One trend stands out in China’s ever-evolving luxury market: the remarkable growth of high-end leather goods consumption.
According to the China Luxury Goods Report 2024 from the Yaok Research Institute, the luxury market in China is poised to soar by approximately 12 percent in sales in 2024.
As luxury goods penetrate deeper into the market, the high-end leather goods segment is experiencing a surge in demand, signaling promising opportunities for discerning businesses.
Delving into the nuances of this burgeoning trend, Xiaohongshu data offers valuable insights into the evolving preferences and dynamics shaping the luxury handbag market in 2024.
Classic models are returning to the limelight. Fashion creative directors are reviving the timeless elegance of their heritage products. By updating them with fresh fabrics, vibrant hues, and contemporary accessories, these iconic pieces are given new life.
Xiaohongshu data reveals a significant uptick in searches for nostalgic elements.
Queries for laohua (老花), which refers to Louis Vuitton’s classic Monogram Canvas, introduced in 1896 and featuring the house’s iconic LV logo and floral motif, rose 1.35 times YoY in in the first few months of 2024. Also rising up the search rankings are the terms denim (丹宁), and coveted textures like lychee calfskin (荔枝皮) and retro lambskin (复古小羊皮).
Red is in vogue among young Chinese luxury shoppers. Embracing a spectrum of hues from bordeaux to Ancora red (introduced by Gucci’s new creative director Sabato De Sarno), the timeless allure and sophisticated charm of vintage style reinterpretations are captivating shoppers.
In a nod to self-expression, Gen Z consumers are embracing the whimsical and quirky.
Rejecting conventional norms, they are gravitating to unique shapes and futuristic metallic accents, embodying a distinct aesthetic. For instance, Diesel’s 1DR bag and Balenciaga’s Motorcycle bag are proving popular among China’s young consumers. Yet, the trend also leaves space for niche independent brands to showcase their creativity.
The rise of the search term “little ones” (小跟班), referring to small adornments such as chains, keys, locks, and dolls, is also reshaping bag aesthetics, offering endless possibilities for personalization and customization.
Searches for “bag accessories” increased 1.3 times YoY and queries for “dolls” climbed a staggering 2,300-fold, underscoring the growing appetite for individualized statement pieces that are adaptable to diverse moods and occasions.
From foulards to ponies, Hermès is a strong player in luxury accessories, selling a wide range of items that can be hung on its blue chip bags.
Amid the clamor of ostentatious branding, a more subtle elegance has emerged as a beacon of sophistication. Embracing a “quiet luxury” ethos, brands are eschewing flashy logos in favor of understated details that exude timeless refinement.
Since 2023, searches for “quiet luxury” have risen, reflecting a shift towards a lifestyle defined by understated opulence and refined taste.
Brands like Bottega Veneta, Hermès, Loro Piana, and Toteme surged in popularity as consumers gravitate towards their understated yet exquisite designs, such as Bottega Veneta’s Andiamo, Hermès’ Picotin, Loro Piana’s L9, and Toteme’s T-Lock bags.
Meanwhile, the resurgence of “returning to nature” trends, epitomized by woven straw fabrics, and beach bags, encapsulates a yearning for simplicity, as well as travel. Since the pandemic, domestic travel has boomed in China, with destinations like Sanya, Yunnan, and Aranya flooded with local tourists. Travel to neighboring countries is also resurging.
As China’s luxury handbag market is changing rapidly, brands must stay attuned to the shifting preferences and nuances that define consumer behavior. By leveraging insights from Chinese social platforms’ powerful algorithms, brands can navigate the competitive landscape with agility, capitalizing on emerging trends to captivate discerning consumers and carve out a distinct niche in this dynamic market.
