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.
- Tanner Goods Inc
- Tom Ford SA
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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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