When a market is new and fast growing it is often difficult to get statistics so really interesting to see this new report from Business Wire on the global personalised gift market
The research study by Technavio on the global personalised gifts market for 2017-2021 provides detailed industry analysis based on decoration technology (hand decoration, embroidery, engraving, printing, and carving), product type (photo and non-photo personalized gifts), retail format (in-store and online), and geography (the Americas, Europe, Asia, and Rest of the World).
The global personalised gifts market size is expected to reach USD 31.63 billion by 2021. The Americas is predicted to be the leading regional segment, generating both highest revenue and maximum incremental growth
The following three key factors that are contributing to the growth of the global personalised gifts market:
An increasing number of occasions when gifts are exchanged is a key driver of an increased gifting culture and the ability for consumers to customise gifts through personalisation, configuration, or on-demand printing helps to add value and make these gifts unique also helps
Seasonal decorations, such as decorative cups, plates, and napkins, account for a major portion of the total revenue generated in the market and the growing home and wall décor market have also been aiding in the expansion of the growth opportunities for personalised gifts. The demand for these gifts usually experiences a surge during holidays like Christmas, Halloween, Easter, and Hanukkah.
Product innovation is a requisite for this market to generate consumer interest and as an extension, its sales. A notable example is Hallmark’s recent launch of Hollywood-inspired decorative ornaments based on the popular characters from popular movies, which created a lot of revenue for the market. Currently, eco-friendly gifts and novelty items are garnering significant consumer interest, particularly in children’s toys. Also, to retain consumer loyalty and increase sales, manufacturers are streamlining design and building more efficient ordering processes, enhancing customisation capabilities, and brainstorming new ideas.
Retail participation across various distribution channels is an important factor that determines the growth of the global personalised gifts market. Even in the digital age, a high percentage of consumers prefer buying goods from brick-and-mortar stores, due to the personalised nature of these products,
Mass merchandisers, such as Walmart and Target, and pharmacy chains such as CVS Pharmacy and Rite Aid have equipped their stores with dry minilabs, which can provide on-site photo personalised gifts. Additionally, gaining consumer interest and building a brand image through the social media platform is increasing as it is cost-effective and it usually gets faster responses from a large customer base.