The latest report released by the digital consulting company Lectra based on its data analysis tool Retviews pointed out that the design of luxury leather goods is tending to be low-key, and huge logos and bright colors have been eliminated. Leaning towards "minimalism".
According to Retviews, the vast majority of trendsetting luxury brands lean toward neutrals, with black as the dominant color, particularly Prada and Gucci, but options such as grey, beige, brown, and white are also available. Although the French designer brand Jacquemus also follows the trend of neutral colors, its color schemes are mostly light colors, with pink and blue accounting for 12% and 17% of the entire category, respectively.
In addition, as far as the European market data is concerned, the position of the accessories category among the major luxury brands is still very important. Among them, Gucci's accessories accounted for 35%, Bottega Veneta accounted for 21%, and Hermès accounted for 57%.
From a price point of view, the retail price of handbags from almost all top luxury brands is more than 1,000 euros, and the average price is between 2,000 and 2,500 euros, except for Hermès, whose 58% of products are priced at more than 3,500 euros.
According to Retviews, Prada has the most "affordable" prices, with 5 percent of its bags retailing between 500 and 1,000 euros and 10 percent between 1,000 and 1,500 euros. Among them, the Re-Edition 2005, made of recycled nylon, benefited from this pricing strategy and achieved great success last year, attracting a group of new customers.
It is worth noting that during the period from May 2021 to March 2023, the price of this Prada bag will increase from 1100 euros to 1450 euros, an increase of 32%. In addition to raising prices, Prada has also expanded its color range. Coincidentally, the price of Bottega Veneta's Teen Jodie bag also increased by 32% between December 2021 and June 2023, from 2200 euros to 2900 euros.
Another manifestation of this low-key style is that today's non-logo handbags are more expensive than handbags with brand logos.
Taking LOEWE as an example, the average selling price of leather products with a logo is 1633 euros, a decrease of 5% over the previous year, while the average selling price of leather products without a logo is 2095 euros, an increase of 22% over the previous year.
This also means that the next target of luxury brands is the customer group with connoisseur taste, and they will develop in a more exclusive direction.