GIA publishes global leathergoods report
The Global Industry Analysts (GIA) have released a comprehensive global outlook on the leathergoods and accessories industry. They reported that the fading impact of recession, increasing consumer disposable incomes, and product innovations are driving sales of leather goods and accessories, globally. Growing demand for leathergoods from emerging nations is also a major contributor to the global market growth.
The research report titled ‘Leather Goods and Accessories: A Global Outlook’ provides a collection of statistical anecdotes, market briefs and summaries of research findings.
“Following the decline in revenue growth during the period, the global leathergoods and accessories industry staged a comeback in the year 2010, primarily driven by resurgence in growth fundamentals such as improvement in global economy, and subsequent improvement in consumer spending power,” the report states. “However, the recovery did not last very long, as the industry stumbled upon another obstacle as a result of the debt crisis in the Euro region. The Euro debt crisis induced an exacerbating impact on the value of many global currencies, thereby subjecting the global leather industry to certain external pressures such as fluctuations in exchange rates. The impact has been more adverse on small and weak exporters, as they do not possess the financial capability to hedge currency risks.
“Developing nations are the prime producers of leathergoods and accessories, while developed nations represent the leading consumers. The markets for leathergoods and accessories are concentrated in the developed nations. The presence of high net worth individuals and high GDP in these countries are the prime factors that lead to the domination of these markets worldwide.”
The report states that travel items represent the largest product segment in the global market for leathergoods. Leather garments, such as leather jackets have been gaining popularity.
