The forecast for wages and salaries in the leather products industry in Norway shows a steady decline from NOK 28 million in 2024 to NOK 19 million in 2028. Based on the actual data from 2023, the sector stood at NOK 30 million. This trend represents a year-on-year decrease of approximately 7.1% from 2023 to 2024, and continued declines of 7.1%, 11.5%, 8.7%, and 9.5% annually through to 2028. The compound annual growth rate (CAGR) over this five-year period is around -8.76%.
Future trends to watch for include potential impacts from shifts in consumer demand for leather products, international trade policies, and technological advancements in manufacturing. Additionally, sustainability concerns and the global move towards synthetic and alternative materials could further influence wage structures in this industry.
