A wallet is a small, flat case usually made of leather that can be used to carry personal items such as cash, debit and credit cards, and identification documents, photographs, transit pass, business cards, and other paper documents. Wallets are comfortable and convenient to carry and are also seen as a status symbol. Rising innovation in wallet design with new features is driving the growth of the wallet market across the globe.
Increasing popularity of leather products due to durability, and its fireproof, dustproof, and crack-proof features is surging the sale of wallets. Increasing disposable income and rising expenditure on luxury lifestyle products is playing a major role in driving the wallet market. Nowadays consumers are well versed about trends and fashion due to rising adoption of social media platforms. This is likely to enhance consumer preference for fashion related products. Increasing working population and growing fashion industry has also resulted in rising demand for wallets. Appetite for diverse wardrobe collections such as wallets of different colors and brands is another key driving factor for the wallet market. Growing popularity of retail stores and various online channels is also expected to drive the demand during the forecast period.
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However, shifting consumer focus from conventional to digital technology is resulting in popularity of e-wallet which is hampering the growth of the wallet market. People now prefer e-cash instead of hard cash and digital documents in place of paper documents. Introduction of various substitutes such as small plastic case, clutches, handbags etc. is slowing down the growth of the wallet market. Moreover, the wallet market is affected due to reduction in raw material supply, as leather is available only in few regions of the world. High cost of leather wallets is expected to hamper the market in the coming years. Another major factor restricting the wallet market is the presence of a large number of unorganized wallet manufacturing companies.
The wallet market can be segmented on the basis of product type, material, gender, distribution channel, and geography. In terms of product type, the market is segmented into short wallet and long wallet. Based on material, the market is categorized into leather and fabric. Leather is expected to dominate the market due to its availability and affordability. In terms of gender, the market is segmented as women, men, and kids. Men’s segment is expected to lead the market. Women’s segment is expected to show steady growth due to availability of number of substitutes such as clutches and handbags. Distribution channel can be segmented as online and offline. Online channel is expected to dominate the market due to increasing adoption of digital technology and wide variety of products provided by e-commerce portals at discounted price. The offline channel includes retail stores and hypermarkets and specialty stores
In terms of geography, the wallet market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the market in terms of share due to popularity of all top brands of wallets and high purchasing power of the population. Europe is expected to be second in terms of market share due to a growing fashion industry and people’s desire to own trendy products. Asia Pacific is expected to dominate in terms of growth rate because of India and China and their rising investment in luxury and fashionable products.
The major players of the wallet market are Hermes International, Calleen Cordero, Donna Karan International, Giordano Fashions, Dolce & Gabbana, Changshu Maydiang, Bottega Veneta, Ferrari etc. The players adopt new product development as their key strategy to remain competitive in the market. They offer their products in various colors and material in order to increase their customer base.
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