Exports of Italian leather handbags slow to +3.7%, according to data from Assopellettieri regarding the first 9 months of 2023. What emerges is a “Fall-slowdown for foreign sales” and a “strongly-impacted production activity”. This 4th quarter will likely not bring any good news, and operators expects the inversion of the trend for the second half of 2024.
Exports of Italian leather handbags
From January to September, exports of Italian leather handbags recorded a 3.7% increment in value. Foreign revenue reached 5.84 billion euro, close to pre-pandemic levels. Vice versa, similar products lost 1.1%. The trend has inverted compared to what experienced in the last two years. Overall, the third quarter recorded losses (-5.4% export volumes and -6.5% revenue). The sentiment among leather entrepreneurs for the 4th quarter is also negative. Export value went from +11.7% in Q1 to +0.3% in Q2 and then negative in the 3rd. the concern is that the 4th quarter will also be negative, which will push the entire year down.
Markets
Fluxes to Switzerland nearly halved (-42.5% in value), even if the country is a logistical hub for the luxury industry, which is re-organizing the movements of merchandise. In fact, France, which is the main destination for made-in-Italy leather goods, has recorded a 21.3% increment in value. Within the borders of Italy, demand remains weak: just +0.6% for retail sales.
Industrial production
What creates concern for Assopellettieri is the industrial production index by ISTAT, which shows a decrease of 12.3%, which translates into lower volumes produced. The number of active companies in the segment was down 64 units compared to the start of the year, or -1.3%. Yet, the number of workers employed by the leather goods’ segment grew 4%. The consequent thought is that smaller companies are closing down while larger ones consolidate their presence.
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