Middle East Luxury Leather Goods Market Segmentation, By Type (Footwear, Luggage, Accessories), Product (High-Grade, Low-Grade, Mid-Grade), Application (Men, Women), Distribution Channel (Offline Retail Stores, Online Retail Stores) – Industry Trends and Forecast to 2031.
Luxury Leather Goods Market Analysis
Growing demand for luxury products such as luxury leather goods among consumers to showcase their status, growing purchasing power and disposable income of consumers, and rise in the number of brand obsessed people are expected to drive the market growth rate. The “footwear” is the highest growing type segment because leather shoes are more popular among both male and female for its status symbol and demand in formal outfit over the forecast period. The rising demand for attractive luxury leather goods as a symbol of status and the inclination of luxury consumers toward several international brands is increasing the demand for luxury leather goods in the market and expected to drive the market's growth rate.
Middle East Luxury Leather Goods Market Size
Middle East luxury leather goods market size was valued at USD 18.49 billion in 2023 and is projected to reach USD 32.04 billion by 2031, with a CAGR of 7.11% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Luxury Leather Goods Key Market Insights
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Segmentation
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Countries Covered
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Saudi Arabia, UAE, Iran, Israel, Qatar, Rest of Middle East
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Key Market Players
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Burberry (U.K.), COACH IP HOLDINGS LLC (U.S.), DIOR (France), Goldlion (China), GIVENCHY (France), Guccio Gucci S.p.A (Italy), Kate Spade (U.K.), Longchamp (France), Mulberry (U.S.), Michael Kors (U.S.), CAPRI HOLDINGS LIMITED (U.S.), 31 Phillip Lim (U.K.), Proenza Schouler (U.S.), Bata Brand (Switzerland), Wolverine World Wide Inc. (U.S.), Rahman Group (India), Dunlop Protective Footwear (Portugal), VF Corporation (U.S.), Uvex group (Germany), Hewat's Edinburgh (U.K.), ELTEN GmbH (Germany), COFRA Holding (Switzerland), Rock Fall Ltd. (U.K.), Oftenrich Holdings Co. Ltd. (U.S.)
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Market Opportunities
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Luxury Leather Goods Market Definition
Luxury leather goods cover briefcases, handbags, suitcases, and small leather goods such as wallets. The market definition resembles generally to the segment bags and luggage of the consumer market outlook's accessories section. The only difference is that luxury leather goods only cover the luxury range.
Luxury Leather Goods Market Dynamics
Drivers
- Feasibility and convenience of leather footwear
The growing demand for convenient, fashionable and comfortable leather footwear and the growing number of working people overall the globe are some of the major factors expected to drive the growth rate of the luxury leather goods market during the forecast period.
- Growing fashion consciousness
Increasing fashion consciousness among women and men is attracting several brands to increase their product portfolio in the men’s and women’s segment. Apart from the traditional luxury leather goods brand, recent affordable luxury leather goods brand are also gaining importance in the overall market.
Furthermore, the product improvement, use of social platforms to upsurge the engagement of consumer and awareness about the product launches, and adoption of the suitable distribution channels are some major factors which are expected to drive the growth rate of the luxury leather goods market during the forecast period of 2022-2029
Opportunities
- Technological advancement
The advent of the latest technologies such as robotics and 3D printing which helps in producing the trendy luxury leather goods in minimum time will create beneficial opportunities for the growth of the luxury leather goods market.
- Development of new startups
Numerous startups have come up with the customized luxury leather goods according to the demand of consumers. For instance, 1Atelier allows consumers to customize the hardware and color of their leather handbags. High unit price and strong brand recognition are expected to drive the sales of luxury leather goods in the market.
Furthermore, due to the growth of many e-commerce companies, major market vendors in the leather goods industry are choosing to sell their goods through online platforms to secure a more diverse consumer base, as it allows vendors to advertise their goods with large discounts and offers to entice consumers. This is also the major factor which will create immense opportunities for the growth of the luxury leather goods market
Restraints/Challenges
- Rising concern over animal killing
The unethical killing of several animals for manufacturing luxury leather goods is attracting the attention of numerous animal lover consumers. The growing concerns regarding animal killing among luxury consumers have certainly affected the demand of the leather product which will restraint the growth of the luxury leather goods market.
- High cost associated with raw materials
Increasing fluctuations in the raw material prices used to manufacture luxury leather goods are expected to limit the growth of the luxury leather goods market.
This luxury leather goods market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the luxury leather goods market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Luxury Leather Goods Market
The outbreak of Covid-19 had a negative impact on the luxury leather goods market. The global epidemic has impacted every industry on the globe, including the luxury leather goods. The escalating effects of the pandemic has disrupted the supply chain of luxury leather goods and volatility in raw material prices has declined the growth rate of the luxury leather goods market globally. The reduction in the market value due to a significant decline in demand for footwear, handbag, suitcase, accessories and others which are very important to the fashion industry
On the brighter side, the luxury leather goods market is projected to recover as individual regulatory authorities start to relax these enforced lockdowns. The cancelled and suspended operations will continue and as a result the luxury leather good market is estimated to expand.
Luxury Leather Goods Market Scope
The luxury leather goods market is segmented on the basis of type, product, application, distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Footwear
- Luggage
- Accessories
Product
- High-Grade
- Low-Grade
- Mid-Grade
Application
- Men
- Women
Distribution Channel
- Offline Retail Stores
- Online Retail Stores
Luxury Leather Goods Market Regional Analysis
The luxury leather goods market is analyzed and market size insights and trends are provided by country, type, product, application, distribution channel as referenced above.
The countries covered in the luxury leather goods market report are Saudi Arabia, UAE, Iran, Israel, Qatar, and Rest of Middle East.
Saudi Arabia dominates the market in terms of revenue and market share due to high purchasing power and sustainable demand for these leather products which reflect their social status in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Luxury Leather Goods Market Share
The luxury leather goods market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to luxury leather goods market.
- Burberry (U.K.)
- COACH IP HOLDINGS LLC (U.S.)
- DIOR (France)
- Goldlion (China)
- GIVENCHY (France)
- Guccio Gucci S.p.A (Italy)
- Kate Spade (U.K.)
- Longchamp (France)
- Mulberry (U.S.)
- Michael Kors (U.S.)
- CAPRI HOLDINGS LIMITED (U.S.)
- 31 Phillip Lim (U.K.)
- Proenza Schouler (U.S.)
- Bata Brand (Switzerland)
- Wolverine World Wide Inc. (U.S.)
- Rahman Group (India)
- Dunlop Protective Footwear (Portugal)
- VF Corporation (U.S.)
- Uvex group (Germany)
- Hewat's Edinburgh (U.K.)
- ELTEN GmbH (Germany)
- COFRA Holding (Switzerland)
- Rock Fall Ltd. (U.K.)
- Oftenrich Holdings Co. Ltd. (U.S.)
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