Market Insights Consumer Accessories Luggage & Bags

Wallets & Little Cases - Colombia

Colombia

In Colombia, the revenue in the Wallets & Little Cases market is projected to reach US$183.90m in 2024.
According to market analysis, this market is expected to experience an annual growth rate of 6.84% between 2024 and 2029 (CAGR).
When compared to other countries, in the United States leads the global market in terms of revenue, generating a staggering US$4,426m in 2024.
Taking into account the population figures, the per capita revenue for Wallets & Little Cases market in Colombia is estimated to be US$3.51 in 2024.
Colombian artisans are incorporating traditional weaving techniques into their wallet designs, creating unique and culturally rich products.

Key regions: United States, United Kingdom, Canada, Worldwide, Europe

Market

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Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on consumer spending on accessories that comprise of Watches & Jewelry and Luggage & Bags that are produced for private end customers for both offline retail and online retail.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from independent databases and third-party sources, historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Accessories market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).