The Global Belts and Wallets Market size is expected to reach $32.7 billion by 2028, rising at a market growth of 7.8% CAGR during the forecast period.
A belt is a movable and flexible band or strap often made of plastic, leather, or thick fabric and worn around or close to the natural waist. A buckle secures one end of a belt to another section of the belt at or around the other end, forming the belt into a loop. Since there are many different sizes of waists, there are many different lengths of belts available. Most belts can be changed around the buckle to fit the waist of the individual wearing it.
A wallet is a flat bag or pouch frequently used to hold small personal goods like paper money, credit cards, identification cards like a driver's license or club card, photos, transit passes, business cards, etc. Wallets are often made of textiles or leather, are pocket-sized, and may be folded. Coin purses, a zipper, chain fasteners, money clips, a strap, or rein can all be found in wallets. Wallets can be a fashionable accessory or a way for their owner to show off their status, wealth, or fashion sense.
The market is primarily driven by the expanding fashion trend and the expanding use of wallets and belts among corporate populations worldwide. The significance of belts and wallets as fashion items has increased, especially among millennials. Additionally, it is anticipated that the youthful generation's growing demand for belts and wallets made out of leather would offer a plethora of potential for market expansion throughout the projection period.
The rise in demand for leather products like wallets and belts may present companies in the sustainable field with lucrative business opportunities. Leather wallets and pouches are frequently utilized for daily tasks due to the customer's need for incredibly strong and stylish leather items. In addition, leather is smooth and durable even when folded. This makes it more comfortable to carry in the pocket than materials like plastic or nylon, which can be uncomfortable due to their hardness.
Due to social isolation and laws requiring people to stay at home, the pandemic also negatively impacted the offline sales of wallets and belts in various affected countries, including China and India. Furthermore, the pandemic's persistence inspired people to practice better financial management and refrain from splurging. As a result, people became more reluctant to purchase goods because of the outbreak, even after the lockdown was lifted due to the danger of virus transmission. Therefore, the pandemic had a negative impact on the belts and wallets market.
Fashion items like belts and wallets typically have both functional and aesthetic value. Also, leather fashion accessories typically have a longer lifespan than clothing as well as non-leather fashion accessories, especially in the case of product categories like exclusive goods that have been more popular in recent years. Therefore, carrying items like wallets, belts, and other accessories are growing areas of the leather fashion accessory product categories. The growing fashion industry has greatly increased consumer demand for leather wallets, driving up the market.
Wallets and belts are one of the most popular category for purchases in the accessories category. Additionally, as the fashion trends change, people purchase more often due to the inexpensive nature of these products. Lifestyles constantly change, consumers' discretionary income increases, and their interest in fashionable things grow. With their extra money, consumers are raising their level of living by acquiring more stylish and current items. Therefore, these kinds of customer preferences, along with the shifting fashion trends, will present market players with prominent growth opportunities during the forecast period.
One of the things impeding the expansion of the market is the potential for counterfeit goods. When compared to genuine branded products, counterfeit goods are less reliable and of lesser quality. They are also priced lower to obtain a competitive edge on the market. As a result, achieving optimal market penetration is challenging for important market players. Additionally, the availability of fake goods dilutes the value of authentic brands since buyers cannot tell the difference between fake and genuine goods. Therefore, the abundance of counterfeit and cheap products are hampering the growth of the belts and wallets market.
Based on product, the belts and wallets market is categorized into wallets and belts. The wallets segment procured a considerable growth rate in the belts and wallets market in 2021. Both men and women regard wallets as everyday items to store their cash, identification, and other small travel documents and paperwork that need to be safeguarded from theft, weather exposure, and damage. Since security concerns regarding contactless card technology have grown, the idea of RFID wallets was developed as a reaction. As a result, RFID-based wallets are expected to offer the segment plenty of room to grow.
On the basis of material, the belts and wallets market is divided into leather and non-leather. The leather segment acquired the largest revenue share in the belts and wallets market in 2021. The segment is expanding rapidly because premium leather is needed to create various items, such as belts and wallets. Some of the major factors driving the demand for leather belts and wallets include the growing population as well as the growing income levels of consumers. In addition, consumers' increasing fashion consciousness has been a significant factor in driving product demand, encouraging many businesses to expand their product lines.
Based on end-user, the belts and wallets market is segmented into men and women. The women segment garnered a remarkable growth rate in the belts and wallets market in 2021. The rising demand for wallets and belts among working women professionals and the expanding appeal of these items among women, in general, are two important factors impacting the market's growth. In addition, more women are expected to join the labor force due to the increased number of women pursuing higher education.
On the basis of distribution channel, the belts and wallets market is bifurcated into offline and online. The offline segment procured the highest revenue share in the belts and wallets market in 2021. One of the most typical distribution methods involves finding belts and wallets at physical retail stores that carry various brands and models. Customers visiting these businesses have many brands to choose from before purchasing. In order to entice customers and increase product sales, supermarkets frequently provide discounts or other benefits.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 19.5 Billion |
| Market size forecast in 2028 | USD 32.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 7.8% from 2022 to 2028 |
| Number of Pages | 205 |
| Number of Table | 400 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Material, End-user, Distribution Channel, Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the belts and wallets market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region recorded the largest revenue share in the belts and wallets market in 2021. The region's market growth was further aided by sizable working populations in China and India. The regional belts and wallets market is driven by the rising demand for premium and luxury goods in these nations, particularly China and India. The world's greatest producer of finished leather goods, such as belts and wallets, has historically been China.
Free Valuable Insights: Global Belts and Wallets Market size to reach USD 32.7 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PUMA SE (Groupe Artémis S.A.), Levi Strauss and Co., Guccio Gucci S.p.A. (Kering group), Burberry Group PLC, Ralph Lauren Corporation, Tommy Hilfiger Licensing, LLC (PVH Corp.), Aditya Birla Fashion and Retail Limited (Aditya Birla Group), Titan Company (Tata Group), Marshal Wallet (ABC International) and Diesel Fashion India Reliance Pvt. Ltd.
By Material
By End User
By Distribution Channel
By Product
By Geography
The global Belts and Wallets Market size is expected to reach $32.7 billion by 2028.
Development of inexpensive, fashionable, and cozy leather items are driving the market in coming years, however, Readily available cheap and counterfeit leather products restraints the growth of the market.
PUMA SE (Groupe Artémis S.A.), Levi Strauss and Co., Guccio Gucci S.p.A. (Kering group), Burberry Group PLC, Ralph Lauren Corporation, Tommy Hilfiger Licensing, LLC (PVH Corp.), Aditya Birla Fashion and Retail Limited (Aditya Birla Group), Titan Company (Tata Group), Marshal Wallet (ABC International) and Diesel Fashion India Reliance Pvt. Ltd.
The Belts segment acquired maximum revenue share in the Global Belts And Wallets Market by Product 2021, thereby, achieving a market value of $19.1 billion by 2028.
The Men segment is leading the Global Belts And Wallets Market by End-user 2021 thereby, achieving a market value of $20.3 billion by 2028.
The Asia Pacific market dominated the Global Belts And Wallets Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $14.3 billion by 2028.
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