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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.

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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