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

Region

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Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

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 third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and 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, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. 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).