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Global Minimalist Wallet Markets Report 2022-2027 Featuring Major Players - Richemont, Hentley Garments, Harber London, Bellroy, Leatherology, Tanner Goods, Tom Ford, & Swisst
Dublin, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The "Global Minimalist Wallet Market by Type, Price Range, Distribution Channel, Region: Competition Forecast and Opportunities to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global minimalist wallet market is anticipated to record a lucrative growth over the forecast period, 2023-2027
The market growth can be attributed to the rising demand for compact and innovative wallets with new features that enhance convenience for the users.
Minimalist wallets are similar to traditional bi-fold wallets, but they are more compact in size. As the word minimalist infers avoiding the unnecessary, the minimalist wallets are designed in such a way that the user only carries what they need and leave the unnecessary articles at home.
These wallets can usually hold three to five credit cards, ID card and some cash. Minimalist wallets are comfortable and convenient to carry and are also seen as a status symbol. Shifting consumer focus from conventional bulky wallets to slim and compact wallets is also driving the market growth.
The United States of America is anticipated to hold a prominent market share in the coming years due the high purchasing power of the consumers living in the region.
Rising Per Capita Income of The Consumer Fuels the Market Growth
The increasing disposable income of the consumers has increased their capacity to spend on luxury lifestyle goods. Moreover, the increasing popularity of leather owing to its durability, crack-proof, and dustproof features is creating a positive impact on the market.
Furthermore, today's consumers are well-versed with the current trends and fashion due to the proliferation of social media platforms. Social media-based influencers and celebrities are creating product awareness over the social media platforms due to which consumer preference for fashion and accessories-related products such as minimalist wallets are increasing.
Besides, the rise in the working population 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 over the online platform is acting as one of the major growth-inducing 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 numerous brands and conveniently place an order. Moreover, online retail channels facilitate various benefits such as lucrative discount and cashback offers, doorstep delivery, and easy return or exchange of the product bought.
The high penetration of the internet and smartphones in both developed and developing nations has helped the e-commerce sector to grow exponentially in the recent years. Thus, such flexibility and convenience offered through online shopping is expected to drive the growth of global minimalist wallet market over the forecast period.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Global Minimalist Wallet Market.
Richemont group (Montblanc)
Hentley Garments Limited
Harber London Ltd
Bellroy Pty Ltd.
Leatherology
Tanner Goods Inc
Tom Ford SA
Swisst
Report Scope
Minimalist Wallet Market, by Type:
Male
Female
Minimalist wallet Market, by Price Range:
Low
Medium
High
Minimalist wallet Market, by Distribution Channel:
Apparel Stores
Supermarket/Hypermarkets
Other Retail Stores
Online
Others
Minimalist wallet Market, by Region:
North America
Europe
Asia Pacific
Middle East and Africa
South America
For more information about this report visit https://www.researchandmarkets.com/r/22gfz9
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