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Mexico Wallet Market Size, Share, Trends, Growth, Analysis: By Product: Conventional Wallets, Smart-Connected Wallets; By Distribution Channel: Online, Offline; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Mexico Wallet Market Size
The Mexico wallet market reached around USD 132.08 million in 2023. The market is projected to grow at a CAGR of 4.2% between 2024 and 2032, reaching almost USD 191.78 million by 2032.
Mexico Wallet Market Outlook
- Nearly 90% of each consumer’s transactions are fulfilled through cash in Mexico.
- Low card usage and poor consumer protection are responsible for people’s reliance on cash in Mexico.
- Smart-connected wallets are anticipated to dominate the market in the forecast period.
Mexico Wallet Market Growth
In 2021, cash was the predominant mode of making purchases worth MXN 500 or less in Mexico. For such transactions, nearly 90% of people (75.4 million Mexicans) used cash, while 6.2% of people used debit cards, 1.2% of people used credit cards, and 2.1% of people relied on other modes of payment, such as prepaid cards.
Cash was also the most popular payment option among Mexican consumers for purchases worth MXN 501 or more, with 78.7% of people (nearly 75.4 million Mexicans) choosing to pay through cash, while 12.3% relied on debit cards and 3.4% of people used credit cards.
This indicates a high consumer preference for making cash payments, rather than digital smartphone payments. In line with modern consumers’ spending habits, major market players are focusing on creating sleek wallets with minimalist designs that complement the fashion sense of men and women and use RFID technology to protect their sensitive information.
Sustainability is emerging as a key market trend, with major companies switching towards repurposing agricultural waste like discarded food items and groceries into stylish wallets. Eco-friendly materials like Pinatex, Desserto (proteins derived from the cactus plant), and vegan leather are being increasingly used to appeal to consumers through their ethical qualities and innovative designs. Pocket-sized wallets created from recycled materials from landfills are also expected to dominate the market in the forecast period.
Mexico Wallet Industry Segmentation
Mexico Wallet Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
- Conventional Wallets
- Smart-Connected Wallets
Market Breakup by Distribution Channel
- Online
- Offline
Market Breakup by Region
- Baja California
- Northern Mexico
- The Bajío
- Central Mexico
- Pacific Coast
- Yucatan Peninsula
Mexico Wallet Market Share
Based on product, the market is divided into conventional wallets and smart-connected wallets. Over the forecast period, smart-connected wallets are expected to emerge as a leading segment as consumers seek theft protection as a key feature in modern wallet designs.
Leading Companies in the Mexico Wallet Market
The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.
- Hermes International S.A.
- Maus Frères S.A.
- PVH Corp.
- Herschel Supply Co.
- VF Corporation
- Ekster Inc.
- Fossil Group, Inc.
- Others
Major market players are expected to design cost-effective wallets and distribute them through online platforms to consumers.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Distribution Channel |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Market Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Latin America Wallet Market Overview
8.1 Key Industry Highlights
8.2 Latin America Wallet Historical Market (2018-2023)
8.3 Latin America Wallet Market Forecast (2024-2032)
9 Mexico Wallet Market Overview
9.1 Key Industry Highlights
9.2 Mexico Wallet Historical Market (2018-2023)
9.3 Mexico Wallet Market Forecast (2024-2032)
10 Mexico Wallet Market by Product
10.1 Conventional Wallets
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Smart-Connected Wallets
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Mexico Wallet Market by Distribution Channel
11.1 Online
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Offline
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Mexico Wallet Market by Region
12.1 Baja California
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Northern Mexico
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 The Bajío
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Central Mexico
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Pacific Coast
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Yucatan Peninsula
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyers Powers
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Trade Data Analysis (HS Code – 420232)
14.1 Major Exporting Countries
14.1.1 By Value
14.1.2 By Volume
14.2 Major Importing Countries
14.2.1 By Value
14.2.2 By Volume
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Hermes International S.A.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Maus Frères S.A.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 PVH Corp.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Herschel Supply Co.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 VF Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Ekster Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Fossil Group, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Wallet Market: Key Industry Highlights, 2018 and 2032
2. Mexico Wallet Market: Key Industry Highlights, 2018 and 2032
3. Mexico Wallet Historical Market: Breakup by Product (USD Million), 2018-2023
4. Mexico Wallet Market Forecast: Breakup by Product (USD Million), 2024-2032
5. Mexico Wallet Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
6. Mexico Wallet Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
7. Mexico Wallet Historical Market: Breakup by Region (USD Million), 2018-2023
8. Mexico Wallet Market Forecast: Breakup by Region (USD Million), 2024-2032
9. Major Exporting Countries by Value
10. Major Importing Countries by Value
11. Major Exporting Countries by Volume
12. Major Importing Countries by Volume
13. Mexico Wallet Market Structure
Key Questions Answered in the Report
The market was valued at nearly USD 132.08 million in 2023.
The market is projected to grow at a CAGR of 4.2% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period to reach around USD 191.78 million in 2032.
The different distribution channels in the market include online and offline.
The major products considered in the market report include conventional wallets and smart-connected wallets.
The different regions covered in the market report are Baja California, Northern Mexico, The Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.
The key market players are Hermes International S.A., Maus Frères S.A., PVH Corp., Herschel Supply Co., VF Corporation, Ekster Inc., and Fossil Group, Inc., among others.
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