YSK: The term "Genuine Leather", it is not to reassure you that their product is made of leather, rather its the name of the lowest grade of leather a company can use.
Why YSK: The term "Genuine Leather" is a marketing term to sell the lowest quality leather possible.
When purchasing a leather product, look for full grain leather or top grain leather instead. These will provide a much higher quality cut of leather that will look and feel much better and last for much longer.
All I can say is that it's still at least leather. Most things (e.x., belts) will say "manmade leather" or "manmade materials" and they are fake and break. The genuine leather belt I have has been working for 4 years without snapping.
So genuine leather is made of nutsacks, udders, and assholes pressed together with a veneer piece of taint stretched over it to make it look like full grain leather.