Luxury Leather Goods - South Korea

Revenue in the Luxury Leather Goods Market is projected to reach US$357.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.93%, resulting in a projected market volume of US$477.10m by 2029.
With a projected market volume of US$5.51bn in 2024, most revenue is generated United States.
In the Luxury Leather Goods Market, the number of users is expected to amount to 4.1m users by 2029.
User penetration will be 6.5% in 2024 and is expected to hit 8.3% by 2029.
The average revenue per user (ARPU) is expected to amount to US$115.50.

Definition:

The eCommerce Luxury Leather Goods market refers to the online retailing of high-end leather products, including bags, wallets, belts, and accessories. These products are made from premium materials and are often handcrafted with exquisite attention to detail. Luxury leather goods are known for their superior quality, timeless design, and prestigious brand names. Consumers are willing to pay a premium price for these items, as they symbolize status, craftsmanship, and refined taste. The eCommerce platform allows customers to conveniently browse and purchase luxury leather goods from the comfort of their own homes, offering a wide selection of brands, styles, and price points.

Additional information:

eCommerce Luxury Leather Goods comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends, and industry knowledge. Sales channels show online and offline revenue shares, as well as desktop and mobile sales distribution. Revenues are including VAT. The market only displays B2C revenues and users for the above-mentioned markets, hence C2C, B2B, and reCommerce are not included.

Key players in the market are companies such as Louis Vuitton, Gucci, and Prada.

Market numbers for the total market sizes (online + offline) can also be found on the respective pages of the Consumer Market Insights.

Luggage (e.g. suitcases and backpacks)
Bags (e.g. handbags)
Small leather goods (e.g. wallets)
Luxury segments and brands of the companies covered (see methodology for list)

Offline revenues, such as sales in high-end department stores and luxury boutiques
Protective bags and covers for electronic devices like notebooks or cameras
Artisanal and small-scale production unaffiliated with the covered companies

Data coverage:

Data refers to B2C enterprises. Figures are based on the sale of physical goods via a digital channel to a private end consumer. This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets). The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets, and the digital purchase or resale of used, defective, or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Statista Global Consumer Survey), data on shopping behavior (e.g., Google Trends, Alibaba Trends), and performance factors (e.g., user penetration, price/product). Furthermore, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, internet penetration, and population. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, internet penetration, and population.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the Russia/Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Ecommerce market, in a PDF format.