Even cheap 1$ a bottle stuff available at walmart will work on leather. Its just more time consuming and requires some extra steps.
For example,
I used cheaper/craftsstore brand acrylics for a while, and when I used them I would have thin it with water and apply lots of thin coats to get adhesion and solid colors. Angelus on the other hand, I can use straight from the bottle, apply 1-2 coats and be done. The bottles have brushes built into the cap, and colors cover better, adhere nicely, and look more vibrant, IMHO.
Took me a lot more work to get the results I wanted from craft store acrylic. Thats why I prefer Angelus. A bottle goes a long way in the leather craft world, so the cost isn't a big issue to me. I also really like using Angelus in my airbrush. I get great coverage with thin airbrush coats. I use it to recolor boots, leather hats, leather jackets, etc. and the color doesn't crack or flake off.
Just like painting anything, THIN coats is the way to go.