Demand for Leather Products Continues to Grow, High-End and Personalized Become Mainstream Development Trends

From the market demand perspective, driven by consumption upgrades, consumers' quality expectations for leather goods have markedly increased, with demand for premium leather products surging rapidly. As income levels rise and consumption attitudes evolve, the philosophy of “less but better” is gaining traction, with consumers increasingly willing to pay a premium for superior leather products. Data indicates that in 2024, the global market for premium leather goods (priced above US$1,000 per unit) expanded by 22% year-on-year. Within this segment, high-end leather accessories and luxury leather apparel accounted for 35% and 28% of sales respectively. Taking the premium leather goods market as an example, consumers now scrutinise not only the leather's origin (such as full-grain cowhide or lambskin) but also craftsmanship details (including hand-stitching and bespoke textures). Such products, distinguished by unique quality and scarcity, have become key symbols of consumer taste.

The rapid expansion of the fashion industry has generated diverse demands for leather goods. As a vital material in fashion design, leather is deeply integrated with clothing, luggage, accessories, and other fashion categories. At annual international fashion weeks, leather elements frequently grace the runways of major brands, from vintage-inspired leather trench coats to futuristic leather accessories, continually setting consumer trends. Concurrently, collaborations between fast-fashion brands and high-end designer labels have broadened the consumer base for leather goods: affordable leather accessories from fast-fashion brands cater to young consumers' pursuit of style, while bespoke leather creations from designer houses attract affluent clientele. In 2024, global sales of fashion-oriented leather products surged by 18% year-on-year, emerging as a key driver of market expansion. The emergence of new markets has injected fresh vitality into the leather goods sector. Rapid economic development in regions such as Asia and Latin America has expanded the local middle class, significantly increasing demand for leather products. Taking Southeast Asia as an example, leather goods imports to the region grew by 25% year-on-year in 2024, with particularly strong demand for automotive leather interiors and domestic leather furniture. This trend stems partly from rising vehicle ownership and real estate market expansion locally, while also reflecting consumers' pursuit of quality living. Concurrently, the rapid growth of e-commerce in emerging markets has positioned online channels as a key growth driver for leather goods sales. In 2024, online sales accounted for 40% of global leather goods revenue—a 15 percentage point increase from 2020—further broadening market reach. Personalised customisation has emerged as a new growth driver in the leather goods market. As consumer demand for personalisation grows, bespoke leather goods are gaining increasing favour. Businesses meet exclusive consumer requirements by offering one-stop customisation services encompassing ‘material selection + colour customisation + pattern design’. For instance, when commissioning bespoke leather luggage, customers may choose the leather type (cowhide, sheepskin, crocodile skin, etc.), the luggage colour, and the stitching colour, while also having exclusive patterns or text engraved onto the surface. For bespoke leather furniture, customers can select leather textures and dimensions to complement their home décor. Data indicates that the global market for customised leather goods grew by 30% year-on-year in 2024, with the younger consumer demographic (aged 18-35) accounting for 60% of customisation demand, establishing them as the primary driving force behind this market's expansion.