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PayPal CEO: "Dead-Cow Wallets" to Be Obsolete by 2028

Younger generations are putting a dent in the leather industry by choosing fashion accessories free of animal products.

According to a recent report by Bloomberg, consumers are increasingly seeking out animal-free apparel such as footwear and wallets—a trend that is putting the more than $90 billion leather industry in jeopardy. “While the shift partly reflects an abundance of choices in materials,” Bloomberg stated, “consumers cite growing discomfort with the slaughter of cattle and concern over the environmental impact of raising them by the millions.” While athletic footwear sales grew by 14.3 percent in 2016, the sales of leather shoes plummeted by 12 percent and experts predict the downward trend for leather will continue. During a recent conference call, PayPal CEO Daniel Schulman predicted that the iconic leather billfold wallet would become obsolete in 10 years. “Dead-cow wallets,” Schulman said “… will be a thing of the past” as consumers choose more modern materials and move away from paper-based money. Market research firm Grand View Research recently predicted that the global vegan leather industry will continue to grow to be worth $85.05 billion by 2025.

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London's First Zero-Waste Market Launches in September

Zero Mkt Ldn will be London's first all-vegan, zero-waste, non-profit initiative aiming to bring plant-based food, plastic, and clothing alternatives to the community.
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Vegan Brand Field Roast Expands Across Australia

The beloved plant-based meat-and-cheese brand embarks on an international expansion after experiencing an increased year-over-year sales by 81 percent last quarter.
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Sainsbury's Meat-Free Sales Growing 20 Percent Weekly

The United Kingdom grocery chain reports surging sales of meatless foods—a trend it's capitalizing on by introducing new vegan products in its meat department.
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New Vegan Night Market Debuts in San Diego

Vegan food, dessert, and goods vendors will gather every first Friday at eatery Anthem Vegan to celebrate plant-based living.
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All Pediatric Residency Programs End Live-Animal Training

All 227 programs across North American now rely on human-relevant methods instead of cruel procedures previously performed on live cats, pigs, and ferrets.
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This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

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