Leather Luggage and Goods Market is Expected to Reach US$ 524 Billion at 5.9% CAGR by 2034: Fact.MR Report

Rockville, April 29, 2024 (GLOBE NEWSWIRE) -- Be it shoes, luggage, or other items, the love for leather has never waned. As such, the global Leather Luggage and Goods Market is poised to reach a value of US$ 295.4 billion in 2024 and thereafter expand at 5.9% CAGR from 2024 to 2034.

The market is exhibiting steady growth due to a combination of innovations in products and changing fashion trends. Customers are not only looking for products that are useful but also fashionable. Furthermore, changing fashion trends greatly impact the market for leather goods and luggage.

Related Market Projections for 2034

Leather has always been linked to high levels of sophistication and luxury as it mirrors current fashion trends, allowing designers to create attractive designs, colors, and textures that resonate with modern tastes.

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Key Segments of Leather Luggage and Goods Market Research Report

Leather is frequently used by luxury brands as a status symbol. Customers who respect quality craftsmanship and exclusivity are drawn to leather items from recognized companies because of the aspirational value associated with having them.

Key Takeaways from Market Study

• The global leather luggage and goods market is projected to be worth US$ 524 billion by 2034-end.
• The market has been forecasted to increase at a CAGR of 5.9% from 2024 to 2034.
• East Asia is forecasted to account for 39.4% of the global market share by the end of 2034.
• The North American market is forecasted to expand at a CAGR of 6% through 2034.
• Leather goods account for 55.6% share of overall product sales in 2024.
• Revenue from sales of leather luggage and goods in offline stores is estimated to reach US$ 187 billion in 2024.
• The market in South Korea is forecasted to expand at 6.5% CAGR from 2024 to 2034.

“Offline sales channels continue to be popular and account for more than 60% of the market share, preferred by customers seeking to assess product quality and receive personalized advice,” says a Fact.MR analyst.

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Ever-Growing Demand for Luxury and Quality Products

The market for leather goods and luggage is increasing as a result of the rising popularity of experiential luxury and the shifting attitudes of consumers toward investing in experiences rather than merely material possessions. Luxurious luggage and accessories made of premium materials, such as leather, become increasingly important as people want to create tailored memories via travel and discovery. They reflect both style and usefulness in the pursuit of adventure and discoveries.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the leather luggage and goods market, presenting historical demand data (2018 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (leather goods, luggage, rolling luggage) and sales channel (general retailers, single-brand stores, specialty & multi-brand stores, unorganized small stores, online platforms, other sales channels), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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