Bonded leather -- sometimes called "reconstituted" leather or just plain "vinyl" -- is not the whole skin of an animal, but left-over pieces of hide blended together to form a seamless piece of leather material.
Manufacturers will also use many types of coats and permanent polishes to make bonded leather appear to be the real deal.
Bonded leather can be quite useful though. It gives books a fancier appearance, it makes cheap belts look expensive, and it adds a sophisticated touch to any piece of office furniture. And it is also no expensive. A lot of family can afford it.