Leather goods are always popular among people because they have some amazing qualities, such as being fireproof, crack-proof, and dustproof with long durability. Due to the Covid 19 epidemic in 2020, it is true that the leather industry has had some downtime all over the globe. But this has happened in case of almost every industry and leather products were no different.
However, here at Esin Akan, we have done some research and are happy to pronounce that the leather industry is going to get back to its lost position over the next few months. Before Covid 19, the global handbags market was projected to grow at a 4.6% rate during the forecast period 2018 to 2023. But the growth came to a halt during the peak moment of coronavirus crisis.
Increased demand for leather handbags
There are new innovations happening in the design of leather bags and other similar products e.g. clutches, bucket bags, and satchels. Luxury products are also in high demand all over the world that has been influencing the growth of luxury handbags, belts, shoes, and many more. An increased interest in branded bags from consumers has led to an improved distribution network established by the top brands that has also resulted in the growth of leather handbag market.
Over the past few years, the social media has been a major contributor to spreading the latest men’s and women’s fashion trends among the ever-growing internet users. It is expected that after the pandemic, the social media will still play its role in increasing customer inclination towards high-end leather bags and thus ensure the market growth as expected during the forecast time period.
Leather handbags will see the fastest growth rate
Handbags that are made of leather are expected to hold a substantial market share since the consumer preference for quality and long-lasting handbag products has always been there. This has been more true in developed countries like England where exclusive retail shops have been established especially for female consumers. What about the other side of the Atlantic Ocean? As per the Travel Goods Association, American women on average purchased around two handbags in 2016 while the number rose to two in 2019.
Asia-Pacific is no different
This vast region has also seen the increased demand for authentic leather handbags, especially durable purses and shoulder bags. China as usual stands as the largest producer of leather products in the continent and many of their products are now being resupplied in many parts of Europe and America that was halted during the peak Covid-19 endemic. However, the availability of replica products and decreased supply of raw materials will always be two major issues in the growth of the leather industry in Asia.
Established in 2012, Esin Akan has since been a trusted name in the supply of exclusive designer handbags in London. No matter your preference, we have something to offer that will help you flaunt your style the most amazing way possible. Visit Esin Akan today!