A new trend in the accessories market is the shift to smaller wallets and handbags. This is happening because women do not need to carry as many things on a daily basis as they did in the past.
Women’s wallets historically have not changed much. They are less visible in stores than handbags and are often basically the same from one season to another. Wallets are generally long rectangles with rounded edges and a zipper or flap.
With cell phones able to store more information than ever before, many women no longer carry physical membership cards, loyalty cards, business cards, and credit cards. People are also generally carrying less cash than they did in the past. Wallets that hold everything are being replaced by zip-card pouches, thin billfolds, and small leather card cases.
Wallets are now being converted to clutches. Many have optional chains or wristlet straps so they can be carried on their own, not just in a handbag. A carryall tote can be switched to a clutch if necessary.
Fashion designers have been adjusting to the trend. Michael Kors sells wallets in a variety of designs, from long continental styles to mini card holders and smartphone wristlets.
As customers switch to smaller wallets, many are also choosing smaller bags, such as sleek cross-body bags and mini satchels. This gives retailers an opportunity to upsell them additional merchandise. Designers are earning profits by selling two products at the same time, whereas in the past they would have sold only a handbag or wallet. Handbags are expected to get even smaller as the trend toward smaller wallets continues.
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