The increment in attention to eco-accommodating gifts is relied upon to set out product development opportunities for the merchants working in the worldwide Personalized Gifts Market.
Market Research Future (MRFR) conjectures that the personalized gifts market will advance at a rate of 5.83% between 2020 and 2027. The market size by 2027-end will be USD 38.66 Bn, expecting MRFR.
Growth Drivers and Impediments:
Given the availability of a variety of personalized gifts and their soaring demand worldwide, the global market will continue to thrive relentlessly in the years ahead. The rising spending power of the consumers, particularly millennials would add to the business growth as well. A steady increase in social as well as economic standards has had a huge impact on consumers’ purchasing patterns. Improving lifestyles and the notable influence of social media has further bolstered the sales of personalized gifting.
The increasing prominence of the western culture in emerging regions, with consumers increasingly celebrating Thanksgiving, Mother’s Day, and Father’s Day would favor the personalized gifts market to a great extent. The allure of personal messages combined with gifts can elevate the appeal of personalized gifts among consumers too.
A mounting number of vendors are foraying into the worldwide market, challenging the existing players. Besides, with consumers inclining towards online gifting and the surging prevalence of e-commerce, the global industry will note relentless growth in subsequent years. The manufacturers are focusing on the evolving consumer preferences as well as buying behaviors with respect to personalized gifts. Product innovation seems to be the top strategy among vendors, with the aim to cater to the changing consumer demands and bolster sales. Eco-friendly personalized gifts have sparked the interest of consumers, especially in the children’s toys section. Surging internet usage along with the rising use of smartphones worldwide should further enhance the personalized gifts market share in the ensuing years.
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Major distribution channels are store-based (specialty stores, supermarkets & hypermarkets, convenience stores, and more) coupled with non-store-based (direct as well as indirect).
The top product types are personalized gifts for kids, personalized chocolates & chocolate platters, wall decoration, personalized diaries & desk accessories, personalized accessories, personalized photo frames, personalized clothing, and more.
Unisex, kids, women, and men are the major industry end-users considered in the MRFR review study.
Europe, along with North America, Asia Pacific or APAC, and RoW (rest of the world) are the primary regions where the personalized gifts industry would expand at varying rates between 2020 and 2027.
Europe, with the biggest share of 37.10%, is the leader in the global market for personalized gifts. The strong business growth in the region is in response to the enormous pool of popular brands. Additionally, the affluent lifestyle along with the significant impact of social media in Italy, France, the United Kingdom, and Germany results in booming sales of various personalized products.
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The personalized gifts market in America is performing tremendously well, given the availability of gifts ranging from novelty products to canvas prints. The rapidly surging trend of eco-friendly gifts in the region also adds to the growth. Not to mention, the e-commerce sector’s mounting popularity would be a major contributing factor in the coming years. Online services are enjoying extensive demand in the United States, evident from the booming online sales following the COVID-19 outbreak.
CafePress, Inc. (US), Redbubble (Australia), Personalization Mall (US), Card Factory (UK), Archies Limited (India), Hallmark Cards, Inc. (US), Spencer Gifts (US), American Stationery (US), American Greetings Corporation (US), Etsy Inc. (US) are the biggest brands in the personalized gifts industry.
Build-A-Bear Workshop Inc. introduces its latest personalized gifting solution with the addition of HeartBox offering themed, stylish, and uniquely curated gift boxes online for a variety of occasions. The recently launched products part of each HeartBox is designed and packaged and includes a variety of items for celebrating any special occasion. Additionally, every HeartBox gift offers its own high-quality teddy bear developed by Build-A-Bear, which can be gifted along with a personalized voice message.
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