The market value of luxury leather goods in Australia is forecast to soar to US$3billion by 2028, up nearly 4% from 2024. Clearly, our love of luxury handbags and accessories, and the desire to cherish a collection of your own, isn’t going anywhere. But what brands and bags are tastemakers choosing to own?
Fashion can be cyclical. The allure of luxury bags is often threefold: what’s new (the Bottega Veneta Jodie), what’s classic (the Gucci GG Marmont), and what’s new that’s classic (the Prada Cleo). From brands embracing logomania to the understated elegance of quiet luxury, the definition of what makes a bag coveted, is a dynamic one.
According to data from real estate consultancy Knight Frank, Louis Vuitton, Hermès, Chanel, Dior, and Gucci, continue to perform the strongest in terms of storefronts in Australia.
Driven in part by the growing spending power of Gen Z and Millennial consumers and savvy social media marketing, luxury brands have been propelled into the mainstream, generating interest in investment pieces that transcend trends. As a result, these prestige and longstanding luxury houses have retained their appeal, attracting younger shoppers who are seeking quality, craftsmanship, and luxury in their fashion choices.
These statistics were similarly reported by market data portal Statista, whose 2022/23 analysis found that Louis Vuitton was the most purchased brand in Australia, followed by Chanel, Gucci, Mark Jacobs, and Hermès.
Despite the beauty of a seasonal It-brand, the enduring popularity of heritage-brands, which certainly come with the corresponding price point, reflects a broader cultural shift towards investment-worthy pieces. And unlocking the buying power of the youngest purchasing audiences, Gen Z and Millennial, has made them more desirable than ever before.
Hand-crafted, made with precious or rare materials, designed by practiced artisans — these are the qualities that unite luxury bags. Even those bags that have risen to the kind of imagination-capturing, sartorial fame that makes them almost ubiquitous, haven’t lost their afterglow. From Fendi’s Baguette, to the Saint Laurent Envelope Clutch, to Dior’s Lady Dior, these bags have been fashion ornaments for decades and maintain as both symbols of trends, and the brand themselves.
Trends come and go, but Australia, and every market, proves that luxury lasts forever.
