireproof, and dustproof that are expected to augment the luggage and leather goods market.
Increasing demand for leather goods due to their
durable nature is expected to propel the luggage and leather goods market growth. India is the second-largest global producer
of footwear, produced around 2.41 billion pairs in 2017. The increasing
production of leather goods is expected to foster the luggage
and leather goods market growth. The increasing demand for premium leather
wallets/ clutches, trendy handbags, and other leather products is expected to
positively affect the growth of the market. Moreover, the market is gaining
momentum with increased government support for the leather industry. For
instance, the government of India has reduced the excise duty on leather
footwear from 12% to 6%, with a retail selling price of over US$ 14.55 (per
pair). Moreover, up to 100% foreign direct investment (FDI) is allowed on
automatic route in India.
Increasing demand for lightweight luggage and
leather goods around the world is expected to
create potential growth opportunities for key market players. Furthermore,
evolving fashion trends are promoting the key players to launched/introduced
trendy, compact, stylish, and innovative products for both men and women. The above-mentioned
factors are expected to augment the market growth.
In terms of geography, the luggage and
leather goods market is
divided into six regions, such as North America, Europe, Asia Pacific, South
America, the Middle East, and Africa. Europe emerges as the largest consumer of
luggage and leather goods due to rising disposable income, increasing fashion consciousness,
and the increasing demand for trendy,
compact, stylish, and innovative products.
Moreover, with the strong proliferation of fashion-driven countries, such as
Italy and France, the region remains the largest consumer of the market.
Key players operating in the market are adopting various strategies such as
new product launches and technological innovations to strengthen their market position or strengthen their product portfolio.
For instance, in July 2017, Rugged Material, launched the Ultimate Leather EDC
Belt, with a hidden pocket and high durability.
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