Revenues from the global luxury fashion industry are forecast to hit $115.9 billion in 2024, making it the largest subcategory of the overall luxury industry in terms of market share.

What about the luxury leather goods market? If you’re looking to start a business in this niche, it helps to know how the sector is performing. Here’s a breakdown of the global luxury leather goods industry’s revenues in recent years.

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Global luxury leather goods market sales: 2018–2024

A recent study of the global luxury goods market and its corresponding segments shows that sales from luxury leather goods are set to total $79.4 billion in 2024. This corresponds to a 4.7% annual increase from the $75.8 billion in sales the sector generated in 2023. It is also the smallest increase in four years and nearly one-third the previous year’s growth rate.

This means that luxury leather goods will hold 21.5% of the global luxury goods’ market share. Put simply, $21.50 out of every $100 consumers worldwide are set to spend on luxury goods in 2024 will be on leather products.

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Aside from a 16.4% fall in 2020 triggered by the COVID-19 pandemic, the global luxury leather goods industry has expanded every year since 2018. That year, sales totaled $56.7 billion. A 9.7% increase was registered in 2019, which brought revenues to $62.2 billion.

The global luxury leather goods market recovered quickly from its 2020 plunge, growing its sales by 20.7% in 2021, to $62.7 billion. This is the largest annual increase expected in the analysis period of 2018 to 2028. A deceleration followed in 2022, as sales rose by just 5.5%, to a total of $66.2 billion.

From 2018 to 2024, the luxury leather goods industry’s annual revenues grew by $22.7 billion. This is an overall increase of 40% and marks an average annual growth rate of 6.5%.

Global luxury leather goods market sales forecast: 2025–2028

Experts’ forecast of the luxury leather goods industry shows the sector is set to continue growing, albeit at a deceleration. In 2025, total sales are predicted to rise by 4.2%, to $82.7 billion. In 2026, the sector’s annual growth rate is expected to dip to below 4% for the first time in six years, as revenues increase by 3.9% to $85.9 billion.

Growth rates of 3.5% and 3.8% are forecast for 2027 and 2028, which will take total sales to $88.9 billion and $92.4 billion, respectively.

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