The global leather wallet market is expected to witness 6.5% CAGR by 2025. The leather wallet is a small, flat case used for carrying personal items like credit and debit cards, photographs, identification documents, business cards, transit pass, and the other paper documents. These days, leather wallets are looked upon as a status symbol. Plus, innovative designs are keeping the key players on the toes.
Growing Popularity of Leather Wallets in Elite Population Supplements The Market Growth
Leather wallets are gaining popularity due to leather being crack-proof, dustproof, fireproof, and durable. Also, increasing expenditure on luxury products and rise in disposable income are expected to drive the market further. Besides, the fact that people are vying for distinct wardrobe collections like wallets of distinct brands and colors is the other key factor revolutionizing the market.
At the same time, preference for e-wallets in wake of outbreak of Covid-19 has hampered the leather wallet market since Mar 2020. This scenario does persist even now, and is likely to improve once the vaccination drive is “full-on”. The market is expected to bounce back till Jul 2021, when almost the entire world is expected to get vaccinated.
The leather wallet market, by product, spans leather card case wallet, leather trifold wallet, leather front pocket wallet, leather bifold market, and others.
By application, the market says women and men. Out of these, leather card case wallet holds the largest market share, more so as people prefer plastic money these days. So card payment is rampant. By distribution channel, the market says offline and online. Right now, the online segment is dominating with the upswing of digital technology. The offline segment includes specialty stores, hypermarkets, and retail stores.
By type of leather, there are bovine leather and exotic leather. The former one – better known as “full-grain calf leather” is used as it has buttery soft feel along with durability. Making use of full-grain luxury leather in place of top-grain leather implies that leather does have tighter grain, is more resistant to water, and takes an eye-catching patina over the period of time. Luxury leather stands out from usual leather due to the patina.
Exotic leather implies leather made out of python, lizard, and crocodile. The other animals included of late are wolf-fish, zander, and salmon. People generally mistake fish leather for snake or lizard owing to the texture and look. Fish leather has an advantage of being eco-friendly.
The best possible edging regarding fine luxury leather wallet is “Turned Edge”. The other kinds of edging are inclusive of raw edge, burnished edge, and edge coated raw edge. Plus, there should be creases for accentuating linear features on wallet, usually below credit card slots accompanied with outer borders of individual leather panels. Permanent crease/linear indenation in created in leather, after being effected with hot iron.
These aesthetic levels are being worked upon by the key players, which is expected to add to the grandeur of the leather wallet market. Also, people are asking for multiple features like floral designs or even modern art. The millennials are there to look for these features. These factors are expected to keep the momentum of the leather wallet market between 2020 and 2030.
By geography, the leather wallet market includes North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), the Asia-Pacific (Japan, China, Australia, India, South Korea, and the rest of Asia-Pacific), LATAM (Mexico, Brazil, Argentina, and the rest of LATAM), and MEA (Saudi Arabia, South Africa, and the rest of MEA).
North America to Retain a Significant Share
North America dominates the leather wallet market, followed by Europe. This could be attributed to people having a fetish for trendy products along with the fact that the fashion capital of the world is located in Europe.
Of late, the Asia-Pacific is also witnessing an increasing investment in fashionable and luxury products. In other words, the Asia-Pacific is expected to create ripples in the leather wallet market in terms of revenue generation. LATAM and MEA are also expected to catch up with the fashion industry spreading its wings far and wide.
The key market participants include Gucci, Bally, Dunhill, Burberry, MiuMiu, Bosca, Prada, Saddleback Leather, Fendi, Hugo Boss, Donna Karan International, Dolce & Gabbana, Calleen Cordero, Hermes International, Bottega Venetaaa, Changshu Maydiang, Giordano Fashions. These players are expected to come up with various combinations of materials for making wallets (leather being the principal one) to strengthen their loyal customer base and gain new prospects. It is the era of “cut above the rest” products. The players are putting their best foot forward.