Minimalist Wallet Market Projected to Register an Impressive Growth Through 2027
The growing
purchasing power of the consumer and the increasing desire to own trendy
products is anticipated to propel the global minimalist wallet market
According
to TechSci Research report on, “Minimalist
Wallet Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2027”,
the global minimalist
wallet market is anticipated to witness robust CAGR over the forecast
period 2023-2027. Factors such as the rapidly growing fashion industry,
rising demand for innovative and compact wallets, and the desire to own trendy
products are primarily contributing to the growth of the global minimalist
wallet market. Moreover, the growing preference for compact and easy-to-handle
fashion and accessory products is adding to the demand for compact products
such as minimalist wallets. Besides this, the inflating disposable income of
the consumers and their growing capacity to spend on such products is providing
a positive outlook to the market. In addition, the rise in the number of the
working population and their elevating standards of living is further
catalyzing the product demand. Apart from this, the growing influence of social
media is leading to increased product awareness, hence facilitating market
growth. Minimalist wallet companies are increasingly spending on marketing
their products through social media platforms by collaborating with social
media-based celebrities and influencers. This will eventually help the
companies to increase their customer base. Furthermore, the rapid penetration
of the internet and smartphones, along with the flourishing e-commerce sector,
is acting as another major growth-inducing factor. The online retail channels
allow the customer to choose from a wide range of products without the need to
visit a physical store. All the aforementioned factors are anticipated to
propel the global minimalist wallet market.
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The global minimalist wallet market is
segmented by type, price range, distribution channel, competitive landscape,
and regional distribution. Based on the type, the market is segmented into male
and female. Among these, the male segment is anticipated to hold a significant
market share in the coming years. This is primarily because, for the women
segment, a number of substitutes such as clutches, and handbags are widely
available in the market. As a result, the male segment is more dependent on
wallets. Moreover, the increase in the number of male working population across
the globe is adding to the growth of the male segment.
By price range, the market is divided between
low, medium, and high. Among these, the medium price range is anticipated to
hold a significant market share. This is primarily because of the wide presence
of the medium-class population across the world. The medium price range segment
of minimalist wallet is affordable and offers good quality the product as well.
As a result, the demand for medium-price range minimalist wallets is
anticipated to be more than the demand for the other two segments.
Based
on the distribution channel, the market is fragmented into Apparel stores,
supermarket/hypermarkets, other retail stores, online, and others. The online
segment is anticipated to hold a prominent market share in the coming years due
to the number of benefits offered by the online retail channels. Online selling
platforms offer a wide range of options to compare and choose from. Moreover,
they provide lucrative cashback and discount offers, doorstep delivery options,
and an easy refund or exchange facility. Furthermore, the penetration of the
internet and smartphones has boosted the e-commerce industry over recent years.
This is also providing a positive outlook to this segment of the distribution
channel of the global minimalist wallet market.
A list of major market players of the global minimalist wallet market includes:
- Richemont group
(Montblanc)
- Hentley Garments
Limited
- Harber London Ltd
- Bellroy Pty Ltd.
- Leatherology
- Tanner Goods Inc
- Tom Ford SA
- Swisst
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“On the
geographical front, North America is expected to hold a prominent market share
in the upcoming years. This is primarily because of the high purchasing power
and elevated living standards of the people living in the region. Moreover, the
presence of top market players in the region is also contributing to the
region’s market growth. However, Europe is also anticipated to witness rapid
growth over the coming years due to the rapidly growing fashion industry and
people’s desire to own trendy products. Apart from this, several leading
manufacturers are introducing unique designs, colors, and materials the product
in order to increase their customer base.” said Mr. Karan Chechi, Research
Director, TechSci Research, a research based global management consulting firm.
“Minimalist Wallet Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027 By Type (Male, Female), By
Price Range (Low, Medium, High), By Distribution Channel (Apparel Stores,
Supermarket/Hypermarkets, Other Retail Stores, Online, Others) and Region” has evaluated
the future growth potential of global minimalist wallet market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global minimalist wallet market.
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