New York, Oct. 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Global Minimalist Wallet Market – Competition Forecast and Opportunities, 2027” – https://www.reportlinker.com/p06325889/? utm_source=GNW
The global minimalist wallet market is expected to register lucrative growth over the forecast period, 2023-2027. The growth of the market can be attributed to the increasing demand for compact and innovative wallets with new features that improve convenience for users.
Minimalist wallets are similar to traditional bifold wallets, but they are more compact in size. As the word minimalist implies avoiding the unnecessary, minimalist wallets are designed in such a way that the user carries only what he needs and leaves unnecessary items. at home.
These wallets can typically hold three to five credit cards, an ID card, and cash. Minimalist wallets are comfortable and convenient to carry and are also considered a status symbol.
Shifting consumer focus from conventional bulky wallets to slim and compact wallets is also driving the market growth.
Rising consumer per capita income is fueling market growth
The increase in consumers’ disposable income has increased their ability to spend on luxury lifestyle products. Moreover, the growing popularity of leather owing to its durability, crack resistance and dust resistance characteristics is creating a positive impact in the market.
Additionally, today’s consumers are well versed in current trends and fashion due to the proliferation of social media platforms. Social media based influencers and celebrities are creating product awareness on social media platforms due to consumer preference for fashion and related accessories. products such as minimalist wallets are on the rise.
Additionally, increasing labor force across the globe is also supporting the growth of the global minimalist wallet market.
Wide availability of minimalist wallets online to boost their adoption
The easy availability of minimalist wallets on the online platform is acting as one of the major growth factors for the global minimalist wallet market. Online shopping allows customers to choose from a wide range of products, compare the quality and price offered by many brands. and easily place an order.
Moreover, online retail channels offer various benefits such as lucrative discount and cashback offers, home delivery, and easy return or exchange of the purchased product. The high penetration of internet and smartphones in both developed and developing countries has helped the e-commerce industry. grow exponentially in recent years.
Thus, this flexibility and convenience offered by online shopping is expected to boost the growth of the global minimalist wallet market over the forecast period.
The global minimalist wallets market is segmented by type, price range, distribution channel, competitive landscape and regional distribution. Based on type, the market is segmented into male and female.
By price range, the market is divided into low, medium and high. Based on the distribution channel, the market is fragmented into clothing stores, supermarkets/hypermarkets, other retail stores, online and others.
The analysis also studies the regional segmentation, divided into North America, Europe, Asia-Pacific, Middle East and Africa, South America. The United States of America is expected to hold a major market share in the coming years owing to the high purchasing power of consumers living in the region.
The Richemont Group (Montblanc), Hentley Garments Limited, Harber London Ltd, Bellroy Pty Ltd., Leatherology, Tanner Goods Inc, Tom Ford SA and Swisst are the major market players contributing to the growth of the global minimalist wallet market.
In this report, the global minimalist wallet market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
• Market for minimalist wallets, by type:
• Minimal portfolio market, by price range:
• Minimalist portfolio market, by distribution channel:
o Clothing stores
o Other retail stores
• Minimalist portfolio market, by region:
o North America
o Middle East and Africa
United Arab Emirates
o South America
Company Profiles: Detailed analysis of the major companies operating in the global Minimalist Wallets market.
With the market data provided, we offer customizations based on a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of other market players (up to five).
Read the full report: https://www.reportlinker.com/p06325889/?utm_source=GNW
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