While this is definitely true, it’s important to get quality leather goods in order to have them last. For instance, “genuine leather” is actually the worst grade of leather, and can flake and fall apart in a few years.
I just bought a Schott NYC bison hide jacket that I’m hoping lasts me for the rest of my life, and I bought a saddleback leather wallet (which comes with a 100 year warranty on it) around three years ago and it still looks great: saddlebackleather.com
Quality leather jackets are a bit hard to find. Lambskin leather is light and easier to wear (and is what most people purchase), but (especially if it’s a highly-processed lambskin) may only last a few years before starting to fall apart.
EDIT: For purses, there is a guy who was making the rounds in the national media due to going viral for cutting up luxury purses to see what the quality is of them (he goes by “Tanner Leatherstein”) and he evaluates the quality of purses. I bought my wife a Dooney & Bourke purse at www.dooney.com that has lasted longer than a lot of the cheaper crap she’s used and it still looks very good at 5 years old. “Tanner Leatherstein” says that Coach bags are generally pretty decent quality, and also runs his own shop here which I cannot personally attest to but may buy a gift from for my wife: www.pegai.com