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May 26, 2020, 6:59 a.m. EDT

European leather goods Market Rising Demand Trends And Business Outlook 2024

May 26, 2020 (Market Insight Reports) -- The European leather goods Market covers important aspects of this market concerning fundamental parameters. The report explains the outline of the business range, concentrating on the overall industry, development possibilities, types, and applications. It brief European leather goods summary of the market considering the current and future scenarios. It also provides information in terms of development and its capacities.

The European leather goods market is expected to reach USD 67.74 billion by 2024, registering at a CAGR of 2.86% during the forecast period (2019 – 2024).

The European leather goods market is highly competitive and consists of a number of major players: Kering SA, Capri Holdings Ltd, LVMH, Chanel SA, and Herms International SA and others

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Scope of the Report

The report analyses the recent trends, drivers, and challenges affecting the market. Opportunities pertaining to the market have also been taken into consideration. The market has been segmented by type, distribution channel, and geography. By type, the market is segmented into footwear, luggage, and accessories. By distribution channel, the market is segmented into offline and online retail stores. It also provides a regional analysis of the leather goods market in the emerging and established countries of Europe.

Key Market Trends

The Fashion Industry is Leading the Leather Market

The increased number of working professionals and young millennials is majorly driving the leather shoe market in the European region. Majorly driven by the fashion industry, the European countries, such as Italy and France, are witnessing an extensive dependency on leather goods, right from production to trading, including footwear. In addition, the European Commission published a study, which stated that the leather footwear segment accounts for the major production share, of 41%, in the leather industry. The thriving fashion industry has majorly uplifted the demand for leather handbags and wallets among the consumers, thereby driving the accessories market in the region. As a result, leather handbags hold the major market share in the accessories segment. Europe-based companies, such as Gucci, Gianni Versace, and Louis Vuitton, are the key players involved in the manufacturing of leather-based luxury goods.

Offline Stores Remain the Most Preferred Points of Sale

Due to the existing consumer’s perception of the touch and feel of leather products, offline stores remained the most preferred points of sale in the European region. This has led key players in the market to expand their presence with exclusive stores. For instance, Louis Vuitton recently launched its third showroom in Rome, Italy, to increase its sale in the capital. Moreover, the companies are launching duty-free outlets in airports, in order to boost their reach toward international customers. As a result of an increased number of outlets across the region, the consumption of leather goods has increased simultaneously and is projected to rise in the coming years. However, the increasing social media impact from Instagram and Twitter is significantly driving consumers to opt for the online market. Since the majority of the potential customers are engaged in social media platforms, manufacturers are targeting these websites as a promising source of advertisements and shopping. Additionally, the influence of brand ambassadors and celebrities is increasingly impacting product sales.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: European leather goods Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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