Authored By: Sarah
11 Jul 2024

 Wallets Market Size to grow by USD 15186.1 million between 2024-2028

According to a research report “ Wallets Market” by Product (Conventional wallets, Smart-connected wallets) Distribution Channel (Online, Offline) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 15186.1 million, at a CAGR of  11.98% during the forecast period. The global wallets market is poised for significant expansion due to the increasing trend towards online shopping. While traditional brick-and-mortar stores continue to dominate wallet sales, the online retail sector is projected to experience robust growth during the forecast period. Consumers are drawn to the vast selection of wallet options available online, as well as the convenience of comparing products and brands, and placing orders remotely. Additionally, many e-commerce platforms offer competitive pricing and discounts, making wallet purchases more affordable for customers.

Browse market data tables, figures, and in-depth TOC on “Wallets Market” by Product (Conventional wallets, Smart-connected wallets) Distribution Channel (Online, Offline) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Conventional wallets segment is projected to dominate the market size in 2024

In the dynamic global wallets market, online distribution channels have emerged as a significant force, catering to the increasing demand for convenience and variety among consumers. Currently accounting for approximately 35% of the market share, e-commerce platforms such as Amazon and specialized online stores like Etsy have become preferred destinations for purchasing wallets. These channels offer consumers the ability to explore an extensive range of wallet styles, materials, and functionalities, often at competitive prices. Furthermore, customer feedback and product comparisons facilitate informed purchasing decisions, enhancing the overall shopping experience. The continued growth of Internet shopping is expected to further bolster the significance of online wallet sales, as consumers increasingly value the convenience of browsing and transacting from the comfort of their homes.

By Distribution Channel, Online  segment is expected to hold the largest market size for the year 2024

In the realm of personal accessories, conventional wallets continue to maintain their relevance as essential carry-alls for cash, credit and debit cards, identification documents, and other essentials. These wallets, typically crafted from premium materials such as leather or high-quality fabrics, cater to both genders. Notably, the market for luxury and premium conventional wallets has experienced a surge in demand, fueled by targeted marketing efforts from leading brands. For instance, LVMH Moet Hennessy - Louis Vuitton (LVMH) spearheaded a recent advertising campaign in April 2019, featuring three esteemed brand ambassadors – Emma Stone, Alicia Vikander, and Lea Seydoux – to showcase their premium wallet offerings.

APAC is forecasted to hold the largest market size by region in 2024

In the dynamic world of financial technology, the wallets market continues to expand, driven by increasing consumer preference for digital payments and contactless transactions. This sector encompasses mobile wallets, e-wallets, and cryptocurrency wallets, providing users with secure, convenient, and flexible methods for managing their funds. Companies are investing heavily in innovation, ensuring these solutions offer seamless integration with various payment systems and value-added services. The market's growth is further fueled by collaborations between industry players and financial institutions, as well as regulatory support for digital transactions.

The Wallets Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • BAGGIT
  • Bellroy Pty Ltd.
  • Buffalo Jackson Trading Co.
  • Burberry Group Plc
  • Calleen Cordero Designs Inc.
  • Da Milano Leathers Pvt. Ltd.
  • Ekster Wallets BV
  • Etienne Aigner AG
  • Fossil Group Inc.
  • Furla Spa
  • Hermes International
  • Hidesign
  • Kenneth Cole Productions Inc.
  • Kering SA
  • Matt and Nat SE
  • Montblanc
  • Mulberry Group Plc
  • Ralph Lauren Corp.
  • Tory Burch LLC
  • Zazzle Inc.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

Title: The Wallets Market: Trends, Materials, and Segments The wallets market is witnessing a surge in demand, driven by the urbanization trend and the shift towards minimalist lifestyles. Mylo mushroom leather, a sustainable and high-quality alternative to traditional leather, is gaining popularity among consumers. This eco-friendly material is not only stylish but also weather-resistant, making it an ideal choice for both working women and the corporate population. The tanning process is a crucial factor in the production of wallets. European leather, known for its superior quality, undergoes a rigorous tanning procedure to ensure durability and a rich, natural finish. However, synthetic materials are also gaining traction due to their affordability and resistance to wear and tear. The wallets market caters to various segments, including men, women, and the leather segment. B2C enterprises are leveraging both online and offline distribution channels to reach a wider audience. RFID technology wallets, leather belts, luggage bags, watches, and jewelry are complementary products that often accompany wallets. Identity documents, driver's licenses, credit cards, money, and personal items are the primary functions of a wallet. With the increasing use of technology, wallets are now being designed with advanced features like RFID protection to safeguard against digital theft. The fashion trend towards minimalist designs and sustainable materials is expected to continue shaping the wallets market in the coming years.

Market Research Overview

In modern lifestyle, hand bags and leather goods, including wallets, have become essential accessories for both men and women. With the rise of urbanization and minimalist lifestyles, there is a growing demand for high-quality, secure, and stylish wallets. Modern wallets come in various types, such as clutch wallets, slim wallets, bifold wallets, and trifold wallets, catering to different preferences and needs. Security is a key consideration in today's world, and technological expertise has led to the development of RFID-blocking technology, which protects credit cards and identification papers from digital theft. Brands like GANNI and Bolt Threads are using innovative materials like Mylo mushroom leather to create sustainable and eco-friendly wallets. The wallet market includes both online and offline distribution channels. E-commerce retail channels have gained popularity due to their convenience and wide range of options. However, offline categories continue to dominate, especially in the women segment, where personal touch and customer service are valued. Leather wallets remain a popular choice due to their durability, style, and high-quality. European leather is a favorite among consumers, but animal leather alternatives like synthetic materials are gaining traction due to ethical and environmental concerns. The corporate population and working women are key consumer groups for wallets, as they need to carry identification papers, credit cards, money, and personal items. Leather wallets are available in various categories, including RFID technology wallets, leather belts, and luggage bags, as well as watches and jewelry from B2C enterprises. Weather conditions and tanning procedures are important factors in the production of high-quality leather wallets. Overall, the wallet market is a dynamic and evolving industry that caters to the diverse needs and preferences of consumers.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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