March 01, 2017
The simple answer is why not? Being that a wallet is something smaller than a purse and would carry the same types of items as a mans wallet, it makes sense that women would have a wallet too. But over the years we've seen what used to be a much larger checkbook style wallet for women, which sometimes included the snap-closure section for coins, etc., evolve into a wallet the size of a mans. The logic for this comes with the evolution of style, preference, but more importantly convenience.
Wallets are for both men and women, and are designed to carry personal belongings such as cash, cards (business cards, credit and debit cards, identification cards, and gift cards etc.), other identification documents, and photographs. These are also among the most fashionable and popular products among people. Ladies wallets are not only comfortable and convenient to carry but have come to be seen as a status symbol in urban society. Consequently, the demand for luxury and premium wallets has gained momentum. Various handbag (wallet) companies are adopting innovative strategies, according to the changing consumer demography and preferences, such as rising demand for eco-friendly handbags, to tap the market.
Technavio analysts forecast the global wallets market to grow at a CAGR of 4.77% and 4.93%, in terms of revenue and volume, respectively, during 2014-2019.
Women, of course, but there are demographics involved (see chart). Spending on women's accessories, including wallets for women during the 12 months ending 2016 showed over 30% of women, where the household income is over $100,000, were willing to spend upwards of $250 on a wallet or other accessory. That may not sound like much, but for a wallet, it's pretty inclusive of most brands and what they have available for sale.
Everything gender is related to purses and wallets, or is it? Traditionally, women have been leading the pack with purses despite the knowledge that through the history of the wallet, it's well known that pouches, the early ancestors of today's purses, was really the source of both wallets and purses. However, even in today's gender evolving culture, the stereotype still exists, but that is changing. Globally, there was never a true standards of which gender could or would only carry one or the other. We've found great success, as men have been moving to more urban areas, walking more and using readily available public transit, the need to carry more. The traditional backpack has devolved into the "murse". Not the "male nurse", but a man purse. Not a true backpack, or a real wallet, but something substantial enough to carry the necessities to get a man through the day.
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