Wallets, once indispensable, now confront a decreasing presence in China. Emerging digital payment methods and evolving consumer inclinations have transformed the wallet’s purpose. To keep their wallets in the Chinese market, brands need to figure out what a wallet really means now in China.
Wallets: Once a Must-have in Small Leather Goods
Historically, wallets served as the classic accessory, combining stylish with practicality. Catering to diverse tastes, they appear in various shapes, sizes, and materials. However, modern technological advancements and shifting consumer preferences are reshaping the wallet’s role in China.
WeChat, Alipay, and the Wallet’s Identity Crisis
Behold the digital payment revolution. Pioneers like WeChat and Alipay have profoundly altered Chinese consumers’ monetary dealings. As smartphones take the wallets’ functionality, carrying cash and cards is increasingly deemed unnecessary. In the 2020s, wallets are facing an existential crisis. Try to ask ten Chinese people if they still use cash in daily life, nine and a half of them will say “NO”.
Wallets Reimagined: Emphasizing Aesthetic Versatility & Purpose
How can wallets regain their footing? The answer lies in embracing novel consumer expectations. They must get rid of their cash-and-card-centric identities, adapting as chic adornments and practical phone carriers. By re-envisioning wallets with an emphasis on aesthetics and new practicality, manufacturers can preserve their products’ standing in China’s ever-evolving fashion landscape.
GMA has more than 10 years of experience in marketing in China. Based in Shanghai, we have been cooperating with hundreds of brands. Contact us for a first consult for your China project and win the Chinese market in the 2020s.