SEOUL, Dec.9 (Korea Bizwire) – Koreans’ wallets are changing as the number of people using convenient mobile payment applications increases, and smartphone cases that also function as wallets are becoming popular.
After investigating wallet sales over the past five years, the online shopping site GMarket (www.gmarket.co.kr) announced that sales of card wallets and money clips in 2014 and 2015 ranked first compared to other wallets.
In 2010, the item that was sold the most among wallets was half sized wallets, which took up 30 percent of the total sales. Full-sized wallets ranked second (21 percent), followed by bankbook wallets (19 percent), card wallets/money clips (10 percent), and mid-sized wallets (10 percent). The rankings remained the same in 2011.
In 2012, the rankings changed as full-sized wallets were the most popular (27 percent). Half-sized wallets ranked second (23 percent), followed by bankbook wallets (20 percent), coin wallets (11 percent) and card wallets/money clips (10 percent). Full sized wallets were also the most popular in 2013 (28 percent), followed by bankbook wallets (23 percent), half sized wallets (19 percent), card wallets/money clips (12 percent) and coin wallets (11 percent). Although there was a change in the rankings, larger wallets were still more popular than card wallets or money clips.
However, since 2014, sales of card wallets and money clips have showed a dramatic increase, ranking first in market share.
From January to November 2014, the sales of card wallets and money clips increased 154 percent compared to the same period in 2013. The market share ranking also changed as card wallets took up 29 percent of the share, followed by full-sized wallets (25 percent), half-sized wallets (23 percent), and bankbook wallets (10 percent).
The trend was consistent in 2015 as card wallets ranked first (27 percent), followed by full-sized wallets (23 percent) and half-sized wallets (22 percent).
In addition, sales of card wallets and money clips from January to November showed a 160 percent increase compared to the same period in 2010. Sales of full-sized wallets only increased 1 percent, and sales of half-sized wallets decreased 20 percent during the same period.
Officials from GMarket comment that because smartphone cases can act as substitutes for wallets, and convenient smartphone payment solutions continue to increase in popularity, sales of larger wallets have plummeted.
By M.H.Lee (email@example.com)