Using Text Fields As Booleans
If you have a system with a large number of tags it's probably more efficient management-wise to use a relational system between products and product-tags.

i.e.:

IF OBJECT_ID(N'dbo.ProductsTags', N'U') IS NOT NULL
DROP TABLE dbo.ProductsTags;
IF OBJECT_ID(N'dbo.Products', N'U') IS NOT NULL
DROP TABLE dbo.Products;
IF OBJECT_ID(N'dbo.Tags', N'U') IS NOT NULL
DROP TABLE dbo.Tags;
CREATE TABLE dbo.Products
(
    ProductID int NOT NULL
        CONSTRAINT PK_Products
        PRIMARY KEY CLUSTERED
        IDENTITY(1,1)
    , ProductName varchar(100) NOT NULL
);

CREATE TABLE dbo.Tags
(
    TagID int NOT NULL
        CONSTRAINT PK_Tags
        PRIMARY KEY CLUSTERED
        IDENTITY(1,1)
    , TagName varchar(100) NOT NULL
);

CREATE TABLE dbo.ProductsTags
(
    ProductID int NOT NULL
        CONSTRAINT FK_ProductsTags_ProductID
        FOREIGN KEY 
        REFERENCES dbo.Products(ProductID)
    , TagID int NOT NULL
        CONSTRAINT FK_ProductsTags_TagID
        FOREIGN KEY
        REFERENCES dbo.Tags(TagID)
    , CONSTRAINT PK_ProductsTags
        PRIMARY KEY CLUSTERED
        (ProductID, TagID)
);


Insert some data into the various tables:

INSERT INTO dbo.Products (ProductName)
VALUES ('wallet')
    , ('Paint');

INSERT INTO dbo.Tags (TagName)
VALUES ('IsLeather')
    , ('IsPlastic')
    , ('IsBlue');

INSERT INTO dbo.ProductsTags(ProductID, TagID)
VALUES (1, 1)
    , (2, 2)
    , (2, 3);


Query the tables:

SELECT p.ProductName
    , t.TagName
FROM dbo.ProductsTags pt
    INNER JOIN dbo.Products p ON pt.ProductID = p.ProductID
    INNER JOIN dbo.Tags t ON pt.TagID = t.TagID


╔═════════════╦═══════════╗
║ ProductName ║  TagName  ║
╠═════════════╬═══════════╣
║ wallet      ║ IsLeather ║
║ Paint       ║ IsPlastic ║
║ Paint       ║ IsBlue    ║
╚═════════════╩═══════════╝

This allows you to extend the tags at will without needing to redesign the database itself.

Using discrete bit columns in the products table is a strategy that will soon get very tedious.  Take for example:

CREATE TABLE dbo.Products
(
    ProductID int NOT NULL
        CONSTRAINT PK_Products
        PRIMARY KEY CLUSTERED
        IDENTITY(1,1)
    , ProductName varchar(100) NOT NULL
    , IsLeather bit NOT NULL
    , IsPlastic bit NOT NULL
    , IsBlue bit NOT NULL
);

SELECT p.ProductID
    , p.ProductName
    , p.IsLeather
    , p.IsPlastic
    , p.IsBlue
FROM dbo.Products p

INSERT INTO dbo.Products (ProductName, IsLeather, IsPlastic, IsBlue)
VALUES ('Wallet', 1, 0, 1);


Now, if you want to add products that might be red, you must alter the table via:

ALTER TABLE dbo.Products
ADD IsRed bit NOT NULL;


You must also modify any code that touches the dbo.Products table, to make that code aware of the new IsRed column.