According to a Comprehensive Research Report by Market Research Future (MRFR), Personalized Gifts Market Information by Product Type, End-User, Distribution Channel, and Region – Forecast till 2027”, the Personalized Gifts Market is set to thrive at a rate of 5.83% from 2020 to 2027 and can project to touch nearly USD 38.66 Billion by 2027-end.
Personalized gifts are products made entirely for one’s loved ones and close ones on special occasions and on special days. Personalized gifts are garnering a lot of interest from people, unlocking a brand-new sector seen as the online gifting industry. Online gifting is now one of the latest trends in the worldwide market.
Brands are increasingly using attractive and aesthetically pleasing packaging to bring about a transition among the consumer base. The majority of the decisions regarding gifting items happen in stores, with packaging playing a primary role in these split-second decisions.
Another trend that mirrors other trends can be the surging popularity of e-commerce and online distribution channels. Huge e-commerce vendors like Flipkart, Snapdeal, and Amazon have certain sections based on gifting. Simultaneously, most companies in the offline segment are working on bolstering their online presence in order to elevate their positions in the personalized gifts market.
Market Competitive Landscape:
Some of the biggest companies in the personalized gifts industry include
Market USP Covered:
With the availability of several different personalized gifts along with surging demand across the globe, the market growth will remain strong throughout the review period. Consumers’ escalating spending capacity, mostly millennials, will be favorable as well. The continuous rise in social and economic standards has led to evolving purchasing habits among consumers. Improvements in lifestyles coupled with the growing importance of social media will also boost the sales of personalized gifting.
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The western culture’s huge impact on emerging countries, with people now celebrating Father’s Day, Thanksgiving, and Mother’s Day has been beneficial for the personalized gifts industry. Personal messages are an alluring feature that are now commonly used along with gifts; a trend that will undoubtedly elevate sales in the coming years.
Several small-scale vendors are entering the global market, in turn increasing the competition level. Moreover, with consumers progressively opting for online gifting in line with the mounting popularity of e-commerce, the worldwide industry can enjoy relentless expansion in subsequent years. Most brands are focused on catering to constantly changing consumer tastes while considering their buying behaviors. Product innovation is one of the key strategies adopted by the vendors, in a bid to fulfill all the consumer demands and in turn foster sales. Eco-friendly personalized gifts are all the rage now, particularly in the children’s toys section. Besides, the rise in internet usage worldwide coupled with the increasing usage of smartphones will work in favor of the personalized gifts industry in the long run.
Despite the impressive business scenario in various regions, the global industry can encounter confront challenges in the form of store networks, stocks, and poor promotions in emerging countries. Subsequently, the volatility in business will limit the market growth in the years to follow.
COVID 19 Analysis
The COVID-19 outbreak’s negative impact has led to a series of extreme repercussions on people’s health status globally. The aftermath is in line with the considerable social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Personalized gifts are non-essential goods that are seen as expensive, and non-useful by a large mass. Also, with the focus mostly on containing the spread of the virus and the added financial burden on the businesses, the personalized gifts market can see slowed down growth in the years ahead.
By Product Type
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.
By Distribution Channel
Store-based, as well as non-store-based, are the major distribution channels available in the worldwide market.
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Europe has clinched the biggest share of 37.10% in the worldwide market and is therefore in the lead out of all the regions. The robust demand for personalized gifts in the region is the result of the presence of several renowned brands offering extensive lines. Moreover, people’s affluent lifestyle and social media’s huge popularity in France, Italy, Germany, and the United Kingdom have led to a vast customer base for personalized products.
The American market for personalized gifts has been performing phenomenally, in light of the availability of a variety of gifts that range from canvas prints to novelty products. The mounting preference for eco-friendly gifts will be a major trend in the coming years. Not to mention, the thriving e-commerce industry will be a great contributing factor. Online services experience a massive demand, especially in the United States, which is evident from the bolstered online sales post the COVID-19 outbreak.
Asia Pacific is seeing a popular trend in the form of digital marketing. Social media platforms are responsible for the high popularity of digital marketing in the region. Brands are promoting their product ranges on social media such as Instagram, Facebook, Pinterest, Twitter, and Linked In, which should foster the expansion rate of the personalized gifts market in the approaching years.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.