The leather goods market is expected to reach revenues of $94.7 billion by 2020, according to a new report by Allied Market Research.
Leather luggage and goods are also being propelled by a compound annual growth rate (CAGR) of 5 percent during the five-year period between 2015 and 2020. The “World Leather Luggage and Goods Market Opportunities and Forecasts 2014-2020” report attributes this growth to factors such as an increase of per capita income, a higher tourism rate and evolving fashion trends.
Allied Market Research’s report examines the leather luggage and goods market in regions such as North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Key brands analyzed in the report include Coach, Prada, Samsonite, Louis Vuitton, Hermès, Kering, Delsey, Christian Dior, Tumi and VIP Industries.
In 2014, the leather luggage and goods category saw the most growth in the Asia Pacific region followed by Europe and North America. Category interest, especially for new and trendy designs, in Asia Pacific is marked by a rising middle-class demographic alongside an increase in disposable income in nations such as India and China.
(Source: Luxury Daily)